Posted by Tom on June 24, 2001 at 24:51:45:
This sounds like a steal to me. I’d grab it.
Whether to keep it and rehab it or find a rehabber and sell it for a small profit is a question only you can answer.
Newbie-- possible first deal!! - Posted by Damion
Posted by Damion on June 23, 2001 at 23:54:17:
A property was listed today as " Fixer Upper 2 br 2ba $15000.00" so I drove by to find another investor already looking at it. This got me on the move. I called the seller. She is an out of state seller that got stuck with the property when her brother (previous owner)died. I asked if she had been contacted by any other potential buyers and if they had made offers. She stated yes. One buyer offered her $12000.00 then went down to $10000.00. She also stated that she will burn the house down before she takes less than 10000.00. To me that set the price at $10000.00. The house is actually 4 bed 3 bath 2 living area and 3 kitchen that was split up into rentals totaling 1643 sq ft with a carport. It has siding and just looks awesome from the outside. But the inside is a different story. Every single room needs new sheetrock, it need a roof, it need floors most areas, it needs a new sewer main, it needs some other plumbing work. Im guessing about $20000 to $25000 in repairs. Comps are 60K-65K. I think it has potential to net about 30K-35K profit but may take 2 1/2 - 3 or even up to 4 months to complete this project. It is a big job!! I get tired just thinking about everything that needs to be done.
Would you do it or just say NEXT?
Any advise is greatly appreciated
Thanks
Damion
Re: Newbie-- possible first deal!! - Posted by Damion (TX)
Posted by Damion (TX) on June 24, 2001 at 24:12:18:
Oh,
By the way I went back to the property and talked to the neighbor and the other investor drove up. The neighbor showed both of us the property at the same time. The other investor declined on the property (probably cause it isnt a quick fixer upper). He suggested that the house be demolished, but from what I can see all of the load bearing supports are OK and it is structurely sound. It just need alot of elbow grease and hard work put into it.
What do you folks think?
Thanks
Damion