Offline...or any of his students 
.
I have a property that I wish to move forward with but not sure if this would be a good deal. I want some feedback from the DG family and maybe Dean himself (if he is reading this) to provide some feedback. Here is the deal.
Property is a 4BR 1.5BA family home on top of the hill in a decent neighborhood.
The asking price is 32K and after consulting a contractor approximately 35K of repair work will have to get done before it will be in a shape where I can rent it out. The ARV is 120K based on the comps that I received from my agent. The rental income for a similar property is $1000/month.
I want to try to put the property up on the market for a quick flip and if that doesn't work after a month or so I will refinance through the bank for 75-80% LTV and then pay myself back(and some more) for the purchase/repair cost and then rent it out to cover the PITI.
Please provide some feedback of the deal and my strategy if you could. Thank you!
you have a good deal, if it were me and I could refi I would go that route because you get your money back plus, and the rent every month. That's like getting a paycheck for not working. If you really could rent it for 1,000 a month that's a house or car payment taken care of that you don't have to worry about. I would take about 10% of your rent and put it aside for a repair fund though, so you have something when an unexpected repair comes up if you go with the rental route.
Thank you rbailey. Any other feedback?
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i would look at many other deals also to gain more knowledge and experoence.back to the deal at hand.myself i would get 2 more estimates from contractors.use these to further determine to go ahead with a deal.build a buyers list if u have not already.try to gain some haandy man or contractors on this list as this deal would be an excellent one for them .i myself love lease options as does greg murphy so i would first find out the magic buttons of the seller as i do with every deal so as to determine what strategy would best work with the sellers circumstance.maybe you can take over payments until u find a buyer or maybe lease option it then sandwich lease it to a contractor.you will then make $$$ going into the deal and then make a profit or cash flow per mnth then make a profit on the end with a balloon payment if you so choose. good luck and look at many more deals to make the pot sweeter.the next one or two or ten deals u look at will expand your knowledge and your opportunity to profit more for less !!
jay
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