All Forum Posts by: Thomas Malone

Yes, @Patrick L. , the property has been on the market at that price too long. I've asked the realtor to reduce the price by 10%. She said it's done but it doesn't show up on the MLS yet. New price: $44,000

Hi @Patrick L.  Thanks for reading my post.  I did include 5% for repairs when calculating cap rate.  You are correct the other two numbers are missing.  No vacancy was calculated because it's leased section 8 but something bad could happen...  I am not opposed to conservative valuations.

@Bob E. - Thanks for asking.  I owe $28,137.  That's the outstanding amount and does not include amounts already paid out of pocket and holding costs.  Hope that helps!  Please advise.

This one is ready to go in Alabama: http://www.realtor.com/realestateandhomes-detail/2328-22nd-Street-Ensley_Birmingham_AL_35208_M84241-14606 

I was going to keep this in my portfolio as long-term cash-flowing rental but a reorganization at my company has eliminated my position and I now need cash until I have settled into a new job.  The hard-money loan is coming due and I can't refinance into long-term bank financing without a job.  It seems my only exit is to sell and sell fast!

This solid, 1,346 sq. ft., 3 bed, 1 bath house was completely updated last Nov. Refinished real hard wood floors, 25-year Allure vinyl flooring added in kitchen and bath, all new plumbing, AC unit, all fixtures, faucets, interior paint, many more upgrades. Property management is in place. Tenant is approved for $778 monthly rent on section 8. Here's the MLS listing: Just renovated rental SFH at 13% Cap rate

Annually: $9,336 rents, $672 insurance, $836 taxes, $934 property mgmt, 13% cap rate!

Zestimate: $49,242, Estimated comps $57,375, Tax value: $59,100, Sale only $48,880

@Andrew Cordle - that's a great idea & learning opportunity.  I would love to join you guys but have a job conflict.  If I can change my work schedule I'll let you know in case there's an opening available.

Thank you for that information, Karen.  I am also reliable searching private lenders that fund fix'n flip deals in the Jefferson County, AL area.

I read on Lee Arnold system . com that joining the inner circle gives access to up to 100% financing on residential loans including Property Purchase Price + Closing Costs + Rehab Costs if that amount is 65% of the after repair value (ARV) as determined by a third party appraiser. Has anyone had experience using this financing, or can recommend a similar financing alternative without the overhead of joining an inner circle?