I placed a $110k cash offer on a property listed for $485k in Texas by a huge lake where all the surrounding houses are on bigger lots & are decked out to the hilt, 2-story newer built homes. This place needs a full renovation/gut & was built around 1990.
After running comps I determined this property was closer to a property that is a single story that was flipped then sold 2 months ago for $350k... This was what I based the comp on since it didn't make sense to compare this place with the big dogs, even though I kept second guessing myself.
I go out to see this place tomorrow with the buyer's agent. Not only am I asking if the offer was priced right but I really would like to do a BRRR, plus this place can be an amazing AirBnb since the estimated rent is $3,500 in this area.
I can borrow against my 401k to put at least 10% down (don't know how fast that happens), but I don't know how to get the $ for the rehab cost I calculated at $120k... I've overloaded my brain with all the wholesaling info & I need guidance in case I win this one.
Question 1 was - did I make a good offer from a $350k with $120k towards for rehab.
Question 2 was - where do I need to focus to get the rehab $ (my credit is not great)
