I was recently driving down secluded streets looking for homes that would be good candidates for investing in and found an empty home. It did have a real estate sign but also a sign on the window saying it was not for sale.
I think I have found one that fell through the cracks and has good potential for a wholesale. We have so many properties here, the agent had never even seen the place. I would like your opinion.
Details: In S. California. REO Listed $180,000 2bd 2 3/4 bath. FMV after repairs 280,000 for the two bedroom it is listed as (was 890,000 at the peak). The owners have so many projects going on (not to code) and so many repairs needed I won't try to list. Reparir estimate $100,000 to $125,000. (more than I can do) Beautiful property on a private drive. Nice neighborhood. Could be a high end property valued at $500,000 + If brought up to code and IF all repaires done.
After it is repaired, It would not be 2bd as listed, but a 3 bedroom plus a seperate 2bd 1ba granny flat. A 5+bd with 3 3/4 bath total! In this area, that is unheard of
What do I do with this find? Put in an offer of $100,000 or ? and wholesale it knowing I can walk away if I don't get a buyer in a couple of weeks?
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)