which is the best and quickest method to get cash from a really good house deal?
i have almost completed putting a deal together. the property has $91,000 owed on a 6% fixed loan for 30 years (with 24 years left) the average selling price for like homes in the area is $107,000. 3 bed/2 bth/ 2 car gray stone.
i am specifically looking for properties i can pass on to investors at this point and would like to know if properties such as this one would possibly be the type investors would be interested in.
thank you for all your advise and happy holidays you all.
If 91,000 is owed , but homes in area selling for 107,000 it doesn’t seem there is too much profit. Unless you are buying it for less than the 91,000 owed?
What is the purchase price going to be and what are the repairs if any?
i researched comps again (i had asked a realtor the first time - this time i looked up the recent sales in the area)) and the average is $111,000 and the amount owed is approximately $90,650. payment $852.26
i had a guesstimate for the fix up needed of $1,700.
for:
to complete a 2 foot area of the living room floor, has the remaining hardwood supplies to finish.
needs new carpet - 2 rooms/1 hallway
new sheet rock on 1 wall (owner has)
other than this, just a good cleaning
i am not sure if this is enough of a profit margin to even be of interest to an investor. your imput is appreciated.
Here’s a deal I’m working on wholesaling as an example: After Repair Value (ARV): $150,000; Est. repairs: $10K - $20K depending on buy & hold for rental or fix & flip exit strategy. My asking price: $80,000.