I live in Mississippi. I found a house that for 16000. It is a three bedroom, one bath, kitchen, and dining. The ARV is about 47000 but this is my guess. But it have some foundation problem and termites problems. Should I invest is this house? How can I really found out how much is the house worth without an appraisal?
How are you making a guess on the value? Find out what similar homes have sold for in the area RECENTLY. That will help you determine what someone is willing to pay for a house like that. Then get some estimates on repair costs and see how much room you have between what you’ll have invested in this house and what similary homes are selling for.
after you get the estimates present them to the seller maybe they will lower the price at lest half the cost.the reason i say this is if you have termite damage you dont know how much till you start renovating.at lest you can say you didint pay for all of the repairs
Ok, good idea!
For $300 I can get a subject 2 Appraisal that will give me a price upon completion of repairs.
Do you plan to work with a RE Agent mine pulls comps for sold properties off MLS for nothing.
Yes I plan to use a RE.
Then I would talk to the RE Agent and have them pull a few sold listing off the MLS to use for comps.