All Forum Posts by: Justin Campbell

Hello everyone,

I hope this message finds you well. I'm currently interested in making an off-market offer on a home currently owned by an elderly couple that is downsizing. 
Here are some details about the property:

- **Location:** The home is situated on a popular lake, which I believe adds significant value.

- **Year Built:** It was constructed in 1960 and has not undergone any updates since then. Currently a 2bd 3bath. I would convert a sitting room to a 3rd bedroom and finish the basement.

- **Lot:** The lot itself is great, which is another appealing aspect of the property.

- **Tax Assessed Value:** The home has a tax assessed value of $512,000.

Given these factors, I would love to hear your thoughts on how to approach making an off-market offer. Specifically, I’m looking for advice on:

1. **Pricing Strategy:** Considering the assessed value and the home's condition, what would be a reasonable offer? Reno would include a full kitchen, 3 bathrooms updated, new floors throughout, replacing paneling with drywall, and updating utilities, creating 3rd bedroom (office), and finishing the basement.

 How should I frame my offer to make it attractive to the seller? 

Recently introduced a family friend to bigger pockets. I gave their daughter (22 YO recent graduate) a copy of BP rental property investing. She read it in a week! She's now interested in househacking. I am contemplating a partnership please let me know your thoughts.

My current situation will not allow me to move frequently but we make a good income. I'm thinking of structuring a partnership with her where I find the down payment 3.5% and rehab, she acts as the primary occupant and guarantor. We would start with an sfr or duplex, after one year put a tenant in her start the process again. The details will be more intricate but this is my initial thought.

Open to feedback.

Looking into a quadruplex. PP is 509K, tenants pay all utilities, rents range between 1000 and 1250. Turnkey property near growing city. My initial thoughts are the price is to high but I keep seeing these properties sell. My payment would be 2650 piti, leaving 1600 monthly for vacancy, capex, maintenance, etc. I estimate cash flowing 250-300 per unit after expense. Is this a good deal?