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Updated over 2 years ago on . Most recent reply
How to know if this house is to high?
I believe this is my first post on bigger pockets so it feels like a good first step. But I’m needing some advice. A rundown house just came on the market for $140,000. This is a private seller and they are currently taking bids. I did a walk through and estimated a (rough) $35,000 dollar rehab cost putting the house at $175,000. On the same street a house with a very similar floor design sold for $250,000, I believe. The profit margin looks great, but I don’t believe the house is worth $140,000 and I think the housing market is making me hesitant on pursuing the deal. Is it uncommon as an investor to bid an unreasonably low amount? If you don’t qualify for a loan do to another mortgage, what are other buying options? Are there any guides to estimating rehab costs? Are there any speculations on how the housing market will look in 6 months? Sorry for all the questions but you don’t know what you don’t know. Thanks for any advice!
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Quote from @Scott E.:
When I can, I like to order a home inspection, then meet my general contractor to go over all of the cosmetic remodel details, and the other items needing replacing/repair based on the inspection.