so friday a property came on the mkt at 1:00PM...im there by 2:00PM...i have my offer in at 3:00PM w/ proof of funds...listing agent then sends a P&S contract to sign

this property was priced at $129900...3 family property with 2 or 3 bedrooms in each unit...really nice property, does have a few broken pipes but lots of work done to it...nice yard, parking, new baths and kitchens

units should rent for $1200 each unit...needs about $20K in rehab....sold in 2006 for $475K...

keeping my fingers crossed on this deal...this one was priced about $100K under value....these banks just want these things off their books badly...i just hope i acted fast enough so that a bidding war for the property doesn't occur...

banks are throwing out the baby with the bath water...

Comments (4)

this property turned out to be only a legal 2 family...i went down to city hall and pulled the file...even though it is assessed as a 3 family its only a 2 family with the building dept... another lesson learned...it doesnt matter what a property is assessed as... i also learned to convert from a 2 to 3 I would need to sprinkler the whole house...estimate on that is $25K... deal is done! ...and back to the hunt for the next deal...

Robert Granara, about 15 years ago
Thats funny! Hopefully it does work out for you.

Nick J., about 15 years ago
so i head back over to take some pics of this possible property tonight...go to the lockbox...and keys are gone... not the first time ive seen this...actuallly have seen this many times...usually on the good properties...people see the house, take the keys and play dumb so no one else can see it... not sure who took them but im hoping it was the listing agent...since he has my purchase contract ...we'll see...later

Robert Granara, about 15 years ago
Nice!! sounds like a decent deal. keep us updated, I liked to see this deal work out for you.

Nick J., about 15 years ago