Find out fundamentals of examining an offer and how you can compute the optimum purchase cost you need to provide for a home.
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This residential or commercial property was a home I found on the MLS back in 2011, at that time there was still a lot of foreclosure stock, so you could still find some really excellent offers on the MLS.
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This residential or commercial property was listed for $54,900 and rehabbed homes in the location were offering for around $125,000, so I believed if I could buy the home for around $50k, I might most likely net around $20k in revenue in the deal.
The property had no significant structural concerns or anything like that, but it did need a new roof, new windows & doors, & exterior painting and some brand-new landscaping.
In the interior, the residential or commercial property was pretty dirty and there were some holes in the walls, but for one of the most part the home was simply requiring a cosmetic rehabilitation, so brand-new restrooms, painting the interiors, installing brand-new wood floor covering in the kitchen area, installing new carpet in the bedrooms and installing new light components throughout.