All Forum Posts by: Account Closed

@Robert Feol wow.  Thank you for that.  Will definitely look into it.  Also, thoughts on just buying it and nominally fixing it and turning it around and selling it?  Looks like we could get $350k for it.  

Thank you for all the insight!

Yes, I thought we would refi after the rehab.  Does this not make sense for a subject to?

Hi! Back again trying another go at it.  Hope to get feedback on the following subject to deal:

outstanding principal: $242k (4 years into a 30-year fixed mortgage @ 4.5%)

PITI: $1720/month

Rehab estimate: ~$50k

The owner wants $30k in cash

assessment: $382k

ARV: $375-400k (depending on timing of sale)

I would turn into an Airbnb generating on average $3500/month.  If rules changed, would sell or convert to long-term rental that could generate around $1900/month.

Let me know if you need more information . . .appreciate the feedback.

Thank you all so much for the encouragement!  We are moving forward and learning and hopefully will have some deals under our belt soon, too.  Since I last posted, we met with our mentor (who is amazing and I feel it will be the best money we have spent)...and I liken it to my gym membership...we pay a lot but I get a hell of a lot more out of it.

Since then, he has brought us a subject to deal that we are currently crunching the numbers on.  May ask for advice on that, but just wanted to say thanks for not dumping on me, but giving me your kind and generous words!

@B Wooldridge thanks for sayin that.  It wasn’t a great deal, but it was a good deal if the Airbnb worked out.  I do feel bad about it, but I need to move on.  The feeling has consumed me, but I think it’s good because the regret feels worse than the anxiety. 

@Pat L. love this story.  Thanks for sharing.

@Account Closed cold feet.  I am feeling all sorts of regret.  But I feel like maybe this had to happen, because I feel awful and perhaps even more awful than had I gone through.  After reading the comments, I feel like we just need to jump.  Alas, not one thing was gained by not jumping.  

I want to thank you all for encouraging me and sharing your stories.  I am feeling full of regret, but I know I must dust myself off and be armed and ready for the next one. I need to kick my fears and what if’s to the curb.  Thank you for the time you took to share with me.

Starting now!  Early and mid 40s.  Wish we started earlier, but excited to get moving after I received so much amazing feedback from my earlier post.