All Forum Posts by: Tim Ball

Craigslist, RE networking events, bandit signs...just to name a few

Disclosure: "Property may cause tenants to do back bends and crawl up and down stairs, 360 degree head spins, and throw up pea soup. Great schools."

Im guessing cash flow is pretty good?  I say don't sell. Ever.

So do you think this is a solid deal at 240k if in theory I could pull 1250-1300/month each side?

Eva,

I think she means if I mentioned my cap offer in the contract, then she would know what my top dollar is and counter me excluding any clause at the new sales price of top dollar.  

Need to know what to do here. Time sensitive.  Your advice/help would be much appreciated. There is a duplex for sale in a great area that I am looking to buy and live in one half.  The price is listed at $240k.  It is very well maintained and no major renovations are needed.  Basic cosmetic stuff, but not necessary.  One side is being rented right now at $1150/month.  This is at bare minimum $50 under market value. Probably could get $1250-1300. It is a  1571 sq ft 3/2/2 each side.  Mirror image.   Taxes are $4,800/year.  

Should I:

1.  Buy this deal at all? If yes, why? If no, why?  Thank you.

2. Buy this deal with hard money?  I can call it a cash deal to the seller and we can close quick, so I can hopefully get it for cheaper and close quick and then refi out of hard money loan. Only thing I will need to put 20% down, which is hefty for me right now.  

3. Buy this deal conventionally?  This would most likely not get me much of a discount on the deal but I would be out of pocket much less, if I put down lets say 10% down.  Its a hot market and I am guessing I will be competing against multiple buyers.  I need an advantage somehow.  

Do you have any special relationship with either of the wholesalers?  If not, which one is selling it for cheaper?  If you have no obligation to either of the wholesalers, why not just purchase from the one selling it for cheaper? Am I missing any more pertinent information here?

Do nothing and flip it to a new cat lady.

@Ibrahim Hughes sorry I don't understand what "OP" is.  What is that and I might be able to answer your question.  Thanks.

Tax assessor probably.  Also, do research on you up and coming tax sales in your county (if they have them in your state).  If they give out the list early, maybe you will have time to reach out to owners before they lose their properties and get good deals.  Make sure you do you due diligence and make sure you are only inheriting back taxes and not IRS liens, etc.