I ran across a 3 bedoom 2 bath house for $25,000 it needs about $10-15,000 in repairs. The comps are running about $70,000 to $80,000. It’s two miles from a community college and rents are about $600 to $800. The owner only wants cash for the property and I don’t have it. He is some what of an investor his self doing it on the side, and he has 1 or 2 other properties he’s tied up with and has to much on his plate right now.
What do yall think about the deal?
What are some creative ways to obtain the property?
It could be an good deal depending on what the numbers are. If the acquisition cost (purchase price + rehab cost) is $35,000 and the rent is $800, then it’s a good deal. On the other hand, if the acquisition cost is $40,000 and the rents are $600, then it’s not a good deal. Keep in mind that we are entering a steep recession/depression and that you should be looking for GREAT deals!