Good Evening DG Members,
I went to look at a home over the weekend. It has a new roof, siding and windows. The interior of the home needs cosmetic improvements, a furnace (because the old one was taken from the home, believe it or not). The home also has some termite damage and a slight lean. Thus, a new support beam will have to be installed in the basement to support the home. I did not have a huge interest in the home because they were asking $34,900. The realtor told me this was an REO and he was putting in for a price reduction to the Bank Asset Manager for the high 20's. He prompted me to make an offer. I told him with the repairs and inmprovements and my profit margin, I would only offer $5,000 for the home. I thought he would laugh as I was not too interested in the home. He said great let's write it up for $5,000. Thus, I submitted an offer for a home yesterday for $5,000. I believe the lot is worth more than that. So when you look at a property and you don't know, offer really low...you have nothing to lose. So, I will let everyone know if I get the home or what happens. P.S. I was impressed with this realtor too. Good luck with your future deals! Believe and Achieve!
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Joe Jurek CPA