OfflineI was just offered this deal today by an agent I've been talking to... Please advise and let me know if this is a worthwhile offer... I am VERY new to the real estate business, and do not want to pick-up a "bad" deal...
I have one but you would just be buying the note - and you would have to foreclose and pay the outstadning liens - the property is on ????? and it is $10,000 but it needs about $20,000 in repairs and about $10,000 in legal fees so your are at $40,000 purchase - let me know what you think
I haven't personally went to look at it myself, but; figured this can maybe be worked as a lien deal... PLEASE Help...
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Not to sure about this one if it was me. Looks like alot of work just to get it, then alot of work to get it ready. Is thats $20k with you doing the work or with contractors? Whats FMV once its ready to go? Are they selling in that area? Do you want to flip it? Rent it out?
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haha, ya it sounded kind of alot to me as well....!! But, I haven't actually seen it in person yet.. so I'm not sure if I will need to hire contractors or if I can just do it myself... Also, are what selling in that area..?? other houses..?? Thanks for the feedback jack..
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"Whatever I will become will be what God has chosen for me." –Elvis Presley
if the prices you quote above are accurate, it could be a great deal if the FMV of the home will be $80,000. That would give you a 50% discount. However, if the home will only be worth $50,000, then that's a lot of effort for $10,000 and I would pass. From $50,000 to $80,000 it is a crap shoot depending on how quick you will be holding the property. If it worth $80,000 and above, jump on the deal yesterday. Hope this helps.
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Thanks for your input Bill... I will definately look more into the #'s soon...!!
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"Whatever I will become will be what God has chosen for me." –Elvis Presley