Possible First deal... any thoughts?

Bird Dogs, Wholesaling
1

I’ve been looking through the Freedomsoft instant leads feature and found this property. It appears as active in FS but says not for sale on Zillow. Anyway if it is in fact for sale I looks to me like it may be a decent deal, but since I have absolutely no experience in this area would appreciate a few thoughts on the quality of this potential deal.

Looks like it would be a good rental. I know the area it should easily rent for at least $750 - $800 /mo.

Property Info:

  • Listed for: $29,000
  • County Tax records value the property at: $ 57,280

[tr]
[td]Beds: [/td]
[td]3 [/td]
[/tr]

[tr]
[td]Baths: [/td]
[td]2.5[/td]
[/tr]

[tr]
[td]Sqft: [/td]
[td]1,212[/td]
[/tr]

[tr]
[td]Lot[/td]
[td]2,178 sq ft[/td]
[/tr]

[tr]
[td]Year Built: [/td]
[td]1980[/td]
[/tr]

Property Pics:

[tr]
[td]
http://photos1.zillow.com/p_d/IS-7m6hacz25pb1.jpg
[/td]
[td]
http://photos3.zillow.com/p_d/IS-7m6hasrb253x.jpg
[/td]
[/tr]
[tr]
[td]
http://photos2.zillow.com/p_d/IS-7m6hakv6lx7h.jpg
[/td]
[td]
http://photos2.zillow.com/p_d/IS-1qgij7sdpybtp.jpg
[/td]
[/tr]

Zillow Estimates:

[tr]
[td]Zestimate: [/td]
[td]$52,175 [/td]
[/tr]

[tr]
[td]Rent Zestimate:[/td]
[td]$839/mo[/td]
[/tr]

[tr]
[td]Est. Mortgage: [/td]
[td]$129/mo [/td]
[/tr]

Zillow Price History:

[tr]
[td]Date [/td]
[td]Description [/td]
[td]Price [/td]
[td]Change [/td]
[td]$/sqft [/td]
[td]Source [/td]
[/tr]
[tr]
[td]06/19/2012 [/td]
[td]Listing removed [/td]
[td]$39,000 [/td]
[td] – [/td]
[td]$32 [/td]
[td] – [/td]
[/tr]
[tr]
[td]05/02/2012 [/td]
[td]Listed for sale [/td]
[td]$39,000 [/td]
[td]-29.0% [/td]
[td]$32 [/td]
[td]Agent [/td]
[/tr]

[tr]
[td]04/11/2012 [/td]
[td]Listing removed [/td]
[td]$54,900 [/td]
[td]-- [/td]
[td]$$45 [/td]
[td]REMAX [/td]
[/tr]

[tr]
[td]03/05/2012 [/td]
[td]Listed for sale[/td]
[td]$54,900[/td]
[td]–[/td]
[td]$45[/td]
[td]REMAX [/td]
[/tr]

[tr]
[td]02/16/2012[/td]
[td]Listing removed[/td]
[td]$54,900[/td]
[td]–[/td]
[td]$45[/td]
[td]RE/MAX[/td]
[/tr]

[tr]
[td]12/10/2011[/td]
[td]Listed for sale[/td]
[td]$54,900[/td]
[td]–[/td]
[td]$45[/td]
[td]RE/MAX[/td]
[/tr]

[tr]
[td]07/02/2011[/td]
[td]Listing removed[/td]
[td]$54,900[/td]
[td]–[/td]
[td]$45[/td]
[td]RE/MAX[/td]
[/tr]

[tr]
[td]04/02/2011[/td]
[td]Listed for sale[/td]
[td]$54,900[/td]
[td]22.0%[/td]
[td]$45[/td]
[td]RE/MAX[/td]
[/tr]

[tr]
[td]05/24/2006[/td]
[td]Sold[/td]
[td]$45,000[/td]
[td]–[/td]
[td]$37[/td]
[td]Public Record[/td]
[/tr]

2

Well I’m no expert, but it looks like to me that they have been using agents to try to sell this house since 2011…looks like they started at 54k couldn’t sell it then dropped it to 39k and still couldn’t sell it. so if you buy this thing for list price what would you wholesale this for, not to mention you dont no repairs that may be needed?? Looks like a losing situation to me. If you were to buy it for wholesale you would probably have to get it in the area of around 10-15k. But still i dont know if a buyer would be interested. Just my thought.

3

Yeah it does appear that it’s been on and off the market for about a year and that does concern me a bit… Not sure why it didn’t sell and I’ve not been able to actually see the property but if the pictures online represent the actual condition I’m sure that it would rent for at least 700-800 / mo no problem.

4

When you say you are sure, just how sure are you? How much money could you afford to lose before you feel the pain?

There is always a story for why a property does not sell. Find the facts before making a decision.