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Updated over 5 years ago on . Most recent reply

User Stats

16
Posts
15
Votes
Collin Cook
  • Rental Property Investor
  • Hughes Springs, TX
15
Votes |
16
Posts

Any last minute advice?

Collin Cook
  • Rental Property Investor
  • Hughes Springs, TX
Posted

I own one rental property that we have through owner financing, and we are working on our second, I'm at the back end of escrow on a SFH I plan on using for a rental, A local bank had it as a REO for the last year and before that had to foreclose on two people in the last 5 years so they are tired of it and don't want to create a new loan for it. It needs the pier and beam flooring leveled, a new roof, some flooring, painting and a bunch of cosmetic work (I have gotten estimates), It's a corner house across the street from a park and elementary school in a B- or C neighborhood (comps are 80-120k). I estimated I could do the work for 30k so offered 20k and the bank came back 35.5k which I expected so I counted and we ended up agreeing at $30,575. As I stated we are simply waiting for the appraisal and new survey and we did all the foot work ourself for the most part besides some basic counsel on the contract from our attorney I did not use a real estate agent (learning a lot), and I did use hard money (already have two potential banks that will refi), any last minute advice before we get to the closing table?

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