Dear all Veterans,
I am totally a new in the arena of real estate
investment. I am currently live in Houston. Recently met an some new people and one of them would like to sale a house that they own to me. Asking price is 50k. The house locate in older neighborhood that not so great. Looks like it's a low demand area since not much sale translation around the subdivision for last two years. House in a decent shape. The how was purchased couple years ago through an investor owner financed.
I think I can get down to 45K and another 8k for rehab.
Market comp for 70 to 73k.
I heard people said low price house a hard to sale since it not in a very desirable, low income area. Bank don't like to finance those just a bit over 50K too.
Should I go for this first rehab project or should I stay away from it.
If go for it, what is the best way to sale it back on to the market?
Greatly appreciated for your advice.
