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Updated almost 15 years ago on . Most recent reply

User Stats

6
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0
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Lisa Mason
  • Real Estate Investor
  • Texas
0
Votes |
6
Posts

Brand New REO Investor

Lisa Mason
  • Real Estate Investor
  • Texas
Posted

I'm searching my first potential REO deal and have 2 questions--hope you guys can help me.
1. What is the best strategy for finding a reputable rehabber to provide quotes when I am scouting properties? Do they usually charge for this service?
2. My first property appears to be a diamond in the rough, but has a pool--Any thoughts on liability issues with pools?

In case you are curious, here are the numbers:

3/2, 2 living areas, 2 car garage - 1869sqft
Nice family suburb
ARV: $150K (CMA)
List Price: $117K
Repairs: $20K (conservative guess, but needs new carpet and paint, new fence, minor roof repairs, landscape trimming of trees/bushes, pool water was green--Eww!, and back glass door busted from a possible burglary)
Potential 1st offer: $90K

Please feel free to tear this apart--I'm so green, you could mistake me for a leprechaun.....but I'm ready to start doing BUSINESS!!

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