Wholesale Deal
I want to purchase a pre foreclosure. It is bidding for 75,000 or less. the homes I comped in its area are around 140,000. Is this a good deal & how would I then find someone to buy from me and make a profit? I was thinking of bidding 60,000 for it and then resell to a re-habber or investor. This is a 2/2 with 1892 sq ft. I just went and took pics of the outside of the home. The neighborhood is Wonderful.....very nice and well kept. The house seems to need some minor rehab., huge fenced backyard and 2 car garage and very nice long cement drive way. Thanks in advance for any advice!
Michele
[ Edited by Zurielinvestment on Date 07/26/2007 ]
[ Edited by Zurielinvestment on Date 07/26/2007 ]
An investor is going to want around 25-30% profit (of home value) above fixing-up amount.