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Updated almost 10 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Tone Rob
  • Investor
  • Pittsburgh, PA
1
Votes |
7
Posts

Selecting from options for 1st deal..

Tone Rob
  • Investor
  • Pittsburgh, PA
Posted

Hello community! I have not posted my new members introductions yet, but I will get to that very soon. I am in need of advice. I currently have 2 options for my firstinvestment deal. .I have a 2-bedroom single family home that I can purchase for $5k and it will need approximately $2k for rehab. I also have a 3 bedroom single family home that will cost $20k with seller financing and this is already rented bringing in only $400 per month. In these areas, the property should rent for approximately $600/m. I can handle up to about $7k cash and approximately $1k payment/m. As a curveball, I potentially have one more somewhat option to purchase a 3 unit for $15,000 cash (potentially with 6-month closing) and it will require 10,000 dollars to fix up. The caveat with this last option is that the seller has been jerking me around for approximately 4 months. I initially intended to wholesale it, therefore I worked to get it under contract 4 months ago but something always comes up. I took a break from the deal, but called yesterday and she once again claims to be motivated. I do not have high hopes on that opportunity, but I recognize that seems to be the better deal. Please give me your thoughts and advice. I plan for the property to be in my LLC's name and it seems impossible to get a business loan without being seasoned. I prefer not to take out a personal loan.

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