All Forum Posts by: Deville Nunes

I have this property under contract for $20,000 and I was thinking about keeping it. I could finance with a back for 25% I think. Or the seller is willing to take $10,000 now and $10,000 in 7 months. This gives me time to refinance it and maybe take all the money out and not be in the deal for anything. Lets pretend it does not need more then $5000 to fix it up. It is in a C to D area.

What do you think? What would you do ?

Brick Duplex 1,428 sq. ft. Year Built: 1960
(Unit 1)2 Bed/ 1 Bath Rent: $300 pro forma rent $375 renter has lived there 15 years
(Unit 2) 2 Bed/ 1 Bath Actual Rent: $300 pro forma rent $375 renter has lived there 2 years

thanks for the info 

I have this property under contract for $20,000 and I was thinking about keeping it. I could finance with a back for 25% I think. Or the seller is willing to take $10,000 now and $10,000 in 7 months. This gives me time to refinance it and maybe take all the money out and not be in the deal for anything. Lets pretend it does not need more then $5000 to fix it up. It is in a C to D area.

What do you think? What would you do ?

Brick Duplex 1,428 sq. ft. Year Built: 1960
(Unit 1)2 Bed/ 1 Bath Rent: $300 pro forma rent $375 renter has lived there 15 years
(Unit 2) 2 Bed/ 1 Bath Actual Rent: $300 pro forma rent $375 renter has lived there 2 years

thanks for the info 

I have a property under contract to wholesale. A week later, the owner listed it with an agent. I still have it under contract for another 3 weeks, what should I do? I also have 3 people that want to take a look inside of it.

I have a property under contract in Phoenix City, Alabama. Its a brick, 2/1, 1400 sq. foot duplex, both sides are rented for $300 = $600 total. There are wall units for AC and has gas heating. I will have a property inspector give me a report later this week. The agreement I have is $10,000 at closing and anther $10,000 in 7 months. If you had this what would you do? Wholesale it? Have a realtor list it? Keep if for a rental and refinance to take all the equity out of it? Or not even buy it at all?

Pros =

3) There is nothing rented for under $400 on Craigslist in that area.

4) I have it under contract for $20,000

5) I have had an agent/property manager tell me it is worth 65K not to buy if for more then 50K he also has properties in that area. he thinks it should rent for $350 to $375.

7) A property manager went there and told me its not in a war zone,but its a 6 with 10 being the worst.

8) A second agent gave me an income approach and told me if I wanted to sell it I could get about $40,000

Cons=

1) 3rd agent went there and he told me that the area is too rough for him and wont touch it, but has friends that will go in that area.

2) I am unable to pull comps- I have used things like myfirstamerican, Eppraisal, Chase estimator, and not getting

anything, this is also why I have contacted a lot of agents to give me some feed back.

3) I live in California and will have to find a support team there. (But I have other out of state properties and dont mind it)

 I did it at  www.mortgagecalculator.org with 1.179 property tax 

 Ok thanks for the info. Yes its a 2bed 1bath 

Hello.

I wanted to see every ones opinion on this? Who would do this and who would not? This is what the numbers look like for this C class neighborhood in CA. The reason I like it is because it would be paid off after 13 years. The reason I don't like it is that it is negative $32 a month if I don't property manage it. 

This is for 13 years

$80,000 purchase price

$10,000 down = $70,000

Rent $800

Payment $572 %4

Insurance $ 40

Water bill $ 40

Vacancy $ 40 or %5 of the rent

Repairs $80 or %10 of the rent

Property Management  $60

= -$32

Anyone have any luck emailing renters on Craigslist? If so can you share what you emailed them?

Thanks Deville