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Updated over 7 years ago on . Most recent reply

User Stats

23
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8
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Trey R.
  • North Carolina
8
Votes |
23
Posts

Making yourself actually submit an offer

Trey R.
  • North Carolina
Posted

I currently have two rental properties and they were both former primary residences.  My short term goal is to have 5 rental properties (only 3 away) by the end of 2018.  

Anytime I look for properties on the MLS and they have been there more than a few months I tell myself "Well, if it's still there then obviously something is wrong with it since no other investors have picked it up". Obviously I could remedy this problem with an inspection or walk through with a GC but at this point I usually talk myself out of looking further.

I take it I'm not the only one with this problem right?  What did you do to get past this stage?

This is a property I was looking at earlier today.  Based on my limited experience I know I should go for it.  It's been on the market for 220+ days.  It was purchased in 2015 for $17k and completely redone with almost everything being brand new (including roof, hvac, water heater).  I would say the area would probably be given a C rating.

  • Trey R.
  • Most Popular Reply

    User Stats

    5,688
    Posts
    3,430
    Votes
    Chris Martin
    • Investor
    • Willow Spring, NC
    3,430
    Votes |
    5,688
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    Chris Martin
    • Investor
    • Willow Spring, NC
    Replied

    $750 rent per month. NOI (annual) is $7,040. That's 22% of rent going to expenses. Hard to believe for a Class C property. But you know your numbers.

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