Meeting with a seller next week Help!!!!!!!!!!!
I recently started a direct mail campaign in Washington DC, and I'll be visiting my very first lead's home next week to make an offer. The Seller owns his 1bed, 1bath Condo free and clear and is looking to receive at least 300k for it. The assessed value of the property (according to county records) is 335,160. Redfin and Trulia have is assessed at 376-387K. According to the seller, it needs 40K in repairs.
I'm trying to figure out what are the possibilities with this property, if any?? It seems like a reasonable flip if I can buy way lower than what he's offering, or potentially a seller financed deal?
I'm a new investor with not much capital (none) so far. Help!!!!!!!!!!!!!!!!!
Most Popular Reply
I am thinking so many random thoughts/questions right now.
Do you have any training yet?
Doesn't matter how much the seller says the cost of a rehab is unless he is in the business. Questions, Have you done sales before (in any way)? Posturing is important.
Do you know what to look for in rehab costs. The price sounds really tight, in case the rehab costs are more and then hard money loans, points, fees and closing costs when selling.
How much are the HOA fees every month? Take all these things into account. When was the last time maintenance roof/parking lot/ other was done to the building?
Plus, don't get emotional about this being your first appointment. lol