Posted by Robert O on January 17, 2003 at 21:12:56:
Please be sure to do “comps” on your own as opposed to accepting the fact that the agent told you that similar properties are selling for 560k. Also what is your exit plan if you do get this property?? I admire your gusto but after only deciding one week ago to get into investing perhaps you may want to do more research and reading on the subject of real estate investing. Good Luck on whatever you decide to do.
Southern California deal - Posted by trunkate
Posted by trunkate on January 17, 2003 at 20:15:40:
I found a property today that is listed at $485,000 according to the agents the same type property in the area sells for 560,000. This may sound like lots of money but is more the norm here than anything. The place is supposed to need work, I am looking at it tomorrow. From the pictures I saw it shouldn’t need to much other than paint, cleaning up of the backyard, maybe some updating. The agent told me she would put in an offer for about 450,000 and see what happens. I have lots of equity in my house, about 150,000, but have not looked at any financing options to buy other investments. I just decided last week that I am going to start buying properties. I am still in the research phase of this when I came across this property. Any suggestions would be appreciated, even if I don’t do anything it helps me learn. I have many finance companies that want to loan me money cause I have very little debt, I have worked hard to get to this point and want to make the right decisions.