All Forum Posts by: Jody Davis

What do you guys typically take out when returning deposit to tenant, assuming no expenses for damages beyond normal wear and tear? Such as cleaning, and the like. I'm struggling to find information on this. Thanks a lot.

I am an investor out of the Golden Triangle Region (Columbus, West Point, Starkville) and would absolutely be interested in a meet-up as well.

I've found a great property for sale. I am going to be able to pay cash for property ($8,000) but I don't have the money for the rehab. My estimation is $25,000 for the rehab with an ARV of $55,000. I've never done a deal where I had to finance the rehab part so I was wondering about options for those of you that have done it.

So, I am based out of Mississippi.  I went to a tax sale at my city hall in my town three years ago.  I bought a property, and I ended up receiving the property through the process.  I now own the property via a quitclaim deed.  Called the tax assessor's office today to see what taxes are owed on the property as I haven't paid the taxes on it since I acquired the property because it had a mobile home on it that got repossessed from a foreclosure through the owner's mortgage company.  So now I have two acres of vacant land way out in the county.  The tax assessor's office said the value of the property is $7,700.  The taxes I owe are for 2013 at $153, 2014 at $105, and 2015 at $66.  What should I do to start the process of getting the property into my name, such as title and everything?  I have no idea about the process, and my initial thought was to not pay taxes and let someone else take it over via a tax sale, but if there is value here, I would like to tap into it.  Thanks for any help.

Originally posted by @David Dachtera:

@Jody Davis,

The next question then would be do you have a repair estimate?

With an ARV around $60,000 you'd have to get it close to $15,000 and not put more than about $20,000 into it to do anything better than break-even on a flip.

Depending on area rents, it might make a good buy-hold, but that's more numbers to look up - area rents, owner's insurance, renter's insurance, etc.

 Looking at it for a buy and hold.  Area rents are typically $550 to $700 for 3/2's.  Insurance would be $65/month.  I have a guy lined up to rent for $650.  The repairs are estimated at $7,500.  I feel like it could be a great investment.

David Dachtera it is a 3 bed 2 bath in a good area. It has new a/c unit, water heater, and kitchen. It is 1900 sq. feet. The comps in the area are one sold for $60,000 and one for $54,000, both were very similar and within a few miles. I believe it's ARV is around $60,000. With it being on the market for so long, I'm not sure how low I could get it for, as I know I could get it for less than $35,000.

I'm looking at a property that's been listed for 225 days. It is owned by a local bank that is itching to get it off the books. Through the grapevine, I know they are getting ready to lower the price down from $35,000. It needs some minimal work to have it rent ready. Just curious, I know what I'm going to offer, but I would love to hear what some of you would offer for this property since its been on the market for so long? I can give additional information if needed.

I'm about to make my first offer on an investment property. SFR property with a tenant that pays $425 a month. I obviously want a contingency stating that I want a free and unencumbered title to the property, and that I want a satisfactory inspection with repairs no greater than $2,500 or worded something close to that. What are some other contingencies that you guys use as your go-to for every offer you make? Thanks for any help.

Hey guys, looking at my first single family purchase.  It will be a buy and hold strategy with it being rented out.  Purchase price of $42,000 and rent is $625.  My question is though, when purchasing, how do you all typically obtain the numbers from the seller?  Or if its standard protocol regardless?  Thanks, and looking forward to a great discussion.