All Forum Posts by: Kody Foster

I countered back with 28, now playing the waiting game. After all expenses(Tax, Insurance, Bank note) I’m looking at $484 being the break even. Looking to loan out $54,000 to cover buying the house, paying for the update and getting a little cash in my pocket to put towards another rent house on the same street. This exact house was previously rented out for $650. This is a fair rent in the area. If my offer is accepted we will do the rehab and market the house for rent starting at $750, no smoking, no pets( if renter insist on having a dog I will add $25 on top of base rent and a non-refundable pet deposit of $250)tenant pays all utilities and does yard maintenance. So, as of now I’m projected to net at $266.

Not necessarily, just looking to build up number of units at this time.

ARV- is around 60k.

I am in the process of negotiating my first residential rental property right now. A little info: Asking price- $41,900 Our first offer- $24,000(house needs $15,000 in repairs, all cosmetic, nothing structural) we cover closing cost, 10 day option period/ $100, title policy and survey at sellers expense. Sellers counter- $32,500, but accepted all other terms. Buyer(me) counter- $28,000, this is where I will bring up the needed repairs to the property. If seller refuses or doesn’t come down to at least thirty I will tell them my offer is good for 4 days and wait to hear from sellers agent. Any suggestions, tips, advice, etc....?