All Forum Posts by: Mark Cohen

I do know the market as I have already bought in the area (so far so good w/first one) and have been researching the area for 6 months.  I did mean a cma, and based on my own comps I had thought the value to be around 150 as well even though neighboring houses have sold in the low 200 this house is a little older and one less bathroom. Pre crash I think this house would have gone over 170, I am finding that orange county, ny is a little lagging in house prices rebounding.  My gut feeling after walking though the house is that it feels too old and will be too costly in maintenance.

Thank you all for responding, I am enjoying the learning experience.

I feel obliged before posting to again thank all the bp members who constantly offer their invaluable advice. This place is really amazing and inspiring.

Now for my question, I am looking into a sfh where the older couple is moving to fl. and want to sell off their rental properties. It's a 4/1 built in 1950, they are offering seller financing (I do not qualify for bank fin.) and have come down from their asking price of 170k (which an agent had appraised it at) to 151k at 5.5 interest over 20 years with 35k down, which is $800 a month.  They have offered to place renters at 1400 a month, taxes and ins are 500 a month which leaves $100 extra-I would be managing.

I know it's not overall a good deal but for someone who has downpayment money but can't get a mortgage is it a good deal?

I too am considering my first seller financing deal of a sfh (meeting with the owner on mon.) I am planning on renting it out until the market in upstate ny rebounds enough to sell.  where do you think is a smarter point to negotiate, on the purchase price or the interest rate?

going with the argument of condos saving time, I have 2 condos (my only investments) and have found it very easy with both of them to find tenants.  

my opinion is that renters 1 - like the community feel especially if there are kids, and 2 - are less likey to be nitpicky because many others are living in the same (external) conditions

of course i haven't had sfh but maybe someone who has had both could determine which one is easier to rent out, saving time and vacancies

thanks

Thanks!

I am in the process of buying my second rental as a cash purchase (i lack income proof to leverage) and I have just enough for the offer I made and can either 

1 - take on a partner for 10k (friend or family) which would give more breathing space for repairs but I would be giving up equity, 

2 - I can take cash advances from credit cards as I need, it just makes things more tight and pressured. 

has anyone had this dilemma and what would you do?

I looked at a condo this week 2/1 on the second floor which had a one day open house before the bank goes through an online auction ( 2nd time around). the broker there said the water and oil heating had been turned off in 2013 and everything had been properly winterized - the electric was all working.  The condo is a top unit in good condition and built in 1989.  How much potential risk of a big plumbing issue (more than 5k) do you think there is?

Thanks all for the feedback,

When the day comes that I have built enough income to go to the banks to finance duplexes, I do want to go down that road.  Now that I am stuck with only the cash option I figured it was more safe to buy a $35k condo than a house which could have bigger expense issues.  Does anyone know around how much personal income I have to be able before qualifying to cash out refi the condo which I own?

Hi everyone, 

I have been reading on this site for around 1 month now and its an incredible place to learn and connect.  I am a student without employment history but I was fortunate to inherit around $80000 from my grandfather.  I did a lot of learning and decided to put my capital to work and purchased a condo for 38000 (after small amount of work  + closing + attorney/llc fees came out to 44000) I am renting this out for 935 a month. There is hoa of 310 a month (but I dont have to do so much maintenance) and taxes are around 1600 a year. It should have a cap rate of around 12%.

I am looking to do another such deal which will hopefully get my income started and I can eventually invest through a mortgage.

any feedback on my first deal and if my plan to repeat with remaining cash is a good one is greatly appreciated.

good luck to all out there and happy thanksgiving