All Forum Posts by: Matt West

I would let them know what you are thinking, or at least interested in purchasing the property.

Wow, that sounds like it could be a good potential deal. I am a newbie myself. It seems to me though it is all in the numbers as to what way works best. What are the comps in the are, does the house need much rehab, what are the average rent prices, how much will you offer, and how much equity/savings do you have? If you are looking to buy cash with leverage, like HELOC/savings then cash out refi, then using a HELOC isn't a bad way to go. I would not use an exit strategy that left my HELOC money in the deal from my primary residence though. If rentals are in high demand, I might play the long game on this one and hold for several years.

@Spencer Vickers

Great info! This would be my first deal. The units are not pictured on the listing. They probably need a good overhaul. I’m imagining that I could offer 160-170k, update/Reno for 30-40k, and increase rents after that.

Ok, working through the analysis on this deal and I am hoping for some feedback.  It is a 1984 Quadplex totaling 3670 sq. ft.  

Unit 1 - 4 b/2 ba Rent $725

Unit 2 - 1 b/1 ba rent $500

Unit 3 - 2 b/1 ba rent $625

Unit 4 - 2 b/1 ba rent $575

Total Rent $2,425

Asking price is 200k, DOM 101. All units currently rented on 1 year leases.  

What are some creative financing strategies that I could utilize? Not sure on the ARV for the property, but it probably is not much higher than 240-250k. I have roughly 6-10k of my own money that I could throw at this deal.

Could Hard money work on this deal?  I feel like the margins are to tight.  

What about part hard money, private lender? 

I guess what I really want to know is what would Brandon do?