Providence 3 Family To Wholesale Or Keep
Hi All, well last minute my friend in Providence has decided she is
sick and tired of dealing with the guy who is "squatting" in the first
floor of a 3 family on Hanover Street.
So she calls me and says well let me know by today if you still want
to buy the house otherwise I will give it to my Cambodian realtor
friend who will list it for 189.9K and he'll take 4% as commission.
So she proposes I live in the first floor and that moves out the
squatter, then we close in 2 weeks and its all mine. JOY or not I
don't know.
I could wholesale it but I know what work it needs and so I think I
could market it higher since comparables are hard to find but iin
September were ranging between 190 and 250.
Looking at similar triples, 2 BR each floor, gives higher
comparables, within a 1 mile distance. But this one is still considered in a war zone.
What to do?
I could really use a lot of advice and help and mentoring, including
partnering with someone, quickly rather than next month,
I will ask her to hold off on the realtor deal for a few weeks, shes
waited a year with the squatter guy, but who knows?
Henk
I may be interested in the property, Let me know some more specs on it
Hi Henk,
You're right, Hanover street is a tough area, between Elmwood and Cranston St. How much does your freind want for the house and what repairs does it need?
Thanks - Matt