All Forum Posts by: Ben Roberts

@Jonathan McGee I would be paying cash via my HELOC

@Jason Hopkins Certain areas near/in Orange Mound I wouldn't worry too much about.  But, as a Caleb noted, there are a lot of minor red flags, I don't have the cash on hand, I'd be buying at the top of the market for the property, etc...  I'd rather save my little bank roll for a better deal/nicer area.  At least for right now.   

@Caleb Heimsoth Thanks for the advice!  I got 3 pros advising against this deal.  Think I'll just walk away.

@Caleb Heimsoth - Seller paid $6k about 3 years ago and the property has been vacant since (according to neighbors). I ran comps, most homes in the neighborhood are in lesser shape and sold for $5-$10k needing a lot of work, or rent ready around $20k. I'm looking do it with cash from my HELOC.

@Anthony Dooley, I found one lender who would do a mortgage but it doesn't make sense to finance. This would be cash from my HELOC. I could write the contract and just wholesale for a couple bucks to someone with the cash.

@Jay Hinrichs You may be right.  The home is less than 1,000 sq ft and is only worth $20k.  I have no idea how much they spent in reno but the seller is out of state and, as long as they've sat on the property, I think they're just ready to get out of it.  I don't believe it has A/C, plumbing has been updated and electric brought up to code.  MLGW is installing new water and power hookups.  

@Caleb Heimsoth @Account Closed I turned down the deal, and the seller keeps coming back with a lower number.  I've got him down to $20k, which would bring my monthly cash flow up to almost $200.  

Thanks @Caleb Heimsoth 

@Account Closed Thanks for the advice

@Caleb Heimsoth Not sure how familiar you are with the area but it's 38111, near Park and Semmes.   $800 or more in rent would be ideal as well but this sort of fell in my lap.  I'll at least consider any deal someone brings me.    I'm not scared of the area and figured in a management fee.