All Forum Posts by: Mike Baker

Welcome and hooah!

Welcome!!

So I am looking at a 4/2 in a rural area (public record actually shows it as a 5/3), that is a HUD home as well. It needs about $25000 in repairs and they are asking below 50k. I ran several comps and it appears the house would be worth around 100k fixed. I want to offer about 18k based on numbers I've run myself

My dilemma is this.

I want to buy and hold. The rents in the area for a house like this are about 7-800 a month. The numbers for buy and hold seem tight even though i would pick up what would seem like a substantial amount of equity once its fixed.

What am I missing?

Thanks for your time.

Did I list this in the right discussion?

So I am looking at a 4/2 in a rural area (public record actually shows it as a 5/3), that is a HUD home as well. It needs about $25000 in repairs and they are asking below 50k. I ran several comps and it appears the house would be worth around 100k fixed. I want to offer about 18k based on numbers I've run myself

My dilemma is this.

I want to buy and hold. The rents in the area for a house like this are about 7-800 a month. The numbers for buy and hold seem tight even though i would pick up what would seem like a substantial amount of equity once its fixed.

What am I missing?

Thanks for your time.

I would encourage you to google stock investment training. I found a couple of "practice" sites that let you trade stock in real time on a simulated basis. Lots of education in those sites as well.

Awesome and welcome to BP!

I hate my job as well, and I understand how you feel. So as somebody in your shoes, I just wanted to encourage you not to jump into a property. My wife and I have been making several offers and still no deal, but we spent a considerable amount of time educating ourselves both in BP and outside BP. I just keep reminding myself that all things have to end eventually and my day to end my job and give my family back the time they deserve is coming. Patience truly is a virtue in this realm. My deals are coming and so are yours. Good luck!

Awesome Info. Thanks!

I have heard the computer that handles the bidding is defaulted to take bids in a persons name over a business name.

Which reminds me, I was looking through HUDs online stuff.

Maybe I missed it, but do they pay the back taxes on the property or do we?