Newbie ‘prospective’ REI, with only a small amount of cash and no liquid assets, but lots of enthusiasm!
I am looking to start my investment ‘career’ out of state (I’m in NY) some 750 miles away and, as usual, have been searching (or researching) online for my first rehab and flip or rehab/rental and I found what seems to be a ‘too good to be true’ property. It’s an REO, 2 bed 1 bath ranch style on 0.2 acre lot. Total value (building and land) is listed on County’s website as$62,288, comps (with tightest possible criteria - lowest figure I could get) show ave sales price as $72,950…and it’s for sale at $28,500!
I can’t view the property untill I’m next in the area at the end of the month so all I have to go by are photographs (including aerial), from these I can see it needs some landscaping/tree trimming to open it up to the sky, and painting, both things I was expecting to do for every property I ‘eventually’ buy. There are no sellers disclosures (if the MLS listing is correct) so with the two things above and other ‘cosmetic’ improvements I am ‘guestimating’ rehab costs no more than $5k.
Now, before I view the property I need advice on what I should be paying particular attention to, anything anybody can think of that might prove to be a show stopper, without having to pay for a professional inspection before making an offer (which would be subject to inspection anyway).
Any suggestions/thoughts please.
Dave N