Your Opinoin

I have a guy that wants me to buy his rental property, He wants $17,000.00 and it appraises at $30,000.00, it needs about $2,000.00
in repairs from last tenants. Would you buy and rent for 12-24 months and then sale it or buy and flip it as quickly as possible, or pass on this one alltogether. It’s in a very good neighborhood, and all the homes around it goes for around $45,000.00 $150,000.00(best part of town)
I’m just curious what you would do and what kind of options there is for this scenario

If ths is all the repair wrk that is required it sounds like a good long term hold. You should be able to generate some good cash flow even if rents are only $350 per side

In my area, a house that’s valued at $30k need a lot of work. I guess everything is relative. The one rule that stays the same is the the numbers have to work. The property has to stand on it’s own and at that price should produce cashflow. Make sure you have a diligent inspection. Be sure you have a due diligence contingy in case a major repair surfaces. Good luck.

45 - 150K in the same neighborhood? I’ve never seen such a spread unless the 45K is a burnout or something…

If your numbers are accurate, it should be a good deal whatever you choose to do with it.

What someone else would do with it and what you would (or should) do with it are two completely different things. What do YOU want to do? Do you want to be a landlord, or do you want to make some fast cash? Do you know what it takes to do it either way?

You need to find the answers.


I think that he was saying that $150K is what the best part of town sells for just to make the $30K relative.