my wife and i are looking at getting our feet wet in the RE market. we own our home, and are looking at properties to buy as rentals/ fixing up and reselling.
we found one in a nice suburb about 50 miles from where we live. it is asking $255K for a 3bed/2ba. most of the comps are in the low 300K’s and this is a motivated seller apparently. (no staging of the property, poor landscaping etc)
anyone have any advice as to how to approach this deal? we just saw it today and i am putting in a call to my mortgage guy tomorrow.
For your first investment property; 50 miles away is farther than I would like to be, but if the money is there than go for it. But; do these things.
ask the listing agent how long the house has been on the market
if its been on the market for more than 1 month you need to take a closer look
(on the open market good deals have a half-life of about 48 hours.)
another thing; is it septic? or sewer? --people who have bad septic problems will be quick to sell off a property that needs a new septic system ( as they can cost up to $40,000 )
check the windows / the heating and air conditiong and overall energey effeciency of the property ( these things are becomming important to buyers these days )
lastly; make sure no water is getting into the basement.
I hope I didnt put tomuch on your plate, let me know if you have any further questions.