I think I found my first deal
I have just recently found a potential buy and hold property listed for 55k. According to the county auditors site the surrounding properties have appraised for anywhere between 80k to 100k. I have a scheduled appointment with the Realtor this weekend to view the property and already, based on pictures, assume I will need around 5 to 10k to rehab. Just wanted to ask the community for any tips about what to ask and what to look out for. Since it's my first deal I wanted to see about a land contract deal in my state of Ohio which the owners said they wouldn't be apposed to talking about it. Thank you for any help you can give.
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What year was the home built because asbestos is always something to look out for. Also, make sure the foundation is solid if you can (No cracks in the wall, ceiling, flooring etc.) I feel like those two are the bigger things that get people in there first deal. Lastly, I would always plan to go over budget on the rehab because it is very common to underestimate the cost. Can you provide any pictures of the house for us to look at because that could give us an idea on the rehab cost as well? The numbers you provided sound promising just make sure the property is mainly cosmetics that you need to change and not internal issues. Good luck!