All Forum Posts by: Che Ross

It is a mobile home. Also, the home has been on the market for a year with various price decreases. No longer pursuing this deal however. Thank you for all your input!

I have an opportunity to buy a 2 bedroom/2 bath town-home in Baltimore in an up-and-coming neighborhood. The home is fully renovated and requires no work, negotiated price is $138,000, for a 5 year term with a payment of $1,125/month, and a down payment of $10,000. Currently negotiating the down payment and price/month. My goal is $138,000 (down from 140s), for 5 years with $950/month and no more than a $5,000 down payment. This way I can rent it out for 1,500-1,600/month. Is this a good deal?

Only downside to the property I could see is the train track right behind it! But again, renting not selling. @Matt Powell what would you consider a reasonable wholesale fee?

@Matt Powellundefined

Kelly,

Do  you think I should hold out for something with a greater monthly return? A likely $400-$500/month doesn't seem like much.

The seller is the owner and is an elderly lady eager and looking to move on to something smaller/more manageable. The property is located in Middle River about a 15 minute drive away from the water. The properties in the surrounding area are new townhomes and much nicer curb appeal homes in the 250-300K range. There are a few neighboring homes selling in the same range which have been on the market for years. Not looking to resell this any time soon, just looking for an additional positive cash flow opportunity! $1,600-1,700 is definitely a reach, seems like $1,000 is even very optimistic as the FMR for the area is around $800 to $900.

I'm currently looking at buying my second property via seller financing:

It's a single family home recently built in 2013, 3 bedroom/2 full baths, no rehab work needed. I'm looking to buy at $60,000 with $5,000 down and 8-10% interest rate for 30 years for around $550-$580/month. I want to rent the property out for $1,600 to $1,700/month. Is this a good deal?