Cedar says "Daddy's been working on this stupid house MY ENTIRE LIFE!"

With both of us debt free, we are starting our wealth accumulation/building phase of our life, and we know we need three things from previous research weve been doing, that is paper assets (jobs,401k,Roth IRA, Tax Accounts...), Business (have a few ideas of some businesses), and what brings us to this awesome place, REAL ESTATE. 

I often find buyers having little to no insight into how lenders view a property and under what conditions they will fund a loan.

I've lived and worked in NJ all my life, Construction for 30 years, built sheds to custom multi million dollar homes to light commercial work. pricing is all in what has to be done and what goes into the project.

The roof, master shower, and carpets throughout need replaced, and although the property is structurally in good shape and the AC\HEAT is in good condition, the house has never been updated to today's modern look.I want to walk away with 40,000 in cash but I am afraid that after the projected closing costs of $13000 that include the realtors $9600 commission I wont get the $40,000 because it needs a roof, shower, and carpet.   

That will enable you to get started faster on your life's goals.   

Take care of your contact data base like it is your life and soul. best of luck!

Not sure how long of a life before you would need to replace any parts.

Current value is likely below $100k in its current condition. 

Simple Example here in Venice Florida , using the same structure, exact condition and sq footage home but difference in location.