I need help with an my first deal

[Ben Gibson]

So recently I have come across a property in Saint Louis mo. The property was appraised at 187k as is. I do not know how to do the arv but the appraiser that i have gotten to know well recently told me that I could do a light rehab and put in new carpet and sell it for close to 200k. I have got the people to agree to 128k for the house, but I just lost my job so i cant get traditional financing now. I need help with what I should do with this. I would love to rehab it if i could. I have a wealth of info on contracting as i have been a contractor for 15 years. Does anyone have any ideas of what the best way to do this deal would be?

Ben

[Bob Hines]

In certain areas in and around St. Louis, adjoining blocks can be entirely different worlds.  Make sure that the comps you found are in fact comparable if you are comparing from 2 miles away as there could be a big difference.  Make sure you know your target market too.  If people are paying $170k-$190k for no updates, linoleum etc, make sure your upgrades are worthwhile.  The market may not reward you for putting in granite counters or extensive updating if the neighborhood won't support it.