Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago on . Most recent reply

User Stats

89
Posts
26
Votes
Lilly Fang
26
Votes |
89
Posts

unsure which house to choose for my first deal, and what about MTR near a hospital

Lilly Fang
Posted

two deals to see which one to go: all will be 30% down, 6.25% interest, but two different areas in the same city.
1. 1957 SFH 3b1.5bath in a B neighborhood, 330k purchase price, renovation budget 30k (floor, paint, AC, kitchen cabinet paint), target tenant is a working-class family with kids (right next to an elementary and middle school), rent about 2200-2300.

2. 1940 SFH 3b2bath with good bone, 480k asking price, on the market for 90 days already, the targeted purchase price 440K, renovation budget 50k. The location is right next to a teaching hospital, basically on the campus of that hospital, can also build 1 or 2 ADU. SFH in this area usually sell for 600K+, but there is another one listed at 525k nearby with older interior. It will work out if I can rent the house furnished to travel nurses or medical residents (for example, 1000-1200 a room). Neighbor house Zillow estimate 1.1 million. I don't think it's a neighborhood for family since no school nearby. It's more of an old established neighborhood. I am confident to do a flip in the current market. Maybe I can, but I have to prepare to hold this house.

I think potentially house 2 will have a bigger profit in 5-10 years. Question is how I can find ways to advertise the house to hospital travel nurses or residents? Do they like to live so close to the hospital? Or they would drive a little to get an apartment?

another question how hard can we bargain for flix uppers that's on the market for a while? I was following a house listed at 399k and found it was sold at 320k then flipped now listed at 495k. Is that normal to just go 20% off low ball for a fix upper?

Most Popular Reply

User Stats

3
Posts
3
Votes
Replied

Another audience to target would be insurance companies looking to place people in furnished homes while their damaged home is being rebuilt. The good thing about this is you will be getting paid directly from the insurance company. I don't have a company to direct you to as my aunt uses a local one but that is how she keeps her furnished rentals occupied.

Loading replies...