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Author Topic: Would this be a deal?  (Read 1869 times)

Offline amesda

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Would this be a deal?
« on: June 07, 2008, 10:38:26 am »
Not totally sure what to do with vacant houses in middle to upper class neighborhoods.

I pulled some preliminary information from public records, tax assessor's office, and people finder websites.

The home is a 3bd/1 bath 1275 sq ft home, built in 1940. The home is a cape cod style home. Its in a nice middle class neighborhood. Its sits on a busy street. Its assessed value is 110k. I had to go back to Nov of 2007 to get the closest comps. The average comp is 133k. Some have gone as high as in 160's in that area.

The house looks vacant. It needs A LOT of landscaping work. The grass is probably about 3ft tall with some trimming done around the driveway. The house looks solid.

Would this be something to go after for a wholesale option or is this a deal for a rehabber to invest in out right?

Now, on public records the property is listed under the owner. There are two records. Both list the owner as the "D" party, but under the "R" party, it lists The Secretary of Housing and Urban Development, and the other lists Financial Freedom Senior Funding Corporation. Any help would be great!

Offline johne62

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Re: Would this be a deal?
« Reply #1 on: June 07, 2008, 11:58:28 am »
If their is 50% Equity or better yes it would :biggrin

Offline REIforNewbies

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Re: Would this be a deal?
« Reply #2 on: June 10, 2008, 05:32:17 am »
Sounds like you are doing a good job spotting vacant homes...Now you need to know your numbers.  Tax assessment value is for the tax assessment only.  It has nothing to do with market value.

What is the ARV?

How much will it take to fix it up?

How much can you buy it for?

Is the house even for sale?

If you are going to wholesale it, how many investors do you know that are looking to purchase that type of home?  In that area?  In that condition?

That should be more than enough to get you started.


Real Estate Investing for Newbies:
http://www.reifornewbies.com

Offline herbster

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Re: Would this be a deal?
« Reply #3 on: June 10, 2008, 06:19:09 am »
Looks like a HUD home. Go to www.HUD.gov and see if you can find it.
herbster

 




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