All Forum Posts by: Austin Works

I have come across the opportunity to buy a town house for $74,000, that recently appraised for $115,000 & rents for $900 monthly.The property is in great condition and needs no repairs at the moment. It has tenants already that have been renting for over a year. There are no HOA fees. Financials below - I'm just not sure how much I should realistically be aiming to make off of each pro

perty. This property cash flows $160 monthly based on my projections.

Is that worth pursuing? 

I live in an area where townhouses are very popular. However, I have come across an opportunity to buy a townhouse for $74,000 that appraises for $115,000 & rents for $900 monthly. I currently own zero rental properties, but thsi seems like it would cash flow on a 20 year conventional mortgage. There are no repairs needed, as the property is in good condition. There are no HOA fees, and the tenant pays all utilities. Is this something you would pursue? Why or why not? Thanks, I appreciate any feedback!

Awesome, this is pretty common in my area as well. I appreciate the help!

I really appreciate this, I have seen similar materials used, I will check out the Laminate. Do you have a typical color scheme you use for interior paint, including the cabinets, for flips in B neighborhoods?

I am looking to begin my first flip. This is a single family home that truly just needs light cosmetic work. The home is in a decent neighborhood with middle class families & zoned for good schools. What level of materials should I use for this? The house is on piers, so I would think tile is out for flooring, right? I am considering floating vinyl plank flooring that looks like wood, tile countertops & backsplash, new stainless steel appliances, fresh paint, new fixtures & outlet covers & a standard laminate countertop for the bathroom vanity. Is this too much, or does this sound accurate for this type of neighborhood? Any help is greatly appreciated!

I really appreciate the responses, very helpful information. I will give all of these methods a try. I will post if I am able to contact the owner to let you know what worked. Thanks.

What are some good sources for finding contact information for owners of unoccupied properties ? I've checked the tax assessor's website, but it has the owner's mailing address as the address of the vacant property. 

While I am extremely unfamiliar with the process of a person's succession, I believe all that he had to do was get each of the four children to sign in agreement to forfeiting their ownership of the property. All were acceptant of this because the property has a subsidy recapture owed against it. I was able to get this property under a purchase agreement for the cost of the subsidy recapture,($6,000), and I have assigned the contract to an investor for $15,000. This house is in very poor condition, and in a low income area, but the area gets decent rent($600-$700 per month).