Ok I Am New To This.
I just posted a topic that was deleted (Sorry board opp/s)
I need help / advice in finding investors to help in flipping properties.
Have the property and buyer and need to finance the bridge (we cannot assign because this is REO)
And help/advice would be appreciated. I hope that the moitors will see that I am not advertising but genuine in seeking help.
Thanks. John
hha8,
This is just my opinion and I am by no means an expert.
You are asking if this is worth doing. I would have to say no, at least not at 57k. Foundation work can be very expensive and time consuming and could quickly chew through a rehab budget. I would want to get a structural engineer and a qualified contractor in to get a feel for the problem and an estimated cost to repair. Then again it could turn out to only look worse that it really is. Foundations are risky.
Structural issues aside, this property is already on the MLS and has been there for a very long time so any investors in the area are already aware of the property. The listing agent also told you the many other investors had already look at and pass on the property. Who exactly are you going to flip it to? And who is going to pay you any type of finders fee for a property they can get on the open market? Keep in mind that they are asking all cash for a reason, it will not pass the inspections required to get a traditional mortgage so you cannot flip to a regular buyer. Long story short, you do not have a viable exit strategy.
The good news is that you can probably pick up this place for much less than 57k. At this point they probably just want to be done with this nightmare and may accept much less. The bad new is I have run across very few investors willing to take on this type of challenge.
Do not get blinded by the numbers. On the surface it looks like a good deal but remember a house is only worth what someone is willing to pay for it. You could get it under contract for 25k but still not find anyone willing to take on this type of project.
Just think it through and come to your own decision.
A number of years ago I was the listing agent for a property that had been bought by a Relocation company and was found to have structural issues. They spend thousands of dollars to fix it and then still had trouble selling it.
In my humble opinion, it is not worth the trouble, especially on your first deal.
make an offer for $57k contingent on the succesful repair of the foundation.
didnt read the post but my experience with ocwen has been horrible. they outsource everything. one day i was talking to someone from india and the next it was australia. they dont know anything, and i believe they plug in your every question into a telepromter and read word for word what there supposed to say. thats why the u.s. shouldnt outsource. they could atleast train these people.