Potential Property

[Chris Pastrana]

I have found a property in NC that I think has some potential. I'm not entirely sure about the deal and would like some advice. As a new investor I wouldn't be able to handle the repairs this property needs by myself and would like to get an opinion if the are is even worth investing in.

For the size of the properties available in Red Springs, NC the prices are really low. The house I'm looking at has an asking price of 48k, but the sellers agent told me directly that the seller needs! to get rid of the property and if I offered anything he might take it at this point. She calls me every couple of weeks to see if I want to buy the place still (actually expecting a call in the next few days if she holds to her pattern). He's motivated.

The house is 3,500+ sq feet and for the price (Probably in the 30,000 range) it's not bad. Problem is the place needs a lot of work. I believe it was built in the early 1900's (1918 area) and would need a lot of work to bring it up to code and fix the house. Comps in the area are okay at 150k but I don't know it that would be worth the repairs (I haven't spoken to a contractor to get an estimate).

All of the big investors that I've met in NC are in Fayetteville, Sanford, raleigh, cary, etc. and I haven't met anyone who flips this far south in the state. Any thoughts? I know a cheap deal doesn't mean a good deal but it could still make a decent flip, depending on the repair estimate.