All Forum Posts by: Marjorie Binder

@will...thanks so much for the offer. I think i'm beginning to see this one more as a learning experience. Though i am a bit curious how most of the cash sales in this particular zip seem to cluster around 20k and the "low" ones around 10k. I'm going to take a closer look at the MLS to see if i can gauge what condition those were in. There also were one or two that sold significantly lower, maybe 2-4k; i'm going to see what i can find out about those.

And i think i'm going to get up the courage to call some of the investors i have found who are active in that area and see what they're looking for.

If the ARV is a about 70k today and 70% of that leaves you with 49k....and.....well i will see what i see on tuesday when hopefully i'm going to see the property with a local investor/rehabber who's willing to help me and i appreciate the offer of giving me feedback on that.

It'll be interesting to see how long this property is on the market and what happens with it.

i should be going with s/o who is an investor/rehabber this evening to see it ...i texted him some pics (i saw it earlier with my husband) he said he thought an idea might be to pay the 15k and then turn it into a section 8 rental....at any rate. i'll let you know how it goes this evening...thanks so much for the feedback e/o :-)...

First of all let me express my thanks and awe to both of you for responding at whatever ungodly hours you did! Thank you.

@Ned....I hope i can clarify the confusion in print....First off, and mind you i'm no expert yet at all, but the numbers seemed to indicate that the list price could be a good deal in itself. $15k plus, who knows let's say $25k in repairs for an 1176 sf row house -- new kitchen, bath, windows, floors, paint -- I haven't seen it yet but another house down the block sold recently and last year for over $75k with such improvements...$25k plus $15k is $40k....plus property taxes, insurance for 6 months....and i could sell it for at least $65k it seems....that seems to say ---and i'm no expert that's why i'm asking ---it's a fair listing price.

If it is....and my first glance seemed to indicate that there the closing price most oftentimes equaled the list price, i'm wondering where the room for wholesaling is? Wouldn't i have to come in a couple of thousand under the list to be able to resell it for $15k to another buyer, which seems like a deal in itself? Or did i forget to look at the full listing to see what the original list price was? I.e. there was a higher list price that i missed....but it did seem that a fair number sold in single digit DOM and many in less than 45 DOM making me wonder that the list price could be the original list price.

I hope my question is clearer now....I do understand that list could mean "nothing" but in this case the numbers could work, according to my newbie understanding plus the list prices of other cash sales and their closing prices seem to be around here...s/times closer to $20k.

Thanks so much for taking the time to help me......marge

I've got a possible REO deal brewing. $15k list price and i think the ARV would be at least $70k remodeled. That's based on comps on the same block; one row house sold last month (only 100 sf less) and the exact same model one year ago. What concerns me whether this can be wholesaled is this: when i compare the list and close prices on the MLS they are very close indeed for the cash sales in that zip code area; yet they are further apart on the retail sales. One or two even sold above list for the cash sales. Only one or so sold below.

The property i'm looking at just came on the market july 3rd. Could it be that i forgot to check the full listings on the others to see what the original list prices were? Is that it? Could i still make a low ball offer here or is the $15k such a good deal that i should go for it and rehab it myself??

another crazy concern is if it would take till the fall/winter to sell a rehab is that too risky being that that is the "slow" season??

By the way i have the cash to buy and rehab this if that makes any difference.....

thanks for any advice on this.....marge binder

it was a "good" idea for my first foray. Being able to "afford" it with cash so easily was a draw. I think i am feeling a bit less focused because i'm wondering how to garner the 75k or so for a more medium sized deal at the same time i'm fishing for leads. Being an assessor i do have access to the MLS and was also thinking of watching the probate notices online, but I am brainstorming on the financing end.

Anyway thanks again for the insights on 1br's versus 2 and 3br's......

Thanks for the feedback and quick response! The DOM for the 2- 3br's looked to be about 6 months; the spread between list and sales looked to be mostly 15%, more or less; one was only 5%. That was as of last fall; the one that's under contract doesn't have the sales price listed yet. The complex was built in 1968. But i totally hear what you're saying about condos selling slower than SFRs and am going to steer clear. Again thanks for the feedback. I appreciate this forum for the professional feedback :-)

just found out that there are no rentals permitted..

Browsing the MLS i found a new REO listing for a 1br condo for $15k. The last sale of a 1br was last July for $40k. Mostly 3br's are selling and for about $45-50k. The rehab costs are about $4k per the realtor/rehabber who showed me the property. Along with prop taxes (say $450/yr), c/c fee of 340/mo, closing & broker fees of about $1k i figure the extra costs are $7225 if it flipped in 6 months. If i could get it for $15k, meaning tot costs of $22,775 and i could sell it for $35k, more or less, is this a good deal to be your very first deal? I have not yet heard back from the mgmt office if renting the prop out was an option. I am concerned about the liquidity of a 1br; should i just stay away and not get trapped? Ori is this an easy one to start being that i can do it with cash? Any advice is most most welcome. Thanks in advance.

as an assessor i just so happened to be in a house today that might need to be razed because the past damage was so bad....and that was from 1973. My advice seeing what she's going through is to get a structural engineer. Do NOT trust the seller, do not even trust the termite company. Get a lawyer to know how much they are liable if they did not uncover or reveal the full extent of the damage. In the case i saw today the investigation would've necessitated going into the crawl space...and i mean literally crawl space, perhaps a distance of 50 feet to see the full extent of the damage.