Posted by ScottS(NC) on February 19, 2002 at 12:02:30:
Bill,
I would pass on this deal myself because 7k in one deal is to much for me unless I am buying land with it. For that amount of money here you could do 2-3 deals. I like three diffrent incomes for a total of $600 much better than one income of $600. If a default occurs on this larger deal you have no income. If a default occurs on one of your little deals you lose only 1/3 of your income. Make Sense? HTH Take Care ScottS(NC)
2nd deal-'94 fire damge - Posted by bill
Posted by bill on February 19, 2002 at 10:05:29:
I would appreciate some input from the more experienced. I came across a '94 3bd/2ba with some fire damage. Can fix for about 4,000. Cost of home is 3k so would have 7k cash into deal. Park has 700 lots but is run down and trying to clean up and doesn’t allow rentals but I can pass title and be a lien holder and collect monthly payments. Probably can get 2,500 down. Should I be all over this deal or keep looking. Thanks for help!
Bill MIller
Re: 2nd deal-'94 fire damge - Posted by Dave(WNC)
Posted by Dave(WNC) on February 19, 2002 at 13:06:59:
I agree with Tony and Scott. One other issue you will have is when you go to sell it, by law you must disclose the fact the home had extensive fire damage. This alone may turn buyers off or away despite your best rehab efforts.
I would let this one go by.
Don’t worry, if you miss one bus, there’s always another coming by soon. Wait for the one that will take you where you WANT to go, not where you HOPE it will go.
Cheers,
Dave
Re: 2nd deal-'94 fire damge - Posted by Tony-VA
Posted by Tony-VA on February 19, 2002 at 12:16:27:
Fire fix up cost can be deceiving. Simply replacing the damaged section may appear to only cost $4k but I have found that the smoke and soot damage can be a nightmare. It gets into everything. The duct cleaning alone can be costly to truly get all the soot and smoke odor out of the home.
I may have simply had a bad experience with one and you may have a better experience but if it were me, I would move on to something easier and less of a risk.
Tony