I just want to know if you guys think these numbers work. The home is valued at $120k it needs repairs in the area of $7k. The asking price is $69k. Thank you in advance.
Based on just the numbers I'd say get this house under contract.
Make sure your contract contains contingency clauses enabling you to pull out if your due diligence turns up negatives that change the equation.
I'll keep my fingers crossed for you.
The asking price of $69K is that list price or did you negotiate to get to that figure? If you did not have to do that much work to get to this asking price then I would reevalute the deal and look at it to make sure it is a good deal.
Seek out someone elses opion on the deal perferably independent from you. If they look at the numbers and say it is a good deal then you have a deal.
well based on your numbers, its a HELL YEA! go for the deal but...
heres what i would do:
i would go the seller and ask him/her why they are selling... ask them how much they are selling for... and then try to negotiate the price down a little bit. get the house under contract with some clauses in there that will protect yourself like: subject partners approval, subject to contractor inspection and that sorta thing.
like the above post said, make sure you get and independent third party to come evaluate the property and have them give you a quote... if the quote comes in high, then you get out and say, "sorry, quote came it at 30k instead of 7k." dont take his/her saying that it'll only take 7k to fix it up and unless you've looked at enough houses to know that it'll be around 7k to fix it, then always still get an independent contractor in there to cover you butt in case you missed something.
What is the best way to find deals like this. Should I just look at FSBO's and get an appraisal or is there a better way to find these deals. If anyone knows please private message me. Thanks
If the numbers $69,000.00pp+7,000.00repairs=$76,000.00+44,000.00potential profit=$120,000.00fmv work and you do not find any surprises I would do it. I would have the house professionally inspected. Caveat Emptor-Buyer Beware.
Based on just the numbers I'd say get this house under contract.
Make sure your contract contains contingency clauses enabling you to pull out if your due diligence turns up negatives that change the equation.
I'll keep my fingers crossed for you.
[addsig]
The asking price of $69K is that list price or did you negotiate to get to that figure? If you did not have to do that much work to get to this asking price then I would reevalute the deal and look at it to make sure it is a good deal.
Seek out someone elses opion on the deal perferably independent from you. If they look at the numbers and say it is a good deal then you have a deal.
hey biggy
well based on your numbers, its a HELL YEA! go for the deal but...
heres what i would do:
i would go the seller and ask him/her why they are selling... ask them how much they are selling for... and then try to negotiate the price down a little bit. get the house under contract with some clauses in there that will protect yourself like: subject partners approval, subject to contractor inspection and that sorta thing.
like the above post said, make sure you get and independent third party to come evaluate the property and have them give you a quote... if the quote comes in high, then you get out and say, "sorry, quote came it at 30k instead of 7k." dont take his/her saying that it'll only take 7k to fix it up and unless you've looked at enough houses to know that it'll be around 7k to fix it, then always still get an independent contractor in there to cover you butt in case you missed something.
knowledge is bliss.
[addsig]
What is the best way to find deals like this. Should I just look at FSBO's and get an appraisal or is there a better way to find these deals. If anyone knows please private message me. Thanks
If the numbers $69,000.00pp+7,000.00repairs=$76,000.00+44,000.00potential profit=$120,000.00fmv work and you do not find any surprises I would do it. I would have the house professionally inspected. Caveat Emptor-Buyer Beware.