All Forum Posts by: Sheena Varghese

The owner won't do conventional loan, makes me think it might not pass inspection with conventional loan.  Thanks for the input everyone.  I am going to see how the inspection goes and if I can pass on the utilities to the tenants. I  plan on taking a line of credit to pay off the seller.  That should bring the net to about $380.  That seems like a good number.  Am I missing anything here?  TIA!

Originally posted by :

 You should consider a capex funding in addition to repairs. 

Is Capex funding for upgrades?

Thank you for the replies!  Sorry, forgot asking price, it's $55,000.  Yes, thinking of changing up the utilities to having the tenants pay depending if there are separate meters, etc. 

Hello,

I am new to investing so I would love to hear some feedback on an opportunity I have come across.

I am looking at single family home that has been converted to duplex (1,990 sq ft).  The property is in central Florida, about 10 blocks from the beach.  It's in a fair area, not great but not a war zone.  Both units are rented currently.  The first unit (1 bedroom 1 bath) is rented for $650 per month.  Second unit is 3/1 and rented out at $900 per month.  Owner pays utilities $400/month.  

It's an owner financed only option.  $20,000 down and $414 per month for 30 years.  

Total monthly rent:  $1,550

Mortgage:  $414

Utilities:  $400

Property Tax:  $87

Insurance:  $70

Vacancy & Repair:  $310

Net profit monthly:  $279

I plan on doing a through inspection to make sure there is nothing major going on.  Also, i plan on refinancing at a much lower interest rate so that the mortgage amount is lower.  

What do you guys think?  Is this a good deal?  Thank you in advance for your time and help!

Thanks everyone!  I hope to see you all sometime soon.

Hello,

Anyone know of a REI meet up group in Orlando?

TIA

Thank you! Not sure how many offers they have but it's been on the market for over 40 days so I made an offer 20k below asking price but haven't heard back.

Hello How long does it typically take banks to respond to an offer made on a foreclosed property? TIA!

Hello, I apologize if this has been covered before. I am new to investing. I am having a hard time finding a real estate agent to look at properties under 100k. The ones that call back wants to sell higher prices properties. Any advice will be greatly appreciated!