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Updated over 7 years ago, 07/25/2017
Help analyze my very first deal
I am new to BP. Spending lots of time here for a few months, reading, looking at lots of properties, analyzing deals, studying strategies, and talking to more experienced folks. I would like to ask a few of you for help with a couple of concerns unique to this property.
I want to keep this for long term rental.
It is not a great deal at its current asking price. Of course, I will put in a bid for the price that will make it a great deal. I have run every possible scenario on the calculators, but will try to keep this short, so didn't include here.
It has been on market without sale for 3 yrs. it's rented now and needs some freshening up only. The owners inherited and are uninterested in it.
-this is a large lot with 3 single family homes. Is this a concern when trying to resell a property like this? Is there a reason why buying 3 homes on a single lot is not favorable?
-I suppose it could be subdivided, is there an advantage to do this?
-any recommendations on information/resources specific to where to get the most "bang for buck"for forced appreciation?
Thank you for any thoughts and direction.
Hi @Anna Stratton, congrats on starting to work on a potential deal. I think however, to help you analyze the deal, you will need to share more of the numbers associated with the deal. For example, offer price, configuration of home (2bd, 3bd, etc.), geographic location, current rent, estimated expenses, estimated mortgage pmt., taxes, condition of home (will it need fix up? if so, how much money will need to be spent), etc.
You can do all of this yourself by using the rental property calculator, found here:
https://www.biggerpockets.com/buy-and-hold-calcula...
You can use this for free up to 5 times, as a free member of BP. I suggest starting there, and after filling out this info, return to this thread if there are additional questions.
Good luck!
Than you Michael. Those tools are awesome! The numbers look good. My question is more about experience with reselling a property in the future with multiple houses? Any inherent pitfalls to this type of property?
