All Forum Posts by: Daric Carter

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I have a potential deal, but I'm curious to know if an estate can offer seller financing.

@Caleb Heimsoth thanks! Is it the cash flow? I tried to be really conservative with my numbers.

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So I am a mail carrier for the post office, and I deliver in a nice area of 300-450k houses.  I know my customers and my customers know me.  I've also been in real estate for a bit.  I took a break and have recently jumped back in.  Several months ago, I was delivering mail and driving for dollars at the same time.  I've been on my current route for 3 years and there's one house that gets mail inconsistently, and I've never actually seen the person who lives there.  I look her up and find out that she works (amazing job - probably 6 figures) in another city.  I got intimidated and wondered why someone with that job would entertain an offer for her house at a discount.  So I figured I would get a few deals under my belt and try making an offer a few months down the road.  WELL...fast-forward to today.  I see paint crews, rolled up carpet, and demo'd material in the front yard! I wanted to kick myself for not taking action!  So to all the new investors, don't ASSuME anything! TAKE ACTION!!!

@Ben Zimmerman the numbers sparked my interest, and maybe if I lived closer to the property, I would likely pull the trigger.

@Korie Apgar it did have a motel feel? And I don't think, in fact I know 1 or 2 wouldn't make the cut.  I spoke to a property manager in the area who said he had one of the tenants and it didn't go so well.

In terms of my refinance strategy, I would do a cash out refinance.

The asking price is 115k and I could pay cash for about 90-95k (getting the rest from seller or family). The taxes were $960 for the year and I didn't get a quote for the insurance, but I put $1000/yr.

The tenants have been there from 9 months to 4 years. The rents in the area are in line. He does the weekly rent bc it allows him to check on the property and at the end of the year, he gets 1 extra month of payments ($38,480 vs $35,520).

I apologize in advance if this has been discussed recently. Here goes...

Yesterday, I went to view a 4-unit property for under 116k. Two units rent for $190/week and the other two units rent for $180/week.  The owner pays about $850-900 in utilities (electric/water/direct TV).  He ran the place himself, collecting the rent weekly. He doesn't have any leases or rental income documentation. He disclosed there is one tenant who is a few months behind. I live about 45 minutes away, so I would use a property management company.

Any suggestions on this one? 

Thanks!