All Forum Posts by: Elizaveta Dolzhenko

Thank you all for your responses, they are very helpful and very appreciated!

the property is located in a popular residential area. The surrounding streets are all nice communities, with large expensive block homes. The street this house is on is unique because it consists mostly of 1/2 acre lots which were sold individually. Some of the lots have large beautiful houses with brick driveways, others have mobile homes, others have more modest houses, and some lots still empty. 

I have 32k to use for part of purchase price and rehab, and I need to borough about 50k to make this work.

I am under contract to purchase a single family home in tampa, fl and my hard money loan got denied less than a week before scheduled closing.

I have a backup option to borough money from my father, but wanted to get advice whether I should continue with the deal.

Here are the numbers:

Purchase price: 68.5k

Arv: 110k (this is the appraised value, but not a lot of comps for this property)

Rehab est cost: 10-15k (mostly cosmetic, plus roof)

Est rent: $950-1050/month

Specs: 984 sq foot home in a good area with good school zones, built in 1958, on .6 acres of land

The reason hard money loan was denied: hm company owner did not like that the house is small and frame and not in a community.

What I intend to do with the property: fix, refinance, and rent out. I estimate my cash flow to be around 450-500 a month after mortgage, taxes, and insurance but before other expenses. 

In my area there aren't a lot of properties well under 100k that are in a safe neighborhood with good school zones, which in why to me the property has potential. However, I am a little concerned with the fact that the hmld denied the loan because they didn't like the property.

Thank you in advance for your advice!

Lisa

I don't have personal experience using this website, but a ran across this review: http://www.highya.com/homesearch-com-reviews

Looking at this review, I would say it looks pretty risky to use them. If anything goes wrong during the sale you are stuck paying the 5 % fee with no way to get it back

Thank you very much for all your advice. My husband and I have a lot to learn, so your advice is greatly appreciated.

We'll be patient and wait for the right tenant.

Thank you for your feedback.

I think we'll go the safer route and wait for someone who is able to pay everything upfront.

Hi,

My husband and I are trying to rent out our first property and we came across a potential tenant who would like to pay deposit over the first two months - first half along with first months rent prior to moving in and second half with the second months rent. They are claiming that the place they live in now did not require a deposit, and they still need to pay rent there for this month and this is the reason they don't have enough money for the full deposit upfront.

Is this an immediate red flag or should we consider this tenant if their credit and income looks good?

Thank you,

Lisa