Quote from @Justin Brown:
Quote from @Rohan Bhoomkar:
I agree with @Jacob Sherman here. I am in the same boat. Looking for of market properties here in Charlotte and I went down the route of looking on Facebook. There are a few groups, and once I posted over there, I had people reaching out to me with information about of market properties. Most of what I have gotten as of market properties require a good amount of renovation, roughly 70 K and above.
this is my first investment property and I am reluctant about putting in 70 K for rehab. I am open for something around 30 K as rehab and a property that doesn’t have any immediate measure maintenance site. I know my criteria but it is hard to find off market property when you have a lot of criteria. That’s what I have learned, I’ll send you a connection request and also the details of someone who is providing me these of market deals from a company called new western.
Why do off market properties require a good amount of renovation? What I am looking for is something pretty turn key with hopefully 10k or less in repairs. Do you think I won't find something like that in an off market property?
Because if they need little to no repairs, they can be sold via RE agent on MLS for retail value. Reason we get good discounts is their distress. Some of these cannot pass an inspection in their current state, so they sell "off" market to cash buyers hence they're discounted..it's a quicker cheaper transaction...but more issues, more risk, more $$ to fix up & take longer to get ready for occupant or sell to an end buyer. There's reward in distress, but if you don't have the time $$ or energy for that, then looking via a RE agent for MLS properties that only need $10k worth of rehab is the way to go!
