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All Forum Posts by: Lisa Mason

Lisa Mason has started 2 posts and replied 5 times.

Post: Is this a deal? Newbie needs help..

Lisa MasonPosted
  • Real Estate Investor
  • Texas
  • Posts 6
  • Votes 0

I'm getting the feeling that I may be trying to hard to make these numbers work :cry:
I'm not even sure at this point that owner financed homes are the right strategy to get started? Grrrrr!! This is likely the only way I will get a property, however, because I'm working with limited credit and medium capital....Thanks for your insights. I'll probably be back in a week or so with another deal post :D

Post: Is this a deal? Newbie needs help..

Lisa MasonPosted
  • Real Estate Investor
  • Texas
  • Posts 6
  • Votes 0

Charles--Thank you for responding! This property in already in turnkey condition. My research revealed that the house was an REO purchased a few months back, likely by an investor. Carpet, ceramic tile, paint (interior and exterior) and landscaping has been done and it looks top-notch--can't explain why he wouldn't hold himself for rent? This may be the red flag. Anyway--I assume it was listed 15% below market value for a quick sale. The $1300 includes taxes, interest and insurance. I was planning to manage myself with a home warranty in place. After landscaping upkeep costs, I thought it could likely generate about $200/mo cash flow at $1600 rent. Tell me what I am missing in calculating my expenses--that is, what does the 50% rule include? I really appreciate your talking me through this to help me avoid any mistakes.
Thanks!
Lisa

Post: Is this a deal? Newbie needs help..

Lisa MasonPosted
  • Real Estate Investor
  • Texas
  • Posts 6
  • Votes 0

Only my 2nd deal analysis post--please be gentle. I have been searching owner finance deals for buy and hold to rent in a prime area of town. Please read terms below and poke every hole you can think of into it.
4Br, 2Ba, 2 Car Garage, 2200sqft, built 1979, sound foundation and looks great cosmetically
ARV - $170K
List price - $146K
Down payment - $6k
Monthly (PITI) -- $1300
Interest 6.9%
True owner finance--deed in my name with down payment
FMR for 4 bedroom house in area - $1500 to $1800
Exit strategy - Rent until market swings back and sell?
I'm going to see house today. Please share your thoughts
Thanks!
Lisa :roll:

Post: Brand New REO Investor

Lisa MasonPosted
  • Real Estate Investor
  • Texas
  • Posts 6
  • Votes 0

Mark--This isn't a duplex. It is a single family detached. Please expand on what you mean by "CF" and why you think 90K is high.
Thanks for the input guys!
Lisa

Post: Brand New REO Investor

Lisa MasonPosted
  • Real Estate Investor
  • Texas
  • Posts 6
  • Votes 0

I'm searching my first potential REO deal and have 2 questions--hope you guys can help me.
1. What is the best strategy for finding a reputable rehabber to provide quotes when I am scouting properties? Do they usually charge for this service?
2. My first property appears to be a diamond in the rough, but has a pool--Any thoughts on liability issues with pools?

In case you are curious, here are the numbers:

3/2, 2 living areas, 2 car garage - 1869sqft
Nice family suburb
ARV: $150K (CMA)
List Price: $117K
Repairs: $20K (conservative guess, but needs new carpet and paint, new fence, minor roof repairs, landscape trimming of trees/bushes, pool water was green--Eww!, and back glass door busted from a possible burglary)
Potential 1st offer: $90K

Please feel free to tear this apart--I'm so green, you could mistake me for a leprechaun.....but I'm ready to start doing BUSINESS!!