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Updated over 8 years ago on . Most recent reply

User Stats

185
Posts
56
Votes
Andy Cross
  • Wholesaler
  • Culver City, CA
56
Votes |
185
Posts

Would You Buy This Deal in Southern CA

Andy Cross
  • Wholesaler
  • Culver City, CA
Posted

WOULD YOU BUY THIS DEAL?

4br/3ba SFR

1900+ sqft

Lot: 6,655 sqft

Built: 1988

Location: Palmdale, CA (Far East side, Think 50th and Ave R) - 60mi Northeast of LA

Needs $50K renovations (big ticket items - Kitchen: refinish cabinets (not replace), stone counters, tile backsplash, faucets, appliances, tile flooring, recessed lighting - Master Bath: Stone (or less expensive alternative) counters, recessed lighting, new double mirrors, double faucets, glass shower enclosure, new tub, new toilet, tile flooring, replace broken windows - Back Patio: Refresh and replace all rotted wood on patio cover; paint) -- Main level: laminate wood flooring -- Upper level: Carpet throughout) - Roof Good, Plumbing good, HW Heater may need to be replaced, HVAC will need inspection and cleaning. Most importatly, in this area, the AC works (100+ degrees in summer).

Seller owns outright - pending title search for liens and such

ARV: $250,000

Could Rent for $1800+/mo

Purchase Price Option 1: All Cash - $125,000

Purchase Price Option 2: Owner Financed - $150,000; 10% Down; Balance financed at 6%/mo for max 6 months; 6mo Balloon

Purchase Price Option 3: Owner Financed - $162,500: 0% Down; Balance financed at 6%/mo for max 6 months; 6mo Balloon

WOULD YOU BUY THIS DEAL IN ANY OF THESE SCENARIOS? If not...why?

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