I Need Your Help!
Hello All,
I have started my marketing system and have been getting a steady stream of calls of other investors trying to dump properties on me, people wanting to buy houses and the occasional seller.
I was contacted by a seller willing to let go of her house for cheap
Motivation: She purchased a property from a homes depot expecting it to be renovated by closing and ready to rent out. But the company renovating the place hired cheap unqualified labor and the ended up doing a very sh*tty job. For instance, there are oddly shaped rooms, poorly done tiles in the kitchen etc....
She took the company to court and the judge ruled in her favor, and decided that she has to short sell the property and receive damages from the selling company.
here are the #'s:
price - 305,000
ARV - 375,000 - 400,000
Repairs 25,000 - 50,000 (need contractor to look at it)
Holding time - 2 - 3 mos
What course of action would you take on this deal? Are the profits too slim? Is this a deal that should be left for a more seasoned investor? Do you see an opportunity for an assigned contract? Is there anyone in the NYC area that would want "in" on this deal?
Thanks in advance for your help!
Robin
**Please See My Profile**
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