First Rehab

[David Totten]

My partner and I just submitted an offer on our first rehab. It took us a minute to finally make that first move and it wasn't until we dismissed FEAR that we were able to do so. Here are the numbers... The home is located in one of the better neighborhoods in our city. It's a foreclosure and has been on the market for ~179 days, with an ARV of $105,000. Multiple offers have been submitted on this property. The asking price is $59,995 and our offer is for $55,000. Needs about $15,000 in repairs that we could turn in 60 days or less. We are working with a well known realtor in the area who is also a rehabber and owns multiple rentals. He and his wife said they'll teach us anything we need to know. I even introduced them to the Bigger Pockets community and they're thinking about joining! Happy INVESTING Day everyone!