Posted by SteveG_Pa on May 27, 2004 at 21:31:54:
Sounds skinny to me, might work for more experienced professionals, but if you dont have the cash reserves, id pass on it, or at most find another investor who may take it for a fee. Go with your gut feeling on this one, but to me id say “next” dont stress out trying to make a deal where there isnt one. Just my .02
is there a deal here? how to structure? - Posted by Ben
Posted by Ben on May 27, 2004 at 17:11:29:
This house needs, I think, $5-8k in work and it’s all cluttered up, which is why it’s not selling.
It’s worth close to 90k at full retail.
They owe a little over 70k.
The work is pretty straightforward based on my walk-through - paint, fixtures, yard work, a little siding and gutter work. Upstairs is a converted attic now a bedroom that needs ceiling and carpet.
I can do the simple math, and it’s not really compelling by the time you factor in loan costs (if we can’t do a lease option or sub-2), holding, and realtor/advertising costs.
Just seems like I’ve run into this scenario and I’d like to think that there’s a way to make it work… but I have the suspicion that it would be a bad idea to try to force this.
Any thoughts or ideas? Or do I just need to find better deals?