Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
My first deal and I would like to have a second opinion on please
well I wouldn't mind getting in touch with somebody that can offer some ideas on this property that I believe would be an excellent deal. There is this other home that I'm currently looking at it is in foreclosure right now and Hazard County Assessor has appraised it last year at 91,000 and some change I would attempt to get it under contract and be able to gets the house for 30,000 however it is in foreclosure for the amount of 64000 but it does need some rehab as they had cats and dogs inside apparently ruined the carpets I have not been over there to see it yet since I have not been in that house in almost a year or so as this is a house that was part of the families and uncle on my wife side. So the question is as far as running some numbers in the ballpark for estimates in my mind I'm thinking this is an excellent deal especially if I got it for $30,000 contract on the different websites such as ohm or realtor.com it showing different prices such as 127 or 120 thousand and so on. my line of thought would be being able to get the property at 30,000 finding the loan or hard money lender or private money lender to do the Rehab on it for 25 thirty thousand installing a bathroom downstairs add an egress windows to the basements making it a five bedroom two bath house and selling it for a hundred and thirty to 140k..... I've already been told by my wife that I shouldn't go ahead and ask them about it and try and put it under contract and it should just go to foreclosure but I can't help but to think that there is a golden opportunity here for this as my first investment property....
any advice would be helpful thank you