Price: 47.5K
Repairs: 30K needs new Kitchen, New bathroom and generally cosmetic work. If there is any work plumbling work that need to be done due to the new bathroom should be minor but have another 15k for that just in case.
ARV: 125k to 130k
My exit plan is to sell as soon as possible. If the property stay on the market more than 60 days I plan to move in to the place until it sells.
This is my first deal so I am extremely nervous. After reading about RE investing for years finally decided to JUST DO IT. Im making an offer to the seller tomorrow. What do you guys think? any feed back will be greatly appreciated!
JCarr - and what are you going to do with your current place? Don’t forget that if you are living in another house, the moving into this property will not eliminated the carring costs of two houses… You would need to sell your current house… Just making sure you are considering everything…
Its a short sale that is being assign to me…Im in Philadelphia so the Market while down isn’t completely down…people are still buying homes but not at a rapid pace…
JCarr - and what are you going to do with your current place? Don’t forget that if you are living in another house, the moving into this property will not eliminated the carring costs of two houses… You would need to sell your current house… Just making sure you are considering everything…
Right now Im renting a month to month duplex. So it shouldnt be any problem of moving in if I have to. My main concern would be acutally finding a place to live once I sell. Not too many landlords let you live month to month. Thats what I would like to do so I can move on to the next deal
If you have studied your market and feel comfortable that you can make $$$ on it i say go for it. We can give all the advise in the world but it is you that can only make it happen for you.
You always can move into it like you said. 1st time home buyers get a $7500 tax break from april this year until july 2009. so thats a big plus if it doesnt sell.