All Forum Posts by: Darson Grantham

Good luck! Like I said as long as hat $165k ARV is solid it make sense! Good luck, keep us posted.

@Brady Rowe doesnt look like the best rental property based on the ARV. If you are confident in that ARV, why not flip it?

Thanks @Wayne Brooks!  I believe the current mortgage is a FNMA loan.  I wasn't aware that the previous mortgage/loan cared what a new seller was going to do with the property!  

When I put together a purchase agreement I included a financing addendum to the end of the purchase agreement.  The seller removed mine and added this one.  Which included the 120% language.  What is the reason that the seller wouldn't want me to get a mortgage for no more than 120%?  See below

FINANCING ADDENDUM TO PURCHASE AGREEMENT NEW MORTGAGE: This Agreement is contingent upon the BUYERS obtaining a commitment in writing for a Conventional mortgage for not more than 120% of the purchase price. BUYERS agree to pay all customary loan costs. BUYERS agree that upon acceptance of this offer to immediately make application for such mortgage with lender and to make their best effort to obtain a mortgage commitment as above provided.

@Ashly B. I know two guys doing that same thing with duplexes, they say it works great just a little more hassel factor thank LTR.

@Courtney King Yes! I’m planning to invest a little to make the utilities trackable per unit and there is also a shed i plan to clean out and rent to 1-2 tenants for another 100-200/mo. Thanks for letting me know I’m the first this has ever happened too!

@Antoine Martel Thanks! I’ve done this and the price seems really high! But the cashflow hits my numbers!

Question: I’ve identified a 4plex property in a small town (10,000) people. There are no comps in the area but I know this town is stable with many varieties of businesses making the economy turn. The rents come in at 3100 total and the landlord pays utilities of $550/month when all units are rented. I have all the leases and have verified rent amounts. There are two much nicer and 2 bd 1 bath duplexs for sale in town on the market for $150k How do I make a reasonable offer on the 4plex? The owner has it listed for sale by owner for $154k