All Forum Posts by: Matt Hendrickson

Hey all,

I'm looking at purchasing a HUD home that has been on the market for nearly 250 days. The house needs extensive renovation. Basically all that is ok is the exterior envelope. It needs a new roof, driveway, mechanical, electrical, plumbing, flooring, cabinetry, minor foundation issues, and more. The asking price for the home is $80,000. There is probably around $60,000 needed in renovation. There is no way that home is worth $80,000. Does anyone have any experience on how low HUD is willing to go. I'm thinking about offering $30,000-$35,000.

Is that a good starting point?

I'm a new guy here, I'm a college student and looking to get into real estate. I'm studying construction management and feel this is a passion of mine. I have an investor and $8,000 -$10,000 dollars to invest. What price range should I be looking for? I want to cash flow and rent. Should I mess with a fix up property? What type of property would be best?