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Updated almost 8 years ago,
I need advice, what do I put my offer as?
So here's the situation. One deed, two homes back to back to each other. First home 988sqft 3bed 1 bath. Second 747 sqft 2bed 1 bath. Asking $87900. I don't believe that I will get more than $65/sqft after repair. I will be lucky to only put 30k into both of these properties. Currently both are rented out the three bedroom for 550/month and 2 bed for 475/month. Neither tenant is on a lease they rent month to month. And each pay electric themselves. I can have financing with a variable 6% initial interest rate at first I think it'll be locked in for three years. And financed out for 25 years. Payment might be under 700 with taxes and insurance. This is my first deal. What do I do? They have at least four more investors looking at the property by Sunday the 12th it is Friday the 10th right now. It went on mls this morning. I think I should offer around 70k giving me hopefully 10k profit if I flipped and sold both. Please give me advice!