All Forum Posts by: James Burow

1. Get the tax assessed value from the county tax appraiser (usually on-line), and comps from a local real estate agent who has sold some nearby lots.

2. Is seller motivated? Make an option offer  at a wholesale price, get contract signed, then shop to several local builders. No profit? Let offer expire, or renegotiate. If the market is slow, could work. 

3. Only consider MH if several already in the area, and zoning permits. Do you have any development experience/resources? If not, don't. Way out there-move re-po MH there for a mini-MH park!

4. Check with city planner for costs to short plat-2/3/4 houses, sell the lots as a package to a local builder.

5. Source of funds? What they will offer will tell you if your plan is doable.

Good luck

http://mississippi.brokeroutpost.com/loans/mortgag...

Top performers!  What city? Contact top RE agents in that city, ask for recommendations.

Need more info-for purchase with you as landlord? For a retail buyer of one of your investment properties? Who will be the loan applicant? Purpose-home owner/owner-occupant, you as investor-fix and flip, fix and rent, sell/hold note/assign?

Congratulations, Andy, on thinking big (not single family). Several questions come to mind:

1. What makes it "too good to pass up"? 2. Would it be a better deal for $320,000? 3. Have you asked the seller for: financials, seller financing (50-100%), assumable 1st mortgage, recent appraisal? 4. Remember-in real estate, leverage usually means greater profit. If you have $150,000, that could be $50,000 down on 3 properties-better? 5. Have you contacted several private lenders-found at local real estate investment associations? 6. Have you used the "property analysis" tool on this site to analyze this and one or two other properties for sale locally? 7. What is your exit strategy? How are you going to raise your ROI? 8. Are you going to close on the 28th (end of month) so you collect the next month's full rent? 9. What have similar properties actually sold for recently (last 6 months)? 10. Do you have a contractor's estimate on the actual repair costs?

If it is a really active market, there should be several good deals around.

Hope this helps-James