All Forum Posts by: Chris Gonzalez

@Jonah Slove

Look in Idaho Falls or even Alpine. There may be something there that would work.

@Joshua Strickland

Thanks for the reply! I did talk to the P&Z department and it seems that it has a high likelihood of passing. Since the post I have typed up 3 paragraphs and hope to have it put together tonight. The area I am in has a lot of old school thinking (isn’t a bad thing) but I have been successful in the past.

I’m assuming I am more worked up and worried about denial more than reality.

Hello great people of BP! We have purchased a piece of land and intend on running a seasonal STR on the property. We are trying to do everything 100% legit and are in the process of filing for a conditional use permit. I am starting to put together the narrative that will be presented to the planning and zoning commission. Has anyone done this? If so would love some advice. Thanks.

@Chris K.

I talked to the county treasurer and was given name and address of the person who was paying the taxes. That should get you an address. Then I wrote a simple letter with my contact info. 1:2 call back but no deal.

Good Luck!

@Hung Nguyen

I’ve purchased a few myself. I would recommend finding out what your state does. Tax Lien or Tax Deed. Then I simply google search Tax Deed Sales in ——— county.

@Andrew Kougl

Thanks for the great advice!

Hello Bigger Pockets friends!

I may have found my first rental property and I would like some input on this deal.

I was talking to a co-worker about buying a property and he mentioned this friend of his had a single family home that he would sell for $125,000 (below market value) to that friend. This house is a mostly original 1950’s home that belonged to his mother and he inherited it a few years back and has been living in it since. I met with the guy over a drink and he told me about the house and that he wanted $200,000 for it. I’m thinking he may be hoping I trust his Zillow zestimate. Anyways, the numbers do not work at that price and I mentioned seller financing and he seemed interested in that.

So, knowing that he told a friend he would sell for $125,000 here is what I would like to offer. As he is looking to relocate out of state and mentioned he would need some cash to start a new life.

I would like to offer $135,000 with $40,000 down (from my heloc) and then pay him interest only for a year. I would owe all interest due if I refinance less than a year. I am anticipating $10,000 to make rent ready. He’s a house smoker and it still has some original shag carpet.

Questions:

1.Has anyone done anything similar?

2. His $200,000 price is based on “what he saw on Zillow”. How do you handle that “research” he did.

3. Does anyone have a good template to break down what payments he would receive? (Obviously depends on interest rate)

Thanks in advance!!

@Ryan Hill @Jaron Walling  Thanks for the input! I plan on doing most of the work myself. This house reminds me of my first home I bought in 2004. Well it atleast smells the same.🤢 I went and looked at it on my lunch break and a third bedroom is easily doable. The fourth would take a little more creativity. I would have to contract out the egress window install but other than that all else I can handle.The outside paint is good except the gables.  Hardwood floors exist under the carpet on the main level so the hopes are that I could refinish. The bathroom would probably need a little work. New toilet and vanity as the renters appear to not believe in regularly cleaning...

As for Rents the prices are all over the place. We live in an area where new housing doesn't exist. Rents range from $500 for a basement apartment to 1100 for a 4 bedroom house with a garage. Another option is long term corporate leases. The realtor I work with has calls all the time and they would prefer a furnished house for 2-3 year lease. If this is feasible I would prefer to go that route. I would be managing myself as the house is literally down the street from me. This is would make it easy to keep an eye on it as I drive past it everyday to work.

I everyone! I am looking at purchasing my first rental property. A single family 2 bed 1 bath with an unfinished basement. This is an off market deal that the seller is still "working" on to make marketable. He had the same renters in there for probably 5 years. He told them he was selling the place and they moved out. The house is not trashed but could use a little work to be rent ready.  He wants $95000 but through conversation he said he would go $85,000 and he will have new carpet in it next week.

Here is my deal that I am going to offer him... I can do $75,000 cash buy it as is and close in 2 weeks. I have a $73,000 credit line and another $10,000 in savings. The credit union I use does not require 6 months for refinance. The conservative market value is $100,000.  Rents could be $700 as is or with a little work 8-850

Repairs needed. 

Flooring, paint, caulking and general clean up.

Additional repairs for increased equity and rents.

Add 2 bedrooms in the basement and cut in two egress windows. 

I will have to look at the feasibility of a 2nd bathroom.

I am looking for your input and any additional things I need to look at. This is my first investment property so the nerves are kicking my butt.

@Chris Gonzalez

Anyone?