Good property to flip - unrealistic realtor

[Adrian Pillow]

Well I have been doing the homework and hitting the streets. :)

I found two properties which meet my low standards. Single family on a decent size lot (1 acre) in blue collar neighborhoods that need work.

One is priced right from the start with an eager realtor. 230K REO needs landscaping and exterior wood repair... Probably new garage doors as well. I figure after negotiations I could make some money on this one and sell it for 250K. Granted I still need to be between 150-175 for the numbers to comply.

The second is a heavier remodel as it is completely outdated inside... Hideous 70s stuff throughout! REO priced at 299K, but a real street value needs to be closer to 150K. I spoke with the listing agent and found that Countrywide owns it... She was a real B!tch and did not even want to look at an offer in the 150K range. Bad attitude all over the place on her side. Granted this is on a nice lot and would be easier to resell.

I am not sure if I really have a question, but just want to see if I am on the right track or just crazy.

... I received a list of short sales and REOs from a realtor contact that I need to go through as well... Crazy good prices! BUT might be ghetto-riffic. Got go see to tell.

Thanks,