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Updated over 9 years ago,

User Stats

65
Posts
10
Votes
Dan Graney
  • Machine designer
  • Columbiaville, MI
10
Votes |
65
Posts

What if I find a realy great deal that is way over my head?

Dan Graney
  • Machine designer
  • Columbiaville, MI
Posted

A relator that I am working with found a foreclosure deal that seems like it could be amazing for someone who knows what they are doing, I don't. Also the money needed to pull it off is way over my head as a newbie. However...

The bank has it for sale for 42% of the Zillow estimate. It needs some work but it's not in terrible shape by any means. There was a comp on Zillow that sold 3 months ago for even more than the Zillow estimate for the foreclosure property. The comp had one less bedroom, one less bath and 1000 less sq ft. Both were sitting on the same size several acre lots and were near each other.

If it's a great deal I don't want to put too much info out about it publicly. I believe that most people on BiggerPockets are ethical and wouldn't take advantage of me posting this but well this is the internet so caution is a good thing.

Looking for advice on weather to try to stretch myself right out of the gate or to let it pass. Financially speaking it's like 4 times what I could hope to swing on my own.

Little help please. BTW the difference between the foreclosure price and the estimate is well over $150,000.

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