I wanted to post an update, I am beginning to get frustrated. I have been looking at properties with an agent and nothing is adding up. I've read tons of books, attended seminars and finally got some money together to invest. My agent took me to several properties (mostly bank owned) and after looking at them I had to ask him, "where do the banks/sellers come up with these prices?" All needed total rehabs, kitchens, flooring, baths etc. and all were listed at ARV values with no room for profit. In fact 2 of the properties he informed me that they would sell 10k higher than they were asking. I don't get it! Another property ( a townhouse) I looked at was on the market for 95K in a 115k neighborhood. I didn't have cash then, but it didn't sell. Recently, it came back on the market (still needing full rehab) for $110K, the comps are in the 110 to 118k range. What am I missing?
