Kenny,
How serious?
The first thing you need to learn is "what makes a deal a deal?" There are some factors that matter but the one that matters most and takes front and center billing is . . . PROFIT.
This deal of yours just don't have no profit.
That $30k in equity is not potential pocket. Do you know what we call that $30 in my area?
"Seller's closing costs" (easily 10%, by the way).
And since property values can dip 10% overnight, we don't even count the top 20% of equity when we're doing these kinds of deals. That means in your deal, you'd need a discount of at least $60k before we even looked at it.
Let's say you've got a $33k property you can buy for $30k. Does that sound like much of a deal to you? Me neither! Multiplying it by 10 doesn't somehow make it any better.
So, learn what makes a deal a deal as step #1 and you'll be on the path. Until then, you'll just be dangerous.
Joe Kaiser
www.foreclosureclues.com
