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Updated almost 7 years ago,

User Stats

65
Posts
15
Votes
Shane Welch
  • Norfolk, VA
15
Votes |
65
Posts

My first Investment?

Shane Welch
  • Norfolk, VA
Posted

Hello!  I am new to BP and Real Estate Investing in general.  I do not have much Liquid Capitol to invest on rehabs or down payments.  However I know of a property that might help, please give me your honest Opinion.

In my home town there is a house that has sat empty since I was a child (15 years so far).  It is still in *just built* condition and from the updated photos and history, not a single person has ever lived in there.  The city is a fairly "poor" place, but this house is on the one street that is home to the "Wealthy". 

The bank currently owns it, and it has been listed for sale for years.  Currently Zillow shows it $465k and earlier this year it was $410k. Do you think there is any way for the bank to take a low ball offer and I could flip it for a good profit? 

I know that the fact it hasn't sold is concerning, but what should I do?  I feel like it could be a good first flip and raise some capitol for future investments. 

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