All Forum Posts by: Bobby Gupta

Thank you appreciate all the input! Will let know know when appraisal comes back

yeah I was skeptical but then my appraisal guy looked the house for like 5 hours and he said it needs may be 1500 worth of work before you move it.. he told me this is one the best foreclosed property he has seen ! there is house right next to it same square footage and same lot it just listed for 800k. 

I am still dumbfounded at the deal 

Just curious what will be the problems if it appraises higher! lower i totally understand

I put a offer for a SFM and got it. I am in process of closing in few weeks. I personally think i got a hell of a deal.

Foreclosed asking price= $524000

county apraisal= 627000

accepted offer= 459000

my insurance company did homework and they are wanting to insurace $744000 that will be the value if they rebuild the house.

My Realtor wants apraisal value to come at asking $459000 but hes not sure why. he said thats whay he was told but noone told him why 

Goal is to live inthe house for 5-6 years and then flip it

Do i want apraisal value to be high or near sale price?? what are the reasons behind it?

I am in a market where literally properties are sold within few days and are bringing over the market value.

found this 3 bd 2 car 2 and half bath on sale by owner which was listed like with in an hour. called the person and saw the house in 30 minutes and placed offer next day.

List price $99k  sale price 91k appraisal value 108k

taxes 1.3k yearly

rental incomes monthly 1150. I am self managing it.

$735  includes taxes and insurance ( 15 year mortgage)

$415 cash flow every month

I have found a Property which sounds like a awesome deal!

A fourplex in B- neighbourhood! its being foreclosed List price by Bank $159900. County appraisal $279000. It needs work mostly paint, carpet  TLC and  all appliances  estimated $24-26k of rehab needed has AC and furnances

There are few other fourplexes in that area which bring $650 rent a month.

BUYING PRICE: $160000

DOWN PAYMENT $ 40000

REHAB COST-$26000

CLOSING COSTS$ 2500

15 YEAR mortgage payment with taxes and insurance $1450

ESTIMATED RENTAL INCOME$ 2600

also thinking about Refinancing and cashing out after 6 months to have cash for other properties!

any suggestions?

congrats that's awesome.. I live and work in Olathe and I bought my first property in Jan in Gardner...even though it didn't fit all my criterion but I still pulled the trigger with 100 cash flow on a fifteen year note just because  I got it 15k below Markey value

BTW your help is much much appreciated!

Wow thats awesome ! I will make a spreadsheet for myself now!

Small question! did you take in account that its a 15 year mortgage? if i assume 30 years mortgage those numbers work out! I also did lots of research and average rent in this area is about 900-1100 on duplexes with 3 bedrooms  and 1200 sqft.  Honestly I am not looking for a cashflow! I make $285k a year with my primary job! I am looking for loss if possible so I can write it off in taxes. infact I have a duplex in same area  with extra car garage and 400 more sqft and i have renter who is paying $1299 a month

Thanks for your feed back guys! I live less than 5 miles from this property, so I will manage it myself so management fees are not counted.