Please Advise

General Real Estate Investing
1

I received some information from a coworker who is aware of my trying to get into real estate investing. His neighbor would like to get rid of their home and asked if he knew of anyone who could help. So far, all I know is the house is an assumed mortgage with 90k still owed on it. The sellers are hoping to walk away from it, but hope to walk away with some money from the deal. I plan to meet with them this week but really need some advice on how to handle this deal. I realize there is information missing here, I just don’t want to walk in not having any solutions in mind. I have not yet done any deals but have spent time reading books and trying to learn the business. Any advice would be greatly appreciated.

Thank you.

SuniFL

2

To make an informed decision, you need to know your exit strategy first. What will you do with the property if you buy it? If you plan to resell, can you make a profit? What are comparable properties in the neighborhood selling for?

If you plan to hold for rental income, what is the current market rent and will that amount of rent generate an acceptable return on your investment?

Don’t make any offers until you have done your homework.