All Forum Posts by: Don Gouge

I don't know your area but 110k is pretty low in about any are of the country. It's hard to tell from the pics but the tub and the soap dishes seem to be some shade of green. I would have the tub resurfaced with a color change. That costs me about $250 in my area. Replace the soap dishes with white ones. Install a new vanity and top, faucet and mirror. Consider changing tub faucet if that is in bad shape and paint the walls. Maybe $3000 maximum. You can't spend more than that at this price point and make a decent profit.

I would have to make a minimum of 100k on this deal and feel that it was relatively low risk.

Is this a door that will be required for legal egress. In other words if the door wasn't there would it be fine?

You have no cash and can't borrow any. What do you want us to tell you? Rob a bank? Wish upon a star? You just want to get mad when you are given solid advice outside of this odd deal. Here is my advice if you want to be successful in real estate but you don't want to hear. Real estate can be a small world. Be a man that the other party knows can carry thru with your commitments. Don't get into deals where you promise cash you can't either pull out of your mattress or get out of the bank the next morning. Honestly, if you can't lay your hands on cash in 24 hours you don't need to be involved in real estate. Build your real estate career on a solid foundation, not one built on dreams and gimmicks. 

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Really too much to comment on here. They are vastly different than the standard multifamily. A lot of people want to cite cap rate in the valuation but I put little value in it.

@Will 

@Will C. I don't really think anything here was untapped!

Don't mean to offend but your house is ugly. The pictures in the listing are ugly. Looks like the house next door is in bad shape. I don't know property values in your area but as long as it has been on the market its obvious that it is very overpriced. Just take a deep price cut and move on. 5k won't do it. More like 20k.

Looks good to me. The place you circled is just the normal appearance of vinyl siding.

Usually the coroner will remove the bodies fairly quickly.