All Forum Posts by: Dave Antonelli

Ok a rehab project popped up in my area. Price on it is $50k.

http://www.bismarckmandanhomes.com/mls_detail?mls_number=307999

Thing that worries me about it, is that it is already freshly sheetrocked. Why would anyone do all the **** work and then just stop? All thats left that needs to be done is flooring, paint, appliances, furnace, some plumbing, sinks, etc. Easy stuff.

So does anyone think they are trying to hide something by sheetrocking it? Maybe water problems or mold? I just dont see why anyone would do that much work and then just stop when theres not much left to do.

I just hear you guys buying duplexs and stuff for $20k-40k, I have yet to see one in my town for under 90. There are no real low income areas where I live where you could pick up a slum duplex for 20k. Where should I look? I know the MLS is not gonna find me a steal.

Excuse me though guys, I am a newbie and can admit it. I would probably make the typical mistakes a newbie would make, im learning bear with me :)

Originally posted by Jason Trepins:

LoL,
I bought a duplex-
rents for $600 and $650

paid 14K for it.

(of course it needed some repairs though)

LoL
Bulls drafted Michael Jordan, didnt pay much for him kinda worked out for them. Player like him hasnt come around since. Point im making is yea that was a great deal you got, but do those deals come around often?

Originally posted by MikeOH:

No, we don't think everything is a dud. We just think it's a dud if it loses money. It takes work to find a good deal, you normally aren't going to just pull them off the MLS! What are YOU doing to find great deals?

Mike

This deal came from an insider tip from a realtor. He/She manages this property and the owner had mentioned he may want to sell because he lives down in AZ. Market on it is 140, realtor said he may take 115, maybe less.

Wow, you guys think everything is a dud. Im starting to think region has more of an impact then I thought.

K Got a couple prospects here, let me know what you think.

Option 1:
Duplex side by side
$115,000
Rents $700, $600
Market: $141,000
Taxes: $2579
Info: New windows and doors. Seperate furnaces and air so tenants cover utilities.
Need to know anything else let me know.

I hear you, I guess I dont know if theres been any OFFERS on it but what I was saying is that theres been no PRICE DROPS in a year and I would say you are right in the fact that he us unmotivated but that could be good or bad in the fact that maybe hes unmotivated because he doesnt care if he sells it or not cause it makes him profit, or because he owns his own contruction company and this is his write off to show loss. Whatever his reason I can see how its a bad deal at 240, but if it dropped to 180-190 I dont think it would be a bad deal. I just dont think you could lose on buying a 4 unit below market value. But then again ive never owned one.

I think you guys also need to look at areas. Jon you are from Denver, Jim I dont know where you are from. But I live in Bismarck,ND. Vacancy rates here are like 3-5%. Our real estate hasnt depreciated like the rest of the US, in fact there was a report released that said Bismarck was the city in the US with the greatest apprectiation of property value. Not saying Bismarck is bulletproof, just that you guys may face different issues then we do here.

Im 23 years old, Like I said if I had 3 $200,000 properties rented out that only made enough to cover payment and expenses, when I retire at the age of 53 those 30 year notes will be paid off and I will have $600,000 (more with appreciation) worth of property to retire on.