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Updated over 15 years ago,
My first offer!
Wednesday (10/7) I'm going to make my first offer on property I found. An elderly man lives there and has been there 51 years. He's the original owner. I went through the house to estimate repairs. I really hope I'm estimating right. It's a 1300 sqft 3/2/2 house. Needs carpet, new windows, paint, and totally gutted kitchen and bathrooms plus a few other cosmetic things. I came up with $20K in repairs. The ARV is about $100K.
So I figure my offer should be $45,000. Does this sound ok? Should I get an attorney to help sign the contract? How long should I give myself to find an investment buyer? How does an investor see the house without bothering this owner too much as he still lives in it?
I'm trying to get past my fears, but I guess all first time investors get it. I'll never learn if I don't actually do it though.
Thanks!