Feet First Or Head First?
Looking for encouragement or advise otherwise.
I am a beginner I am jumping in. Homesite value $300-$400 depending on immideiate turn or up to 1 year hold according to current comps and valuation verified by appraiser, due dilegence, and past market performance.
Property is SW Florida waterfront canal w/Direct gulf of Mexico access. Boat ride out is 30 minutes to open water.
Deal Spec: OPM of 33K for down and closing on 5/1 Libor. for $250K Apprx. Mo pmt of 1100 ( I cover) PIMI and prop.' taxes. Total: All in after 1 year max $45000
Exit Strategy: FSBO @$400K day 1. In this area this is a tear down. Bad news is owner just dumped $40K in for updates and pool. S its very livable even though it's 2/2/1.
My split is 50% aftet break even point. Looks like a sweet deal to me. Any thoughts or comments are appreciated.
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