All Forum Posts by: Matt Pursley

All of this is super helpful! I was trying to be brief but left out some stuff for sure.

The sellers acquired it about 15 years ago at an estate sale auction for 50k. Raised the rents little by little except for 1 unit. This is their charity case tenant. He pays $375 where market rent is probably $500. They pay his utilities and a neighboring tenan'ts utilities because they're on the same electrical. It's a well/septic system. 

Plenty of room in the future for rent increases and upgrades. Seller says "if it aint broke don't fix it, this aint a luxury rental". He's right it's not luxury, but little by little some "not broke" stuff adds up.

Annual taxes - $1800 Annual Insurance $1800

Estimated annual expenses 5000

New septic 5 years old, new roof 2 years old, but roof needs some work-seems like a lot of the repairs were patch work. Not a good new roof, but a new roof. 

CapEx - 12k

Thanks for all your feedback and responses! The inspection will be a good tool and I feel comfortable walking away. 

I’m working with sellers of a 6 unit. Agreed to seller financing for 15k down at 6% for 15 years. They’re asking 300k. Brings in 3250 monthly. The problem is they are unaware of actually how much work the property needs. It has quite a bit of liabilities that need to be addressed that they just don’t see as issues. They agreed to an inspection before the offer and I’ll receive the inspection work back today or tomorrow.

How can I make an offer that is going to be communicating why they have it overvalued without them just shutting the door on me? They seemed motivated but are starting to seem like they just don’t get the issues.

I'm new to bigger pockets pro. Looking at Charlottesville, Virginia and Greensboro, NC mostly. Been researching for almost a year now and am ready to start putting my money where my mouth is. I love BP and can't wait for the future. Looking forward to connecting with some new people.