Donald,
Thanks for the post. He bought for 188,900 in 2/2000, FMV is ~$206-211K. That figure is only my own calculation based on inflation, local news (home in our county up 7% last year) and comps in the area which really aren’t apples to apples since his model is rare and few are even up in the development let alone being sold. How can I get a fair and accurate MV? I think his plans are to list it with a realtor and have the realtor come up with an offering figure. How do realtors come up with a sales figure if the house is unique and the last sale of ANY home in the development was 1/02? Houses here go very quickly and do not stay on the market long. I am looking at it from the perspective of “Hey, I can save you the commission, headaches related to showing your property, stress with the offer process”…
My military neighbor is moving from FL to AZ within the next 2 months. I know that he is moving and he is aware of my “new” REI career. Although I haven’t made a deal yet, I am enthused about his property because it would make a good flip since the comps are very good and he only has been living in it for two years.
Would you want to hold and rent (it is permitted here) or buy outright and do a retail flip? He’d be saving commission and piece of mind. Houses around here go very quickly as this community is on water and nicely secure. Any opinions?