78 % FMV-Deal?
I have the opportunity to buy an REO for 242,400. Houses in the area go for 200,000-550,000. This one, as is would go for 310,000-315,000. The house is in move in condition now. Kitchen and baths are dated and a rehabber could gut them and put in new kitchen and baths and house would likely sell for 320,000-330,000. Unfortunately, I do not have the funds or credit to make the purchase and am thinking of flipping to a rehabber for 252,000. Any feedback or suggestions would be most appreciated.
_________________
[ Edited by jimbob52nc on Date 09/03/2005 ]
Thanks so much for your response. I am new to RE investing and I was hoping that this was a deal I should pursue. Your response helped me make the decision.
Thanks
[addsig]
Put the property under contract, then assign it to another investor for some consideration(profit).
Thanks,
Nate
[addsig]