Alex thanks for the insight! I am grateful for your tenacity and grit you bring to the Real Estate business. I read your entire link and each scenario. I am currently in the same position as #4. I have a car note, paying to much and now no job. Your post is inspiring. I will continue educating while I am trying to figure this thing out. Still I am set to look at the property tomorrow with a potential partner who is a great contractor. He expressed interest in acquiring homes and flipping/holding them when I worked for him in his construction business. I am not going to let nothing stop me. I will ask myself "how can this be done?" Just to give you an idea on the deal: Freddie Mac or the government is asking for 115,900 the home was built in 1961, it's in a D neighborhood and would need at least 25,000 for repair. 3 bed room 2 bath, split floor plan with the potential of being a 4/2. Comps are around 140-150k. I wanted to see how you would approach this deal? As @PatricePenda said, Freddie Mac doesn't usually do the 70% ARV rule. I was going to offer 74,650 cash. Of course I would have to find that cash,the rehab, and the fixed/closing cost.
Also, thanks to you as well @PatrecePenda for taking the time to respond to my question. The responses alone makes me feel like I’m not doing this on my own. Great insight.
