Updated almost 12 years ago on . Most recent reply
Homepath Deal
Hello fellow BP members. I just accepted a counter offer from a listing agent for a 3 BR, 1 bath property in the Metro Detroit Area as an investment. The original asking price was $40,000 and I was able to negotiate it down to $36,190. I am using Homepath financing (at 5%, 15 years) through my credit union and they are asking for 15% down, plus I'll have to show them I have 7% of the sales price in cash reserves. My agent has pulled about a dozen comps in the area and a good number of them were in the $50K range. The house is fairly clean with no major structural issues. I intend to have it professionally inspected but at this point, all it appears to require is paint and flooring in the kitchen.
This property will be my first rental and according to a rentrange.com analysis, rents run from $800 - $925 for comparable prooerties. I know this question is kinda after the fact since I accepted the offer, but is there anything I could have or should have done to make this a better deal? Any comments (no matter how brutal) will be greatly appreciated.
Marion