Rowlett Property - Short sale, so not much new to present. Bank appraiser met my realtor out there this week to determine the market value. I'm sitting on this one for now.
New Properties.
Found a FSBO in Hamilton Park. It's an area bounded by LBJ on the North, Greenville Ave on the East, Forest Lane on the south, and 75 Central on the west. A low income, mostly black neighborhood. Five sibling have inherited it, and want to sell it. They're asking $65,000. It's not in bad shape, but needs some work. ARV is a little tough. Tax rolls have it at 97k and one of my evaluators has it at around $110. I think it would be good to get it at 45-50. Not sure what they'll take. They say there's a home equity loan of 45k against the property. Their uncle showed me the property, he says they're getting tired of messing with it. I might be able to take it off of their hands for what's owed on it. Spend about 5k on it and flip it. Rentals would be around $900 a month so I could maybe cash flow about $400 a month. I'll let them wait a little while then make them an offer.
Looking at a house tomorrow in a hot area of Dallas. . . Bishop Arts District. Only 1527sf, built in 1923. ARV= $240k! Asking price is 129k. Rehab est is around $50k. One of my evaluators says it may go as high as $250k! However, at $236k, I would profit about $30k on a flip. Take me a 4-5 weeks to rehab and DOM varies, but I figure a couple of months with the buying season creeping up. I'm looking at 2pm tomorrow and I'll have to work fast to secure this one, if I'm interested. I may not move fast enough to get this one, since I don't have the financing in place to decide quickly, and the wholesaler wants $5k as non-refundable earnest money. That alone may keep me away from the property. I only have $500 up on the Rowlett property and nothing up yet on the Hallum FSBO.
I'll let you know the results. I will be going out to the Rowlett property this weekend, if anyone wants to tag along with me.
Later.
