All Forum Posts by: Denep Gonzalez

@Costin I. Wow! Thank you so much for breaking it down by scenario. This is a very small home (one floor) about 700 sqft. But I must agree with you that the foundation work may lead to other problems, the interior is not in the best shape. Its an old home and the current owner does not take care of it. Thanks again!

@Bill Plymouth

Thanks Bill!

Hello All!

Wondering if you all can help me make a decision on a property.

Its a small home , listed for $48k but it has been on the MLS for over 350 days. I spoke to the listing agent and she said alot of offers dont make it past inspections due to foundation issues. She offered to share the inspection reports she has available which i thought was really nice of her. I Dont know if thats the norm.

The property is currently rented at $850 per month. The tenant has been there for 6 years and wants to continue renting it after its sold.

I went to check out the house and spoke to the tenant. So far the issues she pointed out are a window replacement, a broken stove and no central AC.

I would like to make an offer for lower than it is listed since it will be cash flowing from the start and then work on the issue as i go.

What do you all think? Deal or no deal??? Thanks in advance for your input!

@Tim Herman Hi Tim! thank you for taking the time to break it down. I appreciate your input.

@Tyler Combs Hi Tyler, we are looking for a property we can use the BRRR strategy on.

We owe 178000, its going for 215,000. The mortgage is 1170 we received 1300. 

The wife and I are new to real estate investing.... like new new... Anyway, we own a second home that has equity, but not enough to get a HELOC annnnnd the rent we receive is just enough to pay the mortgage. Should we sell, collect the equity, and invest it into other property? refinance for a lower rate, that way we can make a profit off of the rent? or leave as is and just start our investment venture from scratch using hard money lenders?