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Updated about 8 years ago on . Most recent reply

User Stats

172
Posts
13
Votes
Jonathan B.
  • Southeast
13
Votes |
172
Posts

BRRR - Advice needed - Newbie here

Jonathan B.
  • Southeast
Posted

Hi Guys-

Still sharpening my pencil in this guys and wanted your opinion on a deal here,

What pitfalls such a deal might hide?

Found it on Craigslist-

SFR

originally 4/3 

House has a lien on it for 2000$ for adding a bedroom making it 5/3

Given this type of lien, apart of the cost What actions the potential buyer needs to take for this property will be clear of an liens?

Should he re-construct it back to its original plans?

Seller toke on a short-sell and flipping it (Is there something i should verify given this condition?)

Ask price is 95K,

Cost of rehab are within 30K-40K

Comps on Realquest & Zillow for this size is 170K-180K

Father is a contractor so costs of rehab should be on my side-

Considering as a BRRR property, good neighborhood, Rent is is 1500 Range.

I put more emphasis on learning through the process rather than grabing a deal,

Property address-

6802 N Glen Ave, Tampa

Share wisdom,

Thanks

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