All Forum Posts by: Alex Steward

Hi all...I am a newbie so sorry if someone feel that this kind of questions has been answered before:
I have a REO I am looking at right now...it is in a prime area and under normal circumstances the real price of the house would be around 320,000 dollars.

But the house needs significant work and currently has no CO. It needs bathrooms etc. It will need atleast 100,000.00 dollars worth work.

Amazing thing is this house is listed for REO with $320,000 which does not make sense. I am interested in the property and think I can work on it with me and my buddy to fix it with 6 months and restore it with sum of 75,000.00 (without my labor costs but my buddy labor costs included).

Question:
How much should I offer? Obviously I would like to make maximum out of the deal but...since this is my first offer I don't know how low can and should go? By the way the REO has been on market for just over a month.

All:

Thanks for the warm welcome. :D

John Corey>>

Thanks for asking John. The name I use while introducting myself is Alex.

Yep! I firmly believe that in numbers n to a less extend in forecasts especially while evaluting RE investment because we EE live by the fact that numbers never lie. :D

I am interested in investing like a 2-3 family house only as right now thats all I can afford. Also, NY will kill me in taxes.

About my life, I am a single, company paid part time graduate student along with a full time job.
Looking at some of my family members I think I missed a wave of real estate investment worth riding, so I trying to make up for that lost gap.

Now that the RE market is going down, I am hoping to make a solid investment now that I can be proud of 10 years later when I may decide to settle down with option to dispose it quickly if I decided to move to some other part of the country.

-Alex :wink:

Sorry forgot to mention...I am from Dutchess County NY and would like to invest in multi family houses in around Hudson Valley NY

Hello all BiggerPocket members, moderators and admin:

I am a newbie to this world of real estate investing and fortunate enough to stumble on this amazing site before I made my first move. Today is my first day and I found wealth of information on REO's, that's just awesome.

I liked some of the comments made about not being emotinally attached to the properties and would definitely contribute to my metality of looking at buying real estate, not as an investment alone but as a business.

Being an electrical engineer by profession I will look forward to positively contribute to the forum to the best of my abilites. Thanks for letting me be a part of this forum. :lol: