All Forum Posts by: Bret Blackburn

After not responding back to the seller for the last 10 days or so, I get a call saying they will sell for $140k. Dropped $20k like that. I let them know we are getting closer. I'm going to see if can get them to come down another $10k or so and then we may have something interesting. Thank you for all the input

Jeff Sprunger Dave Younts I would be Financing as one deal which is why the #'s are tighter. The seller wants one transaction. I'll speak with my lender as far as options regarding the lot down the road Thank you guys for all the feedback

I've ran the #'s using the asking price and the 8-10% over asking price(what I'm willing to pay). I'm not sure if I can justify paying anymore than that, it really eats up the cash flow. However, I would be getting the extra lot.

I've got a property in my marketplace that has me a little torn.  It's within a few miles from my home and 2 other rentals.  The area is growing quickly.  The property is going for a little more than what meets my formula and conditions and has multiple offers.  The caveat is that it comes with an extra city lot next door that I could sell or build another rental on. Without the extra lot, I wouldnt consider buying the property. There a few if any lots left in the small town area, much less included with a home purchase.  The home also has tenants if I choose to keep them, (paying a little below market value).  The property will cost me 8-10% more than I'd normally pay. But the value of the extra lot is 2x that. 

I'm looking at a home that is on a double lot. It's listed on the tax records as 2 lots. Is there is cost to divide the lot if it's already on the tax records as a double lot?

Thank you James, that's what I was looking for. I just haven't had any experience on the rehabs and that gives me a much better understanding of how to analyze.

According to BRRRR strategy this home wouldn't work. But I wanted to hear the feedback from the forum. I'd be buying to hold and renting

Purchase Price $145K

Rehab $25-$30

ARV $190K

Rent $1700

I have a lender that will loan the purchase and rehab price at 11%.

Is this is a bad deal to pursue

That area has been transformed a little. I know the 4-plex you are referring to. I believe it went under contract pretty quickly. It is just on the edge of what I'd consider the nicer area of 76114. Caleb- Are your places N or S of 183?

Very informative post guys. Looks like I need to do a little research on these, thank you for posting

I looked at property today that had a garage conversion I haven't seen yet. The seller(rehabber), converted 1/2 the garage into another room. Instead converting length wise, he converted width wise were you can no longer fit a car in the garage. It's a nicer area where homes sell for $100+/ft. It's a nice area for storage. But I just found it odd. I don't think it would be much of a deal breaker for a rental, but I'd be concerned when it came time to sell if I needed to.