Started calling on some FSBO. Found one owned by bank. Foreclosure and fire. Nice lady told me that recent appraisal before fire was for 36k and they were asking 30. However she made it a point to say if I had financing and put in a offer they would be willing to let it go for a “lot less”. She said fire damage is around 3k. I haven’t personally seen all details so I’m not sure if thats correct. Should I go lowballing since she made it seem like they wanted it off their books. My exit strategy is to rehab, refi, then rent to own or L/O. Its a small house in a below average nieghborhood. Strong rental market here. Probably would rent aroun 430-450.

Another question, could I get a HML for such small amount

Located in West Virginia



Based on everything I have read, fire damage and the smell that is associated with it is hard to get rid of.

And if you are going to try to snag it up I would definitely low ball it. Low ball the hell out of it because you made it sound like they weren’t getting any offers on the thing.

As far as loans, this would work best if you payed cash, hard money that small is hard to come by. You should look into a heloc or an unsecured line of credit.