All Forum Posts by: Dave M.

Carlos - great information.  That was the first I'd heard of a BPO.  I would have ended up hiring an appraiser and overspent for the information; thanks for the advice.  I'll also need to get a professional's take on the local rents - I was told by the agent what the current rent is, but I need an outside source to validate that the amount claimed is accurate / possible if I were to close.

Thanks again for your help.

Dave

Hi all,

I would like to get into property ownership and have a potential deal that I'd like some feedback on.

Property is SFH that is occupied and renting at $650 / month

Owner is asking $35K.

Taxes are $800 / yr and insurance would be about $500 / yr.

I'm told that the roof was replaced about 12 years ago.

The seller might be willing to take a second for downpayment if I purchased at full price.

Does this sound like a reasonable deal or would you keep looking?

Any feedback / thoughts appreciated.

Dave

Bill,

Hey, thanks for taking the time to draft such a comprehensive reply! It looks like I have a lot more paperwork to gather.

I really appreciate your suggestions!

-Dave

Hi all - I've heard that it's a good idea to create a "binder" of basic documentation (both personal and related to a property) when approaching lenders about purchasing an existing rental property. I would be purchasing directly from the owner (ie: no agents involved). I'm curious what others may have included if they've done this? So far I'm thinking of including the following:

• auditor web site info (including pics) of property to purchase
• property rental history for last year (from existing owner)
• last year's tax returns
• most recent 3 months pay stubs
• personal net worth statement
• what I intend to do with property short term and exit strategy

Do others have additional thoughts or provide additional direction?

Thanks in advance!

Dave

Aaron,

Great point - the numbers will tell the story. I suspect I could try a combination of searching for existing "for sale" properties to give my a general idea of the potential numbers involved and see if there's any room for covering the costs.

Thanks again!

Offering to pay an agent a one-time flat rate is probably not a bad idea. Certainly less labor intensive than driving the city looking for addresses.

Thanks!

Joe,

Thanks for the welcome message :)

My objective is to approach the owners directly and avoid involving agents in the transaction if possible -- that's a large part of the reason I'd like to find another source for the information.

Dave

Hello All,

I'm a newbie trying to find a way to search for multifamily homes that are not currently on the market. I could use the county auditor's site, but I want to avoid having to drive around looking for the properties. Rather, I'd like to find a site that allows me to indicate that I'm looking for multifamily properties and then pop up a list of those that meet the criteria.

Does anyone have any suggestions on how to do that or if it's possible?

Thanks in advance!

Dave