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Author Topic: Would you take this deal?  (Read 2600 times)

Offline calnewb

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  • Posts: 1
Would you take this deal?
« on: February 08, 2011, 10:18:41 pm »

 First of all I just want to say hi to everyone! I just found this site about a week ago and have spent a couple hours each night reading all you posts, I have learned alot! The biggest thing I learned is that I have ALOT TO LEARN!

 There is a REO property that just came on the market and it seems like a good deal so I thought I'd run it by you guys and see what you thought.
 Heres the skinny, the property is 3bd 2ba 1850sqft on a 7200sqft corner lot. property selling as is cash only.
 asking price= $64000
 cost to fix= $15-20,000
 
 The only comps I found in the area were for homes with less sqft(around 1100-1300) and they sold from $130,000 to $150,000 in the last 4 month.

 Thanks for your time, this is a great group!


Offline nsu1997

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    • I buy houses in the DC metro area!
Re: Would you take this deal?
« Reply #1 on: February 09, 2011, 11:21:55 am »
Welcome. Based on your numbers the list price is below MAO so it has the potential to be a good wholesale deal. What formula are you using to calculate MAO?

Offline AJ290

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  • Posts: 949
Re: Would you take this deal?
« Reply #2 on: February 09, 2011, 11:56:08 am »
A most important question needs to be asked:  do you have the cash in hand, or at least access to it?  If not, there's no need to analyze the numbers or even think about buying REO's to start your real estate career.
Two favorite sites:  this one, and
The Naked Investor

Offline atlaspm

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    • PhillyPropertyManagement
Re: Would you take this deal?
« Reply #3 on: February 09, 2011, 01:51:43 pm »
Are you 100% certain on those numbers? 

Offline idhomebuyer

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    • Sell your house for cash, fast!
Re: Would you take this deal?
« Reply #4 on: February 11, 2011, 12:20:46 pm »
Better yet, what formula are you using to get your comps? They say you can start out at !/4 mile, 3 months. But, you can go out a little further say 1/2 mile @ 6 months, up to maybe 3/4 mile or a mile at 9 months close to a year but not more than that. Make sure when they are doing comps, they aren't pulling up bank owned reo's either.

Is is a FSBO or a bank reo?




 First of all I just want to say hi to everyone! I just found this site about a week ago and have spent a couple hours each night reading all you posts, I have learned alot! The biggest thing I learned is that I have ALOT TO LEARN!

 There is a REO property that just came on the market and it seems like a good deal so I thought I'd run it by you guys and see what you thought.
 Heres the skinny, the property is 3bd 2ba 1850sqft on a 7200sqft corner lot. property selling as is cash only.
 asking price= $64000
 cost to fix= $15-20,000
 
 The only comps I found in the area were for homes with less sqft(around 1100-1300) and they sold from $130,000 to $150,000 in the last 4 month.

 Thanks for your time, this is a great group!



 




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