All Forum Posts by: Account Closed

Not a bad idea, except I don't know if they can get that done before closing in 3 weeks...without cash for keys.

My first deal....fourplex. FHA. Under contract.

Deal will cashflow $50/unit. Rents can be increased probably 100-125 per unit.

This is acceptable to me.

However, buyers refuse to show any proof of income and DD period is over tomorrow. I offered a 12K discount based on the rents shown on older year leases now month to month today once they came back with the refusal to prove income, stating they comingle funds and don't want me seeing personal funds. I feel this is BS and they are hiding something from me. It is very easy to show this proof.

Also, a few days ago all of a sudden they give notice to a tenant for non payment. So I was lied to at the beginning when the agent told my agent that everyone was up to date.

I also offered instead of 12K discount for them to pay 6K in closing. So they are refusing to negotiate any further and are wanting me to cancel the contract and they will sell to someone else. I said no.

I have to make a decision by tomorrow whether or not I am going to walk or buy.

I am wondering if they are hiding other not paid to date tenants and I am going to be stuck with other evictions.

If I am reading into it correctly, you don't have any money to invest but you know your dad does. Is that right?

Good points sir. Although, I'd argue no one is "recession proof". 

But, yes....I agree it is in the math of the things you mentioned. I think the OP is letting the emotional side of his business take over. Which, I'm sure many agree is not hard to let happen. But, you can always lower rent in the case that the market drops. Easier to lower prices than up them. 

It's really a crapshoot either way....as is any investing!

I'm surprised all the people that say keep her. I'm certainly no seasoned expert but the math just doesn't agree. Obviously, there is a lot of value to keeping her but maybe look at it from this point of view.

What if tomorrow, you HAD to sell. For whatever reason. An emergency maybe.

Would you rather list a rental house bringing in 1150/mo or 1850/mo? 

You're missing out on about 2K keeping her over the next year, assuming it's vacant for a month and cost under 500 to turnover. You're missing out on 3600 the next year.

You don't need help analyzing it. And what you do need help with (deciding if it is a good deal) can only be decided by you. However, the COC sucks.

NO.

Edit: Accurately listing an investment property

Just curious:

Has anyone ever listed an investment property with accurate numbers, not pro forma? For instance, use the tax amount that the buyer might encounter vs what you have paid since 1999?

Or actually took pictures of the inside?

Or is it better to give less info because people will overpay?

SC, near Charlotte. Whoever is good!!