How Would I Go About This Deal?
i am interested in a distressed property in my area. here is the run down:
List Price:$69K
Back Liens:$15k
Street Assesment:$2,500
Prop. Value$85K
I have spoken to the selling realtor about this property. it has been on the market since May '04. he is entertaining any offers.
the inside work is all cosmetics. nothing major like plumbing or roofing.
what is the best way to purchase this property, without putting money down, or as little money down as possible, knowing that the seller is taking on the back liens.
( I know i could obtain the property for a price in the mid to high $50k)
help me please............ SOMEONE!
make an offer if you don't start somewhere you won't go anywhere!!!!!!!!!!
[addsig]
Dj:
Why don't you have the listing agent present an offer for you so that he or she can negotiate their commission to make it work.
Make sure you run your numbers:
-Purchase Price
-Acquisition Cost
-Rehab Cost
-Carrying Cost
-Selling Cost
One of the biggest mistakes I see is new investor's not figuring in 'true' rehab cost, carrying cost and selling cost.
Best Regards,
Jeff Adam
[addsig]