All Forum Posts by: Matthew Malin

I went to the auction today, plaintiff opened up at 72.7, bidding took it to 95. Well be interesting to see what happens with the property.

Phillip,

I appreciate the feedback and I agree it is a gamble.  I've been sitting on the sidelines enough that I'm ready to jump though.  The location on this property is great, walkable(50ft) to a popular restaurant/art row.  Windows had blinds in them, so I couldn't see in.  I'm curious if I posted in the wrong forum if there is something in the post that has you thinking it is in Northern California, this is in Kentucky, just a mile or two from my own home.  

I'm interested as well.

here is a home going up for auction tomorrow that I am considering purchasing. 

Currently assessed at $105k and in a trendy/popular location. Listed on real estate websites as a 1 bedroom/1 bath built in 1910 and 1100 sq feet and a detached 2 car garage. My assumption is that this is listed as a 1 bedroom incorrectly and is or could be a 2 bedroom home. I did a drive by and it does show signs of neglect(older AC, needs new windows, addition on rear has roll roofing in bad shape). Vinyl siding needs to be cleaned but is in decent shape.

It is being foreclosed against an estate, and the amount to be raised/remaining on the mortgage is $30k. It appears to have been last purchased in 1974, so I'm expecting to do full updates inside. It isn't guaranteed that I could get it for this price, but I feel like I have enough room to do significant repairs, and will expect to rent it for $1000 / mo.

Terms of sale - $2000 deposit, 25% of bid due in 30 days and full balance due within 6 months with unpaid balance at 12% APR. Sheriff appraised the house at $110k, and if it sells for less than 2/3rds of appraised the owner has 6 months to buy it back for purchase price +10% APR and any reasonable costs incurred for maintenance and repair. Another assumption is that if the estate/daughter wanted to property she would have acted already.

Estate sale in need of repairs(1400 sq ft) a few doors down went for $42k in 2013. Renovated home a few doors the other way went for $170k, across the street(unsure on renovations) recently sold for $133k.

Thoughts? Being Naive on renovation costs? If another bidder besides the bank is involved, how would you calculate a ceiling?

Hello Everyone!  I'm a new member from Louisville, with one current accidental rental on the books.  I've read some about rentals here as well as on a personal finance website(Mr Money Mustache).

When we moved into our new home we began renting out our previous home and have been doing that for almost a year now.  The bulk of my investments are in the stock market, but I want to diversify and like the idea of buying buy and hold rentals.  I have some experience doing repairs/upgrades in my personal home(electric, tile, kitchen gut and rehab) but with kids in the picture have less time for that.  

I'm hoping to find some deals over the next year and add 1-3 properties to my portfolio. I may sell the original rental for a better performing home while I still have the capital gains exemption. I'm interested in networking(need to drag myself to a REIA meeting), am reading beginners books on metrics and passively looking for deals.

I expect to focus on Single Family homes(experience with repair etc) and multi family units in areas I am familiar with.  I will be managing my own properties until it becomes to cumbersome.  I was born and raised in Louisville and know the area well.  Hope I covered all the high points for an introduction post. Thanks for having such a great community. 

There is a home going up for auction tomorrow that I am considering purchasing. 

Currently assessed at $105k and in a trendy/popular location. Listed on real estate websites as a 1 bedroom/1 bath built in 1910 and 1100 sq feet and a detached 2 car garage. My assumption is that this is listed as a 1 bedroom incorrectly and is or could be a 2 bedroom home. I did a drive by and it does show signs of neglect(older AC, needs new windows, addition on rear has roll roofing in bad shape). Vinyl siding needs to be cleaned but is in decent shape.

It is being foreclosed against an estate, and the amount to be raised/remaining on the mortgage is $30k. It appears to have been last purchased in 1974, so I'm expecting to do full updates inside. It isn't guaranteed that I could get it for this price, but I feel like I have enough room to do significant repairs, and will expect to rent it for $1000 / mo.

Terms of sale - $2000 deposit, 25% of bid due in 30 days and full balance due within 6 months with unpaid balance at 12% APR. Sheriff appraised the house at $110k, and if it sells for less than 2/3rds of appraised the owner has 6 months to buy it back for purchase price +10% APR and any reasonable costs incurred for maintenance and repair. Another assumption is that if the estate/daughter wanted to property she would have acted already.

Estate sale in need of repairs(1400 sq ft) a few doors down went for $42k in 2013. Renovated home a few doors the other way went for $170k, across the street(unsure on renovations) recently sold for $133k.

Thoughts? Being Naive on renovation costs? If another bidder besides the bank is involved, how would you calculate a ceiling?