All Forum Posts by: Leyha Williams

I toured a potential rental property today with an inspector and was told that there were galvanized pipes all throughout the property. Additionally, there were blockages that prohibited the kitchen sink, bathroom sink and toilet from operating a full capacity. There were also water pressure issues. The property was listed for $209,000 (3bed 2bath built in 1975)

Is it worth purchasing? If I purchase, how soon will I have to get the pipes replaced?  Have any of you bought a property with galvenized pipes?If so, what was your experience?

Update: I decided not to do the deal. The repairs would've been way more than what I estimated and the lender would've pulled funding because of the lack of flooring. Thank you all for you help though.

Thanks! 

@Daniel Tanasa Hi Daniel, I'd also love to attend these events. I sent you a request to connect. I look forward to getting the information.

 Hi Daniel,

Thanks for this perspective. My calculations show the ARV being $234,355

I have a loan @6.7%. The lender has agreed to finance the deal. 

With that information, what is your advice now?

I’ve submitted an offer of $175K for a 3-bed, 2-bath, 2-car garage home with 1,632 SF on a 5,199 SF lot. It’s listed at $200K and being sold as-is, needing new flooring in all bedrooms, as well as a fridge and washer/dryer. My plan is to live in it for 4-6 months while securing a tenant, then move out.

Estimated monthly costs range from $1,600 to $1,800, while similar properties rent for $1,800 to $1,900. Given these numbers, is this a good investment, or would it be better to wait for a comparable property with fewer required renovations? What factors might I be overlooking? Any other thoughts?

@Jeff Pasmore Thank you!! This is great and I will consider these factors before making the decision.

I am purchasing my first property and I am deciding whether I want to rent it out and get a cheaper apartment or stay in it and pay the mortgage myself. As of now my plan is to buy a 3bd 2bath starter home for $200,000. PITI will be $1600-1800. I will buy it in a neighborhood outside the 610 loop (20-40 minutes outside of downtown) in an up and coming neighborhood where rents for comparable properties are $1800-$2000. While my tenants pay that mortgage, I plan to live in an apartment closer to downtown for $900-$1200. Does this make financial sense? Is there anything I should be concerned about? Is there something that I am not considering? Please help me make this decision.