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Posted about 9 years ago

First Deal? Update

So my niece called the gentlemen and has an appointment to meet with him at 3pm tomorrow. Because of the holidays, my real estate friend asked if she could get me comps tomorrow. She's doing me a favor, so of course I said yes. 

I know that most real estate websites like Zillow and Realtor are not super accurate for comps, but they all give an estimate of 80K for retail. If I can get this house for the 20K he's asking, then I'll have 60K to play with. If the repair costs come under 36K, then I am working within the 70% rule. This deal looks like it might be good for a wholesale, a flip or a BRRRR. My preference is BRRRR since I have the cash to buy the house, but everything is dependent on the pictures that come tomorrow. 

My coworker, that is also on BP and has 4 rentals, looked at the house, the area of town, the school system, the rental potential and the retail potential and thinks it's a great deal. I think he's more excited than I am, but I'm trying not to get my hopes up. 


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