All Forum Posts by: Ken Harris

I may not have explained things clearly. I can get the house for $169, and perhaps even lower. The roof is not leaking, and I'm getting different opinions as to whether it has to be replaced. If it does, it will cost around $7000. The current value of the house is about $190.

Thanks Bryan

Thanks for the feedback. I don't have anyone yet, but I do have some people that might be willing, and who have more experience than I do.

I am talking to an owner facing foreclosure in Feb. He wants out, and current reinstatement/payoff is $168,400. House value is around $190,000, but it will need a new roof (approx.$7000). I have enough for 10% down, but not the needed 20%. House is in good shape other than roof. Based on rental comps in the area, it should rent in the $1500 range. I am new at this, so would like your thoughts on seeking a partner - 50/50 on all expenses, cash flow, and appreciation. Is partnering in this scenario a good idea?