So I'm Going To Go Look At My First Property Tonight
So I found this add in the local paper. Its in a really good neiborhood. What do you guys think about the add. This is going to be my first REI property. Can you give me any advice about it. Thanks in advance.
NO QUALIFYING/ OWC. Large 3 bdrm., 2 bath, sgl. story, 61389 Elkhorn St.
You are going to meet another investor!! Tell them your intentions and see if they'll work with you.... Good Luck!!!
This is an investors ad for sure.
Depending on what your trying to do this most likly will not be a deal. You are going to go head to head with a man that mostlikely is looking to profit on a deal that WAS a deal. That is why he bought it. That would like me going to a retail car lot to buy a car from them for my wholesale car business. Wont work.
But then again he could be in direstraights and ready to take a loss. You wont know untill you go.
Have you pulled comp's in the area?
[addsig]
I did some research on the place. The gentlman that owns the house lives in CA, I live and the house is in OR. He bought it for $169k. Wich is a good price for that area and time that he bought it. The last sale was to him in june-02. I believe that he had to move for one reason or another and has been renting it out. He now either doesn't have to time or just doesn't want to deal with it any more and wants to get rid of it.
I imagine asking price which has not yet been stated will be around the 180k range.
Any more advice?
Okay so you have established that you might have a motivated seller, thats good. However, you need to do some comps and what is selling in the neiborhood of like, kind and quality homes, within a few streets away and on the block.
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(A division of: Half Vast Enterprises)
"Most american millionairs today (about 80%) are first generation rich"[ Edited by WheelerDealer on Date 02/13/2004 ]
My first impression is that because he is advertising "no qualifying", he may be thinking that he can sell it for more than FMV to people who might not qualify for a mortgage, and probably at a higher rate than the banks. Or maybe not, just something to think about. Z