All Forum Posts by: Emanuel Eyssallenne

Yes the inspection period is over this Thursday or Friday. I will run the numbers again once I get the repair estimate sometime tomorrow afternoon. So far, the numbers on this property are saying $100 cash flow and 10% CoC ROI. It is a super base hit, but was not expecting all these repairs.

Hopefully the repair costs come back manageable or the seller fixes the major stuff.  The lesson here is not fully developed yet in my understanding.  Do you see anything I could have done differently?

I'm using a first time buyers loan where I only have to put down 5%.  I offered $5K over the asking price of $185K and put down $10K earnest money and $2K due diligence.  I also paid for the home inspection which was $1,300.  Perhaps I gave too much due diligence money?

Right now I just have to wait to see what the estimate says and what the seller agrees to do or not.  Hopefully, he fixes the issues or comes down on the price.  But, he may just do what you predicted and just keep the DD money.   If I am gonna lose here I'd just like to win a good lesson so I can be better for my next move.   But this can totally be premature disappointment.  Belly full of nerves and heart pumping fast.  I'm still having fun and I guess I'm bracing for my first punch to the gut.

Thanks for all your suggestions Landon.  Fingers crossed for everything to be manageable for me or at the very least a good lesson I can use in the future.  If you have any other suggestions or any other answers to the questions I'd be grateful to hear what you think.

Cheers,

Thank you @Landon Bleau

There is a contractor scheduled to check out the house this Monday to give me an estimate on repair costs.  Once I receive the estimate, do I ask the seller to lower the price or fix everything and keep price the same?  I really like this house so I want to move forward, but not sure if I'm buying a headache or bad investment.   Everything in the Triad is so expensive. I offered a little over asking before anyone got to see it.  Now there are over 1500 views on it.  I'm wondering if there is any room to negotiate in this sellers market being that the seller can just keep my due diligence money to fix minor things and put it back on the market.

Hi All,

I finally got one of my offers accepted!  Very excited because this is my first home.  The inspection report came back with 73 items to be addressed.  Maybe 20 or 25 items are a little serious like "minor cracks in foundation" not able to see if GFCI protection is installed in hot-tub/spa bc the build is obstructing view.  No entry points to attic and it has space higher than 30 inches in height. Termite damage and an inactive beetle infestation.  There is some wood damage.

I have never gotten this far yet, so I feel a little disappointed that this property came back w a bad report.  But I am inexperienced so not sure if my disappointment is even valid.

What do you think?

Thank you!  I will heed all your wisdom...  Thank You!

Hello,

What would you do if you were considering purchasing an acre of land in Browns Summit, North Carolina to have a new construction Duplex built? You have never been to the area, but have done some research and connected with a couple agents. The GC you are speaking with gave their website and phone number at the Triad REIA and that is how you found them. The GC asked for some info about the land and how close the telephone pole is located to the property.

The listing agent shared that there are no deed restrictions recorded on the register of deeds and no Septic records on the GIS. The listing agent said a duplex is permitted and the seller had a perc test at some point but does not have the records.  The suggestion was made for you to apply for a perc test with the county ($125.00). She did not have any information regarding the telephone pole.

Would you consider paying the GC to walk the property even though you have not made any offers on the property?  

How would you go about this?

Thank you 

@Tim Herman

Copy and appreciated!

Thank you,

@Tim Herman

Thank you!  So my percentages for expenses are too high, I see.  You would use 5% for maintenance or $50.00 per month for any property under $200K ?

And my vacancy I use 8% is that okay or too high?

And all utilities including garbage would be the responsibility of the tenant. 
Did I understand that right?
I appreciate your help, Tim. 

Thank you 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi All!
Would you be so kind as to please help me analyze this deal better?  Not sure but all of the properties I've been analyzing come back with -$ in the red.  What do you think?

@Sean Rooks

That is great advice!  Take the GC to the property. Nice!  Hopefully $100.00 an hour is respectful enough of their time? 

@Taylor L.

Thank you very much that was very helpful for me. There is a REIA happening this Thursday perhaps I can find someone like that there or at least get a little closer.

I'll start posting my reports and ask for feedback.  

Much appreciated!