All Forum Posts by: Account Closed

Yes, as a flip this is pretty terrible. I'm looking at it as a buy and hold though

Hello everyone! Found a FSBO on Zillow here in Louisville. Seller is willing to finance. Here are the details:

ARV=$70,000 (calculated based on being listed as a 2br, but could possibly be 3 or 4 br. 1450sqft)

Rehab estimate= $29,000 (flooring, paint, roof, HVAC, water heater, gutters, some bathroom updates, possible electric/plumbing...wasnt on when I saw property)

Asking=$39,000

Financing terms=7% interest only for 2 years. $5,000 down. After 2 yrs, balloon of $34,000 or option for 8 yr note.

Monthly payments= $198.12 (interest only) + any payments on borrowed rehab money for first 2 years. After 2 yrs=$472.05 (interest + principle) + paying off rehab.

3br rent in area=approx $1,100.

Nervous cause my rehab experience is limited (bought a mostly fixed up duplex a year ago, and have just done maintenance since). Is this too skinny of a deal? Is this too big of a rehab to take on? Thanks for any input/advice!

Got a counter to my 3 option letter!! The counter is reasonable and my numbers still work for a buy and hold. 

ARV $69,000 as a 2br, however could easily be listed as a 3br.

Repairs ~$29,000. 

Asking: $34,000 

Rents for $1,000/mo. 

10 yrs interest only @ 7.5%. Balloon due after 10 yrs/option for 8yr payoff of remaining balance seller financing.

When i went to see the property, utilities weren't on. I would like to go through with an inspector with the utilities on to sure up my repair estimate. How do I approach this with seller? She was willing to sell to first time home buyer so I assume she would be open to official inspections. Accept counter offer terms and send purchase contract with inspection w/ utilities on contingency? Accept terms then ask about utilities?

Found a tired land lord seller. FSBO. Lives on other side of the country. All the classic motivation points. I want to try to acquire the property myself using owner financing. Property is listed for $35,000. Rents in area are $650/mo. Strong rental area (students/entertainment). Had recent squatters, but was used as a rental less than a yr ago. I'm going to check it out Monday. ARV in area is ~$70,000. What would you offer for terms?/Down payment?

I've found out some information from talking to the neighbors. He lives with his mom and dad who own the property. Haven't tried talking to the mom yet... she tends to keep to herself and doesn't linger outside. Don't see the dad much at all.

Thanks for all the great advice! Will head up to the police station and see what kind of official documentation can be filed. In the meantime, cameras still rolling and we will keep calling.

Hi all!

I've been dealing with a trespassing neighbor at my house hacked duplex over the past couple of weeks. Neighbor will come into front yard and stand outside my tenant's bedroom windows and just do random weird things. Tenant, and surrounding neighbors report seeing a blue flame glow from a butane torch outside the window, pellet gun, and even him cutting a hole into the screen.

After an incident of opening his blinds and having what appeared to my tenant as a pellet gun pointed at him through his window by the neighbor, the tenant called the police. Police were unable to do anything because there was no evidence. 

I set up a camera to see for myself what was going on. (As far as I know, trespasser has not been doing these things to my side.) I caught trespasser on camera twice coming up to my tenant's window in the front yard, with what appeared to be a spray can in hand, and pointing it at the window. I called the police, they come out, watch the videos and go over and talk to trespassing neighbor. They warned him if he was on my property again, he would be arrested.

Well, a couple nights later, tenant has to call the cops again because neighbor is on property. Five officers come and tell the tenant they have to see trespasser on my property themselves in order to arrest. Of course, this is next to impossible so I'm at a loss for what else can be done. Neighbor continues to come on property in short spurts and deny everything when the cops get here.

Anyone deal with something similar?? How did you handle it??

Welcome! Look forward to hearing about your successes!

@Michael O'Connell Good to know!! Is that what put you off them? I noticed a few popping onto the market around here... only one straggler left hanging on.

Louisville is great place to invest! So many options for things to do around town. Flip, buy and hold, wholesale all doable here!

@Niyi Adewole nothing like having someone else cover the bills, is there?? How long have you had your triplex?