Hi,
Ok here is what I have.
I have found a property (a few really) in a nice mid-income, solid rental neighborhood (does not look like it.) It was taken over by the bank a few months ago and is not listed. If the price the banks have been selling/offering their properties in this area holds true in this case, I believe I can get a price from the bank around 25-35k. The house is a nice brick 3b 2b in good shape on the outside. Planning for worst case (I have looked but not gone inside I do not think it is worst) 10-15k in repairs (I am high balling everything, I will do some work myself) bringing basic purchase and repair cost to 35-50k. The ARV is 110-120k. It is close to a top university, public transportation and values have been increasing in the area. This is a great area and I have pics. Oh, has fenced yard and good size, please tell if I am missing something.
This is what I want to do please tell me what you think, please speak up! I am new, am not sensitive and want ALL the info, advice seasoned investors can throw at me.
I want to find a HML, purchase, repair and sell to another investor under value for a quick sale.
Many houses on the street are owned 3-4 properties per owner so I want to mail the listing to these owners to increase my chance of selling.
So what does everyone think?
Thanks!