$5,500.00 REO Purchasing in Atlanta, Georgia from California

[Bridget D.]

Hello Everyone,

First I'd like to say thanks for taking the time to read and hopefully answer the question that I have.

I live in Southern California and although I've been in the real estate field for 8 years, the only purchase I've made is my primary residence. I finally got up the courage to look into investing about a year and a half ago and of course I wanted to start low which meant purchasing out of town. I placed a bid on a HUD home in Atlanta, Georgia which is a 3 bedroom 2 bath the cost a whopping $5,500.00 . A friend of mines lives in Georgia and her and her husband were nice enough to go by the place. Just as I figured it has been completed gutted and bascially has the frame, roof, bar doors and some windows. I planned on rehabbing the place over a course of a year or shorter and either renting, lease to own, or eventually selling.. The problem is I have no idea what a rehab would cost or if it's even worth it to get involved with a home with nothing in it literally. The agent has given my friend the access code to go in the home and the zillow estimate is $105,700 while the assessor market value indicates $122,100 (I'm sure that's estimated on the home being livable.. Lol.. Any experience or answers would be most appreciated.. Thank you all :)