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Updated over 7 years ago, 04/20/2017
I need help with a potential deal
Hey All -
I need some help! My husband and I are super new investors and are looking at a potential deal and want to make sure it makes sense and what the best options are. I'm nervous that I'm not doing things correctly and figured this is the best place to turn for advice.
It's a 2/1 block SFH that's 816 square feet. Tax assessment - $68,084.
A/C and roof were both replaced in 2009.
Comps are:
*2/1- 846 sq ft fixer upper - listed for 70K
*2/1 - 726 sq ft listed for 109K
*2/1 - 863 sq ft pending for 149,999
*2/1 - 752 sq ft sold for 119K
*2/1 - 720 sq ft sold for 149K
We have very little capital to put down, so we're trying to decide what would be the best:
- he cannot do seller financing because he still owes 58K on the property
- wholesale the property
- keep the property as a rental (private money? bank loan?)
Can anyone offer some advice? Am I missing information that you all need to point me in the correct direction?
I know this will get easier, but the first deal is scary!
Thanks in advance :)
Jess