I got the information below from my real estate broker today. I would appreciate some opinions on the potential to do a deal on this property. What would be the best strategy, wholesale, lease purchase, buy & hold?

"Maybe a very good rental or even a possible flip on this one. I had a buyer with a prior contract on this house but they could not get financed - so the agent with the management property emailed me this morning to let me know that they have reduced the amount that they would accept.

Property was originally valued at $115,000
I had an accepted contract at $110,000. They have since reduced the price to $99,144
and today they will accept a Bid of $85,580

This house is in pretty good shape, and it sits on 2 Lots -

Once the Price Reduction hits the system, we will have to go through another 10-day Owner/Occupant priority period, so we should move quickly on this if you are interested.

Views: 25

Reply to This

Replies to This Discussion

Lots of questions

What are the comparable properties valued at?
Property should be minimum 70% of those comparables in this market.

How many beds and baths? If you are going to keep it as a rental...nothing less than 3 beds.

Both lots are buildable? If so, what is the value of the second lot? Setbacks/Easements in that county?

If you are assigning the property, your assignment fee is not subject to financing. They need to have their financing in order before going to contract with you.

Let me know.

Matt
Matt is right... too many questions to even begin pointing you in the right direction. Don't let the falling price effect you emotionally and 'jump on' a deal that sounds good (according to your Realtor)... if it was THAT good, don't you think you're realtor would snatch it up? Something else to think about it.

Give us some more info.. happy to give opinions!


http://www.EZLandlordForms.com
EZ Landlord Forms- State Specific Legal Landlord Forms & Free rental agreement - everything you could ever need to effectively run your properties.



http://www.EZLandlordForms.com
EZ Landlord Forms- State Specific Legal Landlord Forms & Free rental agreement - everything you could ever need to effectively run your properties.
As the price is falling so early I have doubt on the original price of the property. Price of a good property never falls so early like this. I would suggest you to reconsider about the whole thing again. Think about it deeply.

http://www.cacoastalhome.com/
Scotts Valley homes, Capitola beach houses, Rio Del mar beach house
There are, as mentioned, a lot of unanswered questions about the property, howver aside from those questions, to me the numbers are too tight. I like a large spread between finished product price and the market value. It is still a strong buyers market, and the deals are there if negotiated correctly.

On another note, if you find yourself needing Transactional Funding (Double Closing/Same Day Funding) for the deals that you wholesale, let me know.
Where did you end up with this property? Stay active and keep us informed!



http://www.EZLandlordForms.com
EZ Landlord Forms- including State Specific Legal residential lease agreements and free rental applications - everything you could ever need to effectively run your properties.

Reply to Discussion

RSS

Reviewed Investing Websites and Software

© 2018   Created by Matt Gerchow.   Powered by

Privacy Policy  |  Report an Issue  |  Terms of Service