OfflineI saw this deal from a wholesaler in Dallas. I've never worked with wholesalers before, so I'm not really sure what to do...
What do you guys think of this:
3 bedrooms
2 bathrooms
1600 square feet
They are asking $93,000 for it. It's in Richardson, TX in the 75080 area code. The address is 706 Nottingham Dr Richardson, TX 75080. I really like the area, but I'm not sure if its a great deal...
They said its worth $175,000, so if I buy it, I'm getting it close to half off!
They said it needs $35,000 in work, which includes a huge remodeling project from foundation, to knocking down walls, renovating the bathrooms and all kinds of other stuff... They said they have a good general contractor that will accept the job at that price point. So to me, that leaves $47,000 left over as profit in this deal! If this is accurate, I would love this deal! Anyone have any thoughts?
I saw this deal on their website here: http://texaplexinvestor.com/category/available-real-estate-investment-pr...
Regards,
Feras
Hello, you might want to check on zillow.com as the property is for sale for $85,000.00. I recommend you talk to a realtor in the area and do a Comparable Market Analysis on this property. I believe you might have more room for negotiation with the seller if it needs $35K in repairs. Also, you can lock the deal, and add an inspection contingency in case you need to back out if the cost is much higher than what they are telling you. Make sure you get couple of bids so you can compare.
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com
If you haven't done any rehabs b4- you'll need to get ALOT more qualified info from contractors for repairs /comps/other than the seller and research the property to know if this is a deal or not.
You have to find info about the property. Sales history.
#1 post above shows different prices -so you have to do research on evety property-runs the numbers and if it fits for you...do it
the square ft price is $58.13 sq ft-if this fits below your area prices,check it out
I have ALWAYS encouraged ppl to compare sq ft price--watch the different prices-but KNOW your area market prices
BTW I wholesale properties as well and offer great deals-BUT I have ETHICS and MORALS
Just be careful and best of luck
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools