My girlfriend just closed....Good deal? or not?

Question

We want to get into rentals (brrrr) or flips but we've only been together 8 months and she bought this deal without me.....I want to know where we should go from here. She paid $164,000 put $6,700 down (i think $1,000 was insurance)....Address is 5376 Sturgis Canal Winchester 43110

Brant Richardson · Answer

It sounds like this was not an investment property but a home to live in.  In which case whether it was a good deal or not is basically just based on whether she got it below market value and whether it needs repair.  For a personal home there are a lot of other non number values that are important like a nice view, it is close to work or the kids schools etc.

Warren Price · Answer

@Jaron Walling . NO! Not really. But she didn't really include me on this one. When we met she had sold her last condo and made 80k over 10 years. She got an apt on a 5 month lease, paid her c cards down and paid her father back....She says she wants to do this and from here on out I can make the calls but this should've been where we "jump off the porch"..

Cody Clinton · Answer

@Warren Price Going to need a lot more details than that for anybody here to be able to tell you if it's a good deal or not.

Warren Price · Answer

Account Closed that's what I was thinking. She was in a hurry to get out of her apartment and get kids into a house before school starts.....We'll def be doing our homework next time...Thanks!

Joshua Myers · Answer

Warren, was this bought as an investment property or as your primary residence? I know the area. If you bought it as a primary residence then it's not overpriced. You didn't get a deal on it, but that's around market value.

On another note, you aren't really partnering with something in real estate investment if they buy properties without your knowledge and against your consent.

Jaron Walling · Answer

@Warren Price What was the reasoning for buying the house? Did anyone run numbers before purchasing it? Real estate investing is about numbers, helping others, and finding deals. If she bought it based on emotion I wish you guys the best of luck.

At least you're not tied to the mortgage.

Warren Price · Answer

@Cody Clinton . Such as? Super new to this and really want to get involved and learn.

My girlfriend just closed....Good deal? or not?

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