Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 11 years ago on . Most recent reply

User Stats

166
Posts
90
Votes
Scott Carder
  • Investor
  • Owasso, OK
90
Votes |
166
Posts

How much should I pay?

Scott Carder
  • Investor
  • Owasso, OK
Posted

Looking at putting in an offer on a foreclosure in my area. Homes in this stable neighborhood are all less than 10 years old. Comps put this house at a value after repairs of 115k. It just came on the market, with the note being held by one of the big national banks, they are asking 105k. The home only needs 5k in repairs, and based on comps would rent for 1050.00 per month. Based on 70% rule it would be 80,500.00 minus repairs of 5k for an offer of 75,500.00. Is the bank going to just laugh at this as a lowball offer? It would be an all cash deal too, not sure if that would help. This would be my first investment property so let hear what you experts have to say. Thanks in advance.

Loading replies...