All Forum Posts by: Quandra Adams

@Scott Skinger, I just got the numbers confirmed from lender. 4.5 interest, 3300 for closing and 3.5% down. I was trying to get the USDA loan for 100% financing but my income disqualifies me if I am not mistaken (for this property anyway)

@Todd Dexheimer, each unit pays it's own utilities but how could I find out how much they are? 

@Jay Helms, I would like cash flow but I'll be living in it so it probably won't cash flow until I rent my side out. As for appreciation, what is the best way to determine the appreciation history of this property. I can say that I did a general google search and this city has annual appreciation rate that is lower than 90% of the other cities and towns in North Carolina.  

I can't even find adequate comps for this area. The range is so wide (even the highest end of the comps seem to be less than what they are asking) and I've gotten so frustrated because I have NO CLUE what to put for the ARV to even run numbers to decide if this is a property to even consider.

I will remain encouraged none-the-less. Thank you all for your help. @Michaela G.

Ok. I didn't realize that. Thank you.

My first property will most likely  be an owner occupied unit. I found one yesterday with my agent that will most likely qualify for a USDA loan which is appealing because of the 100% financing option but the side that I will be living in needs a few updates for me to be comfortable living there so the 203K would be nice. Does such a hybrid exist?

I sent it via messenger

@Michael Ablan, I looked and found very little on similar properties SOLD and I think it's because the sellers agent did fully fin in all the of the specifics of the property on MLS.Particulary no square footage so these prices are all over the place. When I asked my agent to get the comps the seller's agent use to determine the sale's price, this is what my said: "They were okay, but they were OLD from 2015. So if she had more recent comps it would be higher. Also the FHA addendum stats if it doesn't appraise they need to drop the price or you can get your money back. Also we are asking for 3000 in Closing Costs and a $650 warranty so we are really asking them for a price of 121,000".

Not even sure what most of that means. Would I need any of this info to get the ARV?

@Michaela G. I am getting the comps now from my agent.

@Michaela G., thanks for responding. See the numbers below. Also, it didn't dawn on me about the negative cash flow until after I posted. lol I am so nervous because I might have told my agent to put in an offer... #RookieMistake lol

Property info-

130K Duplex

$600 rent current 10 yr tenant (should I add my own rent as well since Ill be living on the other side?)

3500 or $0 closing cost- my agent said the seller might carry closing costs

1626 Property taxes

ARV- No clue how to calculate this but the system will not let me run a report without it. I used the Rental Property report option. What can I do come up with a really good ball park for this? i just doubled the amount of the repairs and added it to the asking price.

3K repairs- This is not mandatory but rather an estimate for what it might take for the space to livable for my part of the unit. I can get this cost down if need be.

$0 or 3K Down Payment- The 0 is in the event I can get a USDA loan which will cover 100% down payment.

4 or 4.5%- loan interest rate

I've ran this report a few times and I got a negative cashflow for one of them so I want to see if someone is willing to help me with this.

Property info-

130K Duplex

$600 rent current 10 yr tenant (should I add my own rent as well since Ill be living on the other side?) 

3500 or $0 closing cost- my agent said the seller might carry closing costs

1626 Property taxes

ARV- No clue how to calculate this but the system will not let me run a report without it. I used the Rental Property report option. What can I do come up with a really good ball park for this? i just doubled the amount of the repairs and added it to the asking price.

3K repairs- This is not mandatory but rather an estimate for what it might take for the space to livable for my part of the unit. I can get this cost down if need be.

$0  or 3K Down Payment- The 0 is in the event I can get a USDA loan which will cover 100% down payment.

4 or 4.5%- loan interest rate

Something just doesn't seem right and I know it's because I am nervous about this. I saw the property today and really like so I'd like someone who is not emotionally attached like I am to look at these figures and help me to determine if this is a good, bad, or decent deal.

I am trying to run the numbers on an owner occupied duplex that needs a few things before it's livable for me. I am almost sure that I put the numbers in wrong a few times because I got 2 totally different outcomes. One was had a negative cashflow! I am so nervous as this will be my first time buying real estate and really just need someone who's not as emotional about this as I am to help me run the numbers. I think the problem comes in when I try to guess the ARV and repair costs. Looking for a someone who is can help with this sooner rather than later.

@Andrew A., you mentioned taxes as it relates to the city I live in are you referring to property taxes? If not what other taxes are you referring to?