Here is the situation.
I have found a house for a steal of a deal. 100k for house and at most 35k for rehab. Comps in area are listed for 219k. Problem is not many house are moving right now. My question is, should I still try and put in on the market and see what I can get or rent it out for cash flow.
What are the sold comps for the past 2-3 months, not the listed prices? Be sure you have the right numbers via sold comps and an accurate estimate for repairs. If you’re off by $10-20k on each figure you are not going to have a fun time. If your numbers are good buy it, fix it fast, put it up for $190k.
Sample ad:
Fully renovated 3/2 home
$30k instant equity, priced LOW for quick sale
Call Ed at xxx-xxx-xxxx
Rich is Right,
These are the deals you are looking for. As long as your numbers are correct then this is a no brainer.
This would also work as a wholesale deal. The reason the homes are not moving is because of price. Your deal could make you 15-25k if you wholesaled or …retail
Darin