All Forum Posts by: Andrew Clifton

So we ended up offering $56,000 and also the loan payments we got it down at a 20 year term 10% down with 5.75% interest came up to be $370 month. Although I think we should have offered $58,400 due to the fact that the seller is already low on asking price ($62,000)

After I presented the opportunity and comps to my loan officer he came out with me and the agent to do a in house evaluation and agreed to the $73,000 property value. 

There are no debits to the seller in negotiations. 

What do you think?

Light landscaping,  power wash, take out carpet put hardwood in living room and hall ways,paint cabinets, new front door, that's if we even decided on all that because it's a turn key as is.

If we decided to lease were going to do things listed above. It could be a flipper easy 
So we have alot of wiggle room.

We ran our comps and houses in the neighborhood have sold for $ 71,000-$78,000

I was doing the math and for me to be able to make a $200 net profit a month I would have to lease a house out for $667 a month

The reason they're selling it so low is because a family member died or was put in a nursing home and the owner of the house and the person that was living there is in the same family. Also the payments are only including pi. The neighborhood is good and clean the age of the house is unknown  I may have to look into that the house itself is in really good condition.

This property I'm currently working on looks good in the field and on paper well until I get to the bank. 
They gave me an option of 15 years at 5.25% or 20 years at 5.7% that's 460 or so / 406 a month 

Asking price 62,500
2 bed 1 and half bath 1260 sqft .36 lot
MAO: 58,400
 Estimated Property Value : 73,000
Repairs: Next to nothing besides carpet and trimming of the tree 
Rent 550 
My plan is to put it up for lease but with those numbers I don't like it. Due to the fact I want to make at least $200 net cash. Am I asking to much 
Tell me your thoughts and advice or opinions I'll listen to what ever you have to say!

oh wow sounds like a good idea to start looking when it's under contract. How exactly do you determine the better deals just off of pure profit outcome? Plus how deep do you really analyze the property!

@Kevin Siedlecki

Residential property single family.
We would like to get into Commercial properties.

So we sold our very first investment property sell and did very well on making a profit. Although we took our time! 

My question is when searching for our next investment, how long should we search for one and how deep should we look into a place. What's the way to evaluate multiple properties?

Hello BiggerPockets my name is Andrew Clifton I was born 02/08/1995.

I am from Mnt. Home, Arkansas.

I started a Real Estate business in October of 2016 (Central Home Properties, LLC) and we made our first sell 12/15/2016.

I'm glad to be here! My main reason here is to learn more and as much as possible!