Is this an opportunity or should I walk away?

[José Galarza]

Hello everyone!

My sister in law has a property (3bed 2Bath 766sqft) that she doesn't want anymore. She has 63,000 left on the mortgage and she just wants to get rid of it for that cost. The property Is in bad condition needing about 20k in rehab. It rents for about 900$ in that area. ARV is between 100k-110K. Creative finance ideas? Good deal? Any advice?! Don't want to miss out on the opportunity due to fear but also don't want to make a dumb decision.

Thank you in advance for you advice.

[Tomeikia Gray]

Originally posted by @José Galarza:

@Tomeikia Gray Thank you for the advice! I’ll give that a shot and see what she says. Should I consider flipping?

I think fipping would be cool. If your ARV is at $110,000 that's a $27,000 profit! plus your money back. I would still go run the numbers. Also think about your market in today's time. How long is it taking for property's like yours to sell? So, you would need to facotor in holding cost and the time it takes to rehab the project. You have options.