Updated almost 9 years ago on . Most recent reply
Whats wrong with this deal? Wilmington, NC area
I found a deal that I was excited about but there have been a lot of red flags. I'm looking for a local more experienced investor to look over the deal and give me feed back. If it turns out to be a great deal than I would be ok with the investor taking the deal if I can tag along for the knowledge. I would also be interested in possibly partnering.
The pro's of the deal:
1. A growing location, a developer just broke ground on a large commercial and condo project (Described as a mini Mayfair), directly behind the house. The developer bought out several other houses and stopped at this one.
2. The house is zoned commercial.
3. Price.. I think I can get it for around $85k, that is also about what the land is valued at. The developer will need the property to expand.
4. House needs some work but could rent for $850 as is.
Red Flags:
1. Why is the house still available? It is not listed on the MLS but there are enough smart investors around I would think someone would of jumped on this deal.
2. I think the seller is also a real estate agent, she didn't disclose that which leads me to believe she is hiding something.
3. House would probably have to be purchased with cash.
I look forward to talking with and possibly meeting with some local investors and discussing this deal. I search for deals daily and am currently in the process of obtaining by license. I would like to establish a solid local network
John