out of state reo
TAX appraised value: 94,000
(land 35k mobile unit 59k)
i want to see this property.
airfare and car rental - 550
lunch and dinner - 30
total cost of travel about 600
want to fly to see this ONE property, maybe visit a realtor i know down in the area.
i want to see the property. my thinking is this:
if the property is f’n shot but is structurally okay. lets say it needs some drywall, elec, plumbing (but not a new septic), new light fixtures, doors and windows. for a mobile unit.
even if it costs 15,000 to rehab and i negotiate a purchase price of 36k - my brother does all the work - stays there for a week and does the work all by himself, just bangs it out.
i have already got a quote on closing costs from attorney and for fire insurance and GCL insurance. Factor in 2500 there.
sell it for: 73000
this is all just fairy tale crap and it has multiple holes yada yada yada…
i have people telling me that i shouldn’t even go SEE the property.
i know the comps in the area - 88k ish for similiar mobiles, built earlier and on LESS land!!
i see 40k with potential for 75k sale
that’s at the very least, worth a look. but i’ve been told, don’t “waste your time” looking at it.
how did you guys (current rei’s get started) i mean, if the market you live in is RIDICULOUS - i must go outside of state - how did you guys start for crying out loud? if i have to do this to SEE for myself, well than wtf right?