All Forum Posts by: LaTonya Clark

Hello all. I want to thank everyone for your input, advice and guidance. Over the weekend I finally saw the bldg and boy what a piece of sh!t. The owner is a real slum lord. He was there for the inspection and followed me from door to door then I realized why. He didn’t want me to talk to the tenants. But I ditched him and talked to 2. Both told me the apartment floods so bad amongst other issues. But the location location location was a 10. If he would come down on his price I would get a rehab loan and make it work. 
So right now I will counteroffer a low ball number but it needs a lot of work. I’ll keep you posted on his response. 

@LaTonya Clark

This is an update. I sold this 30k property for 125k and bought a duplex.

@Mitch M. Wow.. I wish I had the experience to use your strategy. But you shared a lot to information and im taking it all in. I will post the outcome, this one has been the most difficult for me so far. Not fun.

@Timothy Hero thank you! Not really worth it.

@Stuart Udis your absolutely right, as far as the market my biggest issue is that I don’t know that area very well and neither does the agent that is helping me. We’ve done our research. We know that they’re building up, it's near a hospital and it is a good neighborhood. I would say the surrounding neighborhood is a B-. I just have to decide.



@Dan H.Lord.... Looking at this from this perspective just scared the hell out of me. I would be managing myself and...I just have A lot to think about.

@Chris Seveney I'm concerned about having $$$ for repairs when needed. I don't want to take $$$ from my other properties. That's my biggest concern.

But I should also look at the tax and long term benefits.

@John Underwood that is such great advice! As a real estate broker I would make the same suggestion but as a buyer I feel so lost.. It's the weirdest thing. I have to think about how to go about this.

 Stuart, part of me feel this property would appreciate not sure if it will be significantly or not, one can’t tell but I do know part of me is willing to take the chance.

Thanks John for bringing that to my attention- creative financing. I’m starting to feel a little confident about moving forward. I will ask him to carry the loan for 5 years, no interest🤔, with $40k down and a balloon payment The 6th year. At least that avoids the banks closing costs right now. Did I miss anything