1 down. lots more to go!!

[only1minya]

i did it!  I negotiated my first house and the seller accepted.  i went to the registrar of deeds today and pulled the title to 3 properties this morning.  my 3 title showed no liens, or current mortgages, but it didnt show the person as deceased.  so i knew from my previous post "dead mans house", that i needed to find the next of kin.  well lo and behold, i rode down the street and the house was open so i knocked.  the man came to the door.  we talked for a minute and i told him i was interested in purchasing his dad's home and i offered him $ 10K.  he accepted so fast, i was dumbfounded.  we still have a few more steps:  go to probate office and switch title over to him, have house inspected/appraised, and sign the purchase agreement here are the details to the deal:

House- 4bd 1ba
Current value= 30K
ARV= 75K.  
Repair cost=?

[IndyBruce]

YAHOOOOOOOOOOOOO

 

Bruce

[involvedsolutions]

WTG!  That's awesome,  now its like domino's!

[only1minya]

yeah well now my agent is telling me the ARV is 50k tops!! she says, "that's a pretty hit up area." i need to find a new agent.  if she cant see the potential for the property and the area, she cant sell it.  thanks guys.

[IndyBruce]

Where did you get the  ARV = 75K  from your first post?

Did you get comps ?

You better find out what the repair cost is before you sign on the dotted line.

[only1minya]

i had to double check my comps after talking with my agent, and the most ARV=65k, not 75k.  so with that said, i am getting the home inspection and will know exactly what i am can put in on repairs.  i have to top off at 20k in repairs making my total investment 30k  giving me room to sell between 65k-50k.