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Updated over 1 year ago,
Buying the first property (out of state, unseen) - advice needed!
Hi BP community! I have gathered the courage to make on offer on my first investment property. The deal seems good:
Good B+ area in Columbia, SC suburb, great schools, 3 bed 2 bath, needs some cosmetic work (repaint interior, a few holes in the wall to fix, 1 broken window to replace, likely replace laminate flooring in 1 room, replace bathroom sealant)
ARV is around 220k, it's offered for 165k and already has a cash offer of 172k (I'll be financing). After cosmetic repairs it may rent for 1.7k
I believe it's a good deal and numbers seem to work. My realtor made a few videos for me and seems like no major work needs to be done. I have no idea of repair costs.
Any advice on making an offer considering I didn't see the property in person? Should I make a contingency of inspection offer? I don't want to loose a good deal but also to get trapped into a bad one. Thank you so much!