All Forum Posts by: Lorraine Martin

Ok thanks. Can you explain the due diligence period? 

They are asking 319,000.

What do you think we should offer without seeing it, home inspection included, conventional loan and due diligence period? 

Hey Yall,

My husband and I are thinking about putting a offer in on this property:

• $319,900 and 3.19 acres comes with it.
• 481 Midgett Farm Rd
• Concord, VA 24538
• 3500 square feet but old!!!
  
• 1880’s is this over priced?!!? 

this is between Appomattox and concord 

After I did my cals it would have 11.16% yield. Gross rent is 36000. We'd put about 5000 into it just to upgrade some things. Few hesitations I have... the house is 1880. What do yall experienced investors think about this deal? Is it not a good idea to invest in a 1880 home. We haven't seen the property yet and probably wouldn't before we put an offer on it. they are showing it 4/21 but I figured if we wait till then wed be going up against other offers. We went to look at outside and didn't see anything too concerning. My husband and I just want peace if this is a good choice. We currently have 2 single family homes, and 1 townhouse. Thanks for any input... advice....caution...etc. Part of me wonders how a home can be worth this much now too. The owner bought it in 2019 for $150,000!!!!!! 

Id like to have a Management company keep managing it for now since my husband works full time. 

Helpful info: We'd possibly offer 3315,000 $ Do an home inspection for sure! 

Hey

My husband and I are thinking about putting a offer in on this property:

• $319,900 and 3.19 acres comes with it.
• 481 Midgett Farm Rd
• Concord, VA 24538

this is between Appomattox and concord

After I did my cals it would have 11.16% yield. Gross rent is 36000. We'd put about 5000 into it just to upgrade some things. Few hesitations I have... the house is 1880. What do yall experienced investors think about this deal? Is it not a good idea to invest in a 1880 home. We haven't seen the property yet and probably wouldn't before we put an offer on it. they are showing it 4/21 but I figured if we wait till then wed be going up against other offers. We went to look at outside and didn't see anything too concerning. My husband and I just want peace if this is a good choice. We currently have 2 single family homes, and 1 townhouse. Thanks for any input... advice....caution...etc. Part of me wonders how a home can be worth this much now too. The owner bought it in 2019 for $150,000!!!!!!

Id like to have a Management company keep managing it for now since my husband works full time.

Helpful info: We'd possibly offer 3315,000 $ Do an home inspection for sure!

Marty, Thank you for your reply. So you are buying directly from the bank since you are buying foreclosures. Correct? Do you find that foreclosures are your strategy more then MLS?

These must be bought in cash correct?

Yes, it seems to be difficult to find a deal with the things you mentioned. I am trying to figure out where to search, outside of MLS to find deals. I am in VA.

Such good advice, thank you! 

We are trying to decide if this would be a good investment. Thoughts? 
Looking at making an offer for investment property. 135,000. Rents for 950. Taxes are a little of 350.  High school is near about 3 miles away but in a rule area. I am trying to figure out if this is a good investment. It is out in the middle of no where kind of if you look on map, however it is near the school. They are asking 145,000 but I think our offer they would accept. 

5763 Three Creeks Rd, Gladys, VA 24554 is the address. Turn key. Tenants there till June. They want to stay and renew their lease. 

Thanks! 

Hey Mark, Yes. This was incredibly helpful. We actually put a offer on it for 183K because we realized how much we would end up spending in it after buying like you said. We went up against 6 other offers and lost. It was not meant to be. We are at peace about it though and anxious to find our next deal. We are ready. Thanks for the input. I really appreciate your time. What do you look at when analyzing a deal? Do you buy most of your investments on MLS? This is just a hard time to buy on MLS it seems like. Average time a house is on market in my area is 4 days. Crazy.

Hey Kyle! What is open letters? 

My biggest thing I am  wondering is if anyone would have any idea if it can be moved since porches and all are added on.