All Forum Posts by: Jeremy Jackson

Appreciate all the help!

Still working on my first deal.

SFH

Asking price $46k.

ARV $85k.

Rehab costs $15k.

Rent would bring $850-900 if I held it (plan b exit strategy).

Annual taxes $1888.

Waiting on insurance quotes. I have no idea how to estimate.

I'm considering borrowing hard money for my first deal.

The numbers are too tight on this property for my first deal. I'm going to see if anyone is interested at the next REI mtg. Looked at another property today. I'll post those numbers up later to get feedback.

I sent you a request. Let me know how I can help. 

Thanks for all the great info. Im going to wait on some comps before I go any further.  I'm not interested in the property as a rental since there is no positive cash flow, at least not with his current mortgage and rent.  I don't think there is much wiggle room there.  

More textured surfaces in the kitchen, sounds legit (and sanitary).

@Ronnie Wilson I'm going to my first REI mtg Thursday. Looking forward to it. Owner has a 3% apr on his current loan. Tenants have rented from him since 2010 and have expressed an interest to buy but has credit issues.

So many possibilities!

I'll also ad that I have the option to use my va guarantee also.  I used it to borrow for my current residence, but may qualify under 2nd tier.

He's using his Va benefits and eventually wants to restore them but is in no hurry to buy again.  

Can you elaborate on what assuming his loan entails?

He's currently receiving $900 a month for rent, which is what his mortgage payment is.  He was in a tough spot a few yrs back and needed someone in it. He told me most of the houses in the area are renting for 1200/month and up.  I still need to research that.

@Jeremy Tillotson 

I've been a lurker for some time and decided to take action today.  I still have a lot to learn and currently looking for a local mentor.

I had an acquaintance contact me today and asked if I wanted to buy his house.  It an hour away from me and I'm not familiar with the area.  He states it's a desirable area because of the schools.  I want to see what your initial thoughts are until my realtor can get me some factual information.  

House is a 3/2/2 built in 07 in Waco, Tx. He owes 116,000 on it and is willing to sell for that.  Until my realtor gets better info, I believe it's worth 135,000.  He has had a tenant renting since 08.  I  believe it will need basic cosmetics including paint and carpets removed/flooring installed considering it has been a rental.

Your advice is appreciated!