++ The following are my opinions, what I saw when I walked the house, and what the seller told me. DO YOUR OWN DUE DILIGENCE. ++
Here's another deal that popped up in our office from one of our REI lead generation services. IMHO this one should be pretty easy and profitable. I believe it would be a low-risk first deal / good rental / great owner fi.
I walked the house yesterday and the seller told me he wants to sell it quickly. He is also currently taking offers, so don't wait on this one.
It's a 3-2-0 that has an ARV of about $89-99K depending on finish out. As it sits (un-repaired) MLS says it'll sell for about $62-68K wholesale and $75-78K retail (that's with NO REPAIRS); TAD says it has about 1,740 SqFt +/-, and I think it would make a good rental or owner fi with just a little paint, carpet and patching a few cracks.
The garage conversion is OK. The seller said the roof is old, but I didn't see any leaks. The wiring is aluminum, but the outlets were supposedly changed 20 years ago. The back porch is an add-on. It wassailed in until recently.
If you are working in the 76148 area up by 377 & Watauga Rd, shoot me an email and I'll forward you the info I have. We've already worked up some comps, charts, etc. Obviously you'll want to do your own.
Good Luck!
-Greg Wilson
The REI Mentor
g reg aT rid glea do t C om
PS - And since I know you'll ask, 1) I am not working it b/c I am swamped with the new REI leads company, and 2) I am only relaying the info. I have collected, seen, or been told by the owner, and 3) I'm only posting this info here b/c Robin and I were partners for a long time and I want the club's members to know what an awesome resource the DFW REI Club is.
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