It’s 3:00 am and I am so excited to get started at this I can’t wait for the sun to come up so I can go on a search and destroy for a deal! ;D
I have been reading posts for the last few hours and subscribed to Bargain.com. I have a list of properties to look at and research.
I do have one in mind already and I was hoping to run it past you all to see if it sounds feasable and if so, what is the first step towards financing.
(assuming the guy accepts my offer)
Here goes:
The house next to mine is a nearly identical 2 family that the owner has had listed for 1 and a half years. His original asking price was $89900, he has since come down to $69900. He originally paid $43000.00 for it about 7 years ago. The house is in need of at least $15000.00 in repairs(new siding, gutters, porch, interior paint) I can do most of the repairs with the exception of the siding. My house was appraised 2 years ago at 90,000.
I have many of the updates his house would need with the exception of c/a. If I offered 45000.00 and he accepted, would that be enough of a cushion for a feasable deal? Assuming the ARV would be around 85 to 90k and he has no leins? I would most likely try to sell immediately after fixing it up. Real estate in my town has been on fire the last couple of years and I don’t think I would have any trouble selling it.
If it sounds like a decent deal, what form of financing can you reccomend for the least amount of out of pocket expense. I have little to no capitol.
Thanks folks, I really appreciate it.
Also, do any of you invest in Ohio properties? If so, PM me and let me know what your looking for as I am currently unemployed and plan on spending lots of time hitting the streets to locate deals.
Thanks
Sickdog