Posted by josh on December 18, 2003 at 21:39:56:
All of this for a 5% return? Doesn’t sound worth it to me. I wouldn’t enter a deal where I was looking at anything less than a fifteen percent first year return. But that’s me.
Suggestion on deal? - Posted by Corey
Posted by Corey on December 17, 2003 at 10:45:31:
Myself and three other friends have started a Real Estate Investment LLC, where we’ll purchase property and make the decision whether to flip or rent out. Currently we have a deal upon us where the guy that I’m house sitting for, while he’s enjoying the sun in Costa Rica, wants to sell his house in the next few months. He’s looking to sell to us with a 5% discount and I would guess that the house will go for $290,000 - $310,000. The house is in Takoma Park, Maryland. Myself and another friend make about 65,000 while the other two do not work but have good money saved. What strategy sounds best for a deal like this?
Also, depending on what the results of the appraisal we’re looking to fix up the property to increase its value. This would be our first deal and would like to get some direction. Any suggestions would help.
Thanks, Corey