Bought My First My House!
I have done a lot of research over the last six months and finally tooked the plunge and bought a house. The house is 1100 sq ft, 3br 2 ba, with a attached 1 car carport. The tax assessed value is 41K. I spoke with an appraiser and he stated the house would be worth 60 to 65 once rehabbed. I paid 22K for the house and have estimated that the repair costs should be somewhere around 10K. Thanks to everyone on the board for their expertise.
Congrats to You!!
How did you find your deal?
Did you research tell you how much it would rent for?
I keep in constant contact with a realtor who deals with bank owned properties. She told me about and I jumped on it. The market rent is somewhere around 425 a month for this size house and the area it is in. I am going to rehab and sell. I don't have any interest in renting.
Great job, sounds like a no-brainer
[addsig]
How did you finance your purchase?
Sounds like an incredible deal to me! That's a great property to start with! Think of a couple exit strategies that will net you more money than just selling it outright to a retail buyer... How about lease option? Seller Financing/etc... This will give you future appreciation price and/or interest on your money... Just a couple thoughts...
Congrats and Good Luck!
[addsig]
great job!........kenmax