to buy or not to buy? This is my first deal....help!!

[Mubasher Riaz]

hi guys

this house is listed for $8000, and I only had a chance to take the outside pics because i have an appointment with the realtor tomorrow so ill take the inside pics soon.

Brief description of this house, the realtor told me dead honest over the phone that the roof leaks, the basement leaks, the house is in a terrible condition, you will have to pretty much tear it down, old and mold and has no clue about rehab cost.

The houses around that area are selling for $50,000 and more. What should i do? Is this a good investment? I dont even know how much repairs are going to cost? Will I be able to wholesale it? Please advise...

[Chris Colvard]

Seems from a sf stand point that you are still looking at ARV $50K.

Don't get to excited about this one.

Learn something on how to work a realtor in a situation like this. Tell her that this property needs so much work; how on earth did she come up with this value?

I'll offer $5K subject to my contractors having 10 days to tell me what's going on with this property. If I don't like the numbers, no deal, period, refund my earnest money.

Because this deal is so lame, I'm only going to put up $100 earnest money for the look. If you want me to close, show me the comps to make worth my time? I simply don't see it!