Looking for an investor.

[steve everett]

I am in Michigan and looking for an investor to purchase a bank owned house.  Houses are now starting to go for $.50 on the dollar.  The bank is currently asking $114,900.  I know they would take less.   This house sold for $196,000 in 2004.  Built in 1964, Square footage is 2270, 4 bedrooms, 2.5 baths.  I just want an investor to buy and then do a lease option with me.  I will do new paint inside and out, new carpet, and update the kitchen.

Forum,
let me know your thoughts and pointers.
Thanks,
Steve

[CharlottePlayer]

from what you mentioned the selling price isn't close to 50 cents on the dollar.  what is the value on your house now?

[steve everett]

Market Value after paint and carpet would be about $160-170k.  I think the bank would take around $100k.  You are right, probably $.60 on the dollar.

[AJ290]

Current market conditions in the state of MI indicate that buying for .60 on the dollar is not a smart buy.  Prices are falling further still.  Your target needs to be, at most, .50 on the dollar and more likely .40 if you are hoping to be able to find a buyer and make a profit.