All Forum Posts by: Adam Percento

@Shaun Reilly Thanks for the commendation! I'm not really sure what is typical for landlords but I would assume anything above 1% is golden.

I do have the cash to fund this deal if it were to go down that way but it would virtually wipe my investment reserve out. It wouldn't cripple any future deals per say I have a new found private lender whos ready to pull the trigger with me on the right fix-n-flip project. I think I have to credit that as the reason I didn't "jump the gun" on this. Just have to be patient and keep searching for that sweet deal to do the first rehab glip

I wasnt suggesting to replace the cheap things it was just an observation. The home is rent ready for sure, $1000mo should be butter. but Im not even going to worry about it unless they call back.

The rehab numbers are very rough. and were basically irrelevant to me anyway because If I were to have picked it up for 70 I wouldnt touch it. Id slap a for rent sign on it and call it a day since the rent rate would be pretty good on it. I would just hold on to the property for a few years. THEN rehab to sell.

Just an update on this house.

I went and looked at the house yesterday and had my agent give me real numbers $110k ARV, $950-$1100 rent

Short version: I gently offered $70k, they declined and said they would hang on to it and keep trying.

My evaluation:

Seems like a nice neighborhood alot of older people, and decent incomes (assuming based of the vehicles in the driveways and landscaping)

First thing I noticed as I pulled up was the house was an ugly color and inconveniently narrow driveway lol

The inside was actually very nice the kitchen was all new, (everything was cheap materials i.e. vinyl "tile" floor, formica countertops, nice big cabinets but no hardware) But the original hardwood throughout the rest of the house was very nice, bathroom looked new but again cheaper materials. There is a big 2 way fireplace in the living area but its built with plain red brick you'd see on the outside of an old building...and the stone tile on the floor surrouning it is definitely old and ugly, not fitting with te new kitchen that it opens up to.

The basement would need to be completely finished, plenty of space to add a bedroom and a bathroom.

I wasnt going to get real strict with the rehab numbers untill I got something from the owners as far as what they would accept. But my rough estimate would be around $15,000-$20,000

So all in all it was a good learning experience and who knows they might call back in a few month.

LINK

@Will Barnard

Sure.

thank you all for the input. You've all been very helpful. My game plan for Tuesday is to 1.call realtor 2. Look at the property see if there's potential for upgrades/value increase And check out the neighborhood. 2. Try to feel the sellers out a little more. Build a good rapport with them and and see how motivated they are. 3. Offer 69k if they pass i wait... they'll be back.if they go for it then I'll hopefully me in good shape to rent to good tenants for awhile n see what happens.

Also where would they get the 13k from. The husband isnt working I don't think they would have that kind of money to pay me in order for them to

@Aaron Junck thanks that's very helpful...this could be good afterall just might take time for them to realize I may be their only option. I'm wondering why they don't have listed though. ?

Yea a rental was the only thing that could be possible. But I'm thinking the same thing... nothing seems worth it here...so the question is how to break it to the seller? is there anyway to help them