All Forum Posts by: Jeremy Jackson

@Greg H.

  Got it.  I'm comfortable with the condition of the property based on our walk-through. Either way I'll be prepared to lose $500.  Hopefully I'll know something Monday or Tuesday.  

Is this suppose to be fun?  :)  

$500 for list price under 50k, correct?

@Joshua Springer

@Pavel Reyes Valdes

I thinking of doing the same thing.   I'm realizing that relying on agents from thousands of miles away just doesn't cut it sometimes.  I'm always worried about losing a deal because of a RE agent. How long did it take you from start to finish?

@Jeff Brower

 @Max Kim

Ok, that's comforting.  I'm ok with losing the deal because it's worth more to the "next guy."  I don't want to lose deals because of my agent.  She's actually awesome, just inexperienced.  I'm sure we're both learning lots right now.  

@Greg H.

Thanks for the response.  I'm in Korea on military assignment.  The property is in Kentucky, along with my real estate agent.  My wife will be in Kentucky for the next month and has a poa specifically for the purpose of acquiring property.  Once complete, she returns back to Texas.  

Lots of moving pieces, I know, but I'm ready to buy real estate!  :)

I've read for the past hour regarding this and learned a wealth of info.  

I will be offering the asking price.  Owner occupant bidding ends at 1159pm ct on 6/6.

My buyers agent is not real experienced (although her father is, she works for her father).  So do I have a better chance of having this offer accepted if we submit at 1201am ct on 6/7?  I read a lot of discussion on the timing of these deals.  What else do I need to know going in?

Anything else to consider as the property is a great distance away from me, although I have family close to the property to handle anything I may need?

Thanks in advance!

Awesome!!

Thanks for the feedback. Someone else has it under contract.  

I'm still in search of my first duplex.  I've found one I'm interested in and currently talking with the owner.  It's located in a low income area, but a new developer is trying to turn the neighborhood around and bring new business in.  

Bottom unit is 2/1, upper unit is 1/1.  Separate electric meters.

Asking:  24,900

Needed repairs:  15k

Rent income:  M-850      A-10,200

Taxes:  M-43.60      A-523.15

Insurance:  M-45      A-540

Vacancy:  42.50

PM:  68

Maint:  42.50

Capex: 42.50

Water:  75

Total expenses:  M-359.10      A-4309.20

Net cashflow:  M-490.90         A-5890.80

Property appr rate:  2%

Rent appr rate:  2%

No debt service.  I'm paying cash for my first multifamily.  I can always get a mortgage after repairs are made if I decide to acquire more properties quickly.  I also think he's a bit negotiable on the asking price. The last thing left to do is verify needed repairs. I think this will make or break the deal. 

What do you think?  What am I missing?

@Justin H.

Did you connect with a pm in Louisville?  I'm in the same boat right now.  Let me know who you went with and your experience so far.