Is this what I should be looking for?

General Real Estate Investing
1

http://www.southjerseyinvestors.org/re_listings_detail.php?1=1&listing_id=97

I am not ready to invest yet. I am trying to do “practice searches” so when I am ready I know what a deal looks like.

I am looking to buy rehab, refi and rent.

So in this scenerio I would:

  1. check comps in the area at the county court house so see what what prices were for the last six months.

  2. contact seller and do a walk through.

  3. I am not sure if thei is the norm but I would like three contractors to inspect the house and give me a price.

  4. take my 70% price from comps-(purchase price+rehab+3 months holding+refi fees+10% buffer)= profit.

I am not buying this house but if the ad turned out be be acurate and the rehab was 25k would this be something a neb should look for?

2

You got it…I would have gone in with about a $48-50K “all cash/close in a week” offer contingent upon an inspection…then waited for a counter. How quickly did this sell?

Keith

3

Thanks

I don’t know but I know where to find them. the thing is I don’t have the cash. I am learning about REI in steps. So now I know what to look for I can learn how to finance it.

4

Understand…I said that’s how I would do it! You never know, after a few good flips, maybe you can buy with cash!

Keith

5

Can you mortgage a house that you can not get a c/o for?