Good evening people! I hope you are all having a wonderful week so far! I'm extremely excited but even more nervous as I'm about to make the biggest decision of my life - I'm about to buy my first house!
A little bit of background - I'm a 23 year old Canadian. I have a well paying (for most people), steady, government job. Real estate is something I have thought about for a long time but I've always been too afraid to pull the trigger. I'm usually not afraid of failing, and I love taking on new challenges. However in this case failing means digging myself a hole that is hundreds of thousands of dollars deep. This hole may take me a lifetime to climb out of!
I know that real estate has potential for massive gains! My intention with this house is to fix it up and flip it.
The details:
- This particular house that I'm looking at is an estate sale. It has been on the market for 4 months and counting.
- 3 bedrooms and 2 bathrooms, double garage.
- Listed price of house: $189,000
- My offer: $140,000
- Their counter offer: $169,000
- City's assessed value: $266,000
The house has not been lived in for at least 4 months since it's been on the market. It looks like a borderline hoarder house. From what I can tell (and I am no expert) it needs at least one bathroom redone, all the garbage cleared out of the house, the whole interior repainted, some floors done and some other minor repairs. I was unable to find any structural damage but things could turn up after the house inspection. In other words, in theory, this house could easily be flipped.
Now I have two options - either make a counter offer ( I was hoping to get the place at around $150,000) or keep looking for another place. I'm leaning more towards making a them another offer. One of my conditions as a buyer is that I must be satisfied with the inspection. So I still have a way out if I decide that I don't want to buy the place anymore. Like I mentioned above - I'm extremely nervous but the alternative is staying at my job and forever wondering how much money I could've made with this flip.
I'm going to look at the house one more time tomorrow before I make the decision. I will update this thread with pictures if there is interest.
Thank you for reading! Advice and suggestions are welcome, especially if you are in the flipping business. I will update the thread as soon as I have news.
A little bit of background - I'm a 23 year old Canadian. I have a well paying (for most people), steady, government job. Real estate is something I have thought about for a long time but I've always been too afraid to pull the trigger. I'm usually not afraid of failing, and I love taking on new challenges. However in this case failing means digging myself a hole that is hundreds of thousands of dollars deep. This hole may take me a lifetime to climb out of!
I know that real estate has potential for massive gains! My intention with this house is to fix it up and flip it.
The details:
- This particular house that I'm looking at is an estate sale. It has been on the market for 4 months and counting.
- 3 bedrooms and 2 bathrooms, double garage.
- Listed price of house: $189,000
- My offer: $140,000
- Their counter offer: $169,000
- City's assessed value: $266,000
The house has not been lived in for at least 4 months since it's been on the market. It looks like a borderline hoarder house. From what I can tell (and I am no expert) it needs at least one bathroom redone, all the garbage cleared out of the house, the whole interior repainted, some floors done and some other minor repairs. I was unable to find any structural damage but things could turn up after the house inspection. In other words, in theory, this house could easily be flipped.
Now I have two options - either make a counter offer ( I was hoping to get the place at around $150,000) or keep looking for another place. I'm leaning more towards making a them another offer. One of my conditions as a buyer is that I must be satisfied with the inspection. So I still have a way out if I decide that I don't want to buy the place anymore. Like I mentioned above - I'm extremely nervous but the alternative is staying at my job and forever wondering how much money I could've made with this flip.
I'm going to look at the house one more time tomorrow before I make the decision. I will update this thread with pictures if there is interest.
Thank you for reading! Advice and suggestions are welcome, especially if you are in the flipping business. I will update the thread as soon as I have news.
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