Hi all,
I am a newbie RE investor.
I found a 15k pre-foreclosure property in Ohio. It is already rented at $600/month.
I am thinking of buying it. Do I need a realtor to buy? Would a realtor think 15k is too small a deal to be worth his time?
Dave
$15k mortgage for 30 years at 6.5% is less than $100/month. This looks like it has the makings of a pretty good deal. No need for a real estate broker if you can buy it direct from the owner for $15K or less. Assuming a willing seller and willing buyer at an agreed price, the real estate broker will do not much more than fill out a few forms and skim off his commission.
Do you due diligence and make sure the property is in good structural condition. Use a title company (or lawyer if that’s what is used in your area) for settlement to ensure you get clear title.
jmd_forest
Instead of a realtor, find a good attorney. Title companies are used in PA, but I recommend the attorney to walk you through the paperwork. Make sure you can get fianancing. Small loans can be difficult to secure financing. Get the house inspected by a reputable home inspector that stands behind his reports.
Finally, if everything looks good mechanically/structurally, buy the property. It sounds like a great cahflow rental. Congratulations!
if you dont buy it can i have the number to the homeowner so i can
Keep us updated on how this goes. It seems to be a great deal.
jmd_forest