Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 13 years ago, 06/06/2011

User Stats

9
Posts
0
Votes
Trip B
  • Real Estate Agent
  • New Haven, CT
0
Votes |
9
Posts

Super Newbie with a Possible Deal (Need Advice)

Trip B
  • Real Estate Agent
  • New Haven, CT
Posted

Hi Bp, I've been looking and learning from here for sometime. Putting things I've learned here, I put things in action and put up some bandit signs in the area. The phone started ringing and the first call was this:

Two Family House

STYLE 2 Family
MODEL Residential
Grade: Average
Stories: 2 Stories
Occupancy 2
Exterior Wall 1 Aluminum Sidng
Roof Structure: Gable/Hip
Roof Cover Asphalt
Interior Wall 1 Plastered/Dryw
Interior Flr 1 Fin WD/Carpet
Heat Fuel Oil/Gas
Heat Type: FA/HW/ST
AC Type: None
Total Bedrooms: 06
Total Bthrms: 2
Total Half Baths: 0
Total Rooms: 12
Bath Style: Average
Kitchen Style: Average

Living Area 2,578 square feet
Replacement Cost 222,986
Year Built 1935
Depreciation 30%
Replacement Cost Less Depreciation 156,100

BAS First Floor 1037 1037
FAT Finished Attic 1008 504
FOP Fin Open Porch 224 0
FUS Finished Upper Story 1037 1037
UBM Unfinished Basement 1037 0

Total 4343 2578

Current Assessed Value
Total: 131,880
Zestimate $137,500

Owner says it needs roofing work done and the porch needs to be fixed

There are 2 tenants one is paying $900 a month
the other isn't paying anything but is a family member which a reason he has to sell not making much money.

Owner owes property free and clear and is looking for $70k or best offer.

Comps in the area are about 115k
so 70% is 80,500 - 20k repairs - 10k my fee = 50,500

Supposed to meet with him today, my partner set the meeting up before I could talk to him.

What do you guys think?

Loading replies...