I will be making my first offer on an REO this weekend (with the help of realtor) and I want to share a few details with the DG family. Any and all feedback will be appreciated.
The property is located in the Northern California area. It's 1860 sq. ft. 5bd/2ba 2 car garage. Needs serious work inside to the tune of about $30K.
I've checked a few websites for listing prices and they average out to about $120K.
Here's my plan:
Offer $55K buying price, factor in around $30K for fix up and sell for about $105-$110.
Here's my challenges: Being able to get the house under contract and then assign to an investor for a decent price ($3-$10K maybe?).
Writing up the contract so that the bank provides the financing for purchase and repairs.
Finding a partner for the deal.
What do you suggest or what would you do, DG family?
Take care and take Action,Steve