All Forum Posts by: Mike Sangapore

 Turns out it's not going to work out - I had someone check it out/take better pictures and it's a no deal. Other pics were meticulously taken. Thank you for the feedback!

I would likely do a cash out or HELOC within a year or so if I end up purchasing. But yes, I agree but it wouldn't be too much of an issue if I were to leave the cash in the property for 2-3 years.

 Unfortunately he is not.

 It won't be much of an inspection - but as of 5 minutes ago, I'll have someone out there for pics and a 'walkthrough inspection.'

 No, I likely won't have the time/resources to do it as quick as I'd need to. It would be in my best interest to find someone on FB or somewhere to take better/more detailed photos.

 Yeah I agree - I suppose it's the 'unknown' I'm worried about - I have not yet seen the property with my own eyes so the pictures may be deceiving. 

 Thank you for the response! The zip is 35020 and it's on 9th Ct - the neighborhood is not the best but certainly not the worst. 

Hey everyone,

I am currently under contract with a seller for $50k cash as a long term investment. It rents for $900/mo but will need a lot of work in the future. It is definitely livable (hence the renter) and in good enough condition to *hopefully* last a few years without any major issues. However, EVERYTHING would need updating to get it to 'retail value' which seems to still be only around $75k. The roof will need to be replaced in the next 10-15 years as well. The properties in the area aren't going for much more than about 75k so BRRRR'ing would not pull much of my equity out by the time it got to that point. That being said, I'm looking at this primarily as a (seemingly) good cash flow opportunity - improvements would be modest if/when they occurred. The seller and I have great rapport but she is unwilling to sell for anything less than $50k (and no interest in seller finance). I can provide any other useful information if necessary - I just thought I'd get the opinion of the BP community. I don't have much hope in this deal and my eggs aren't all in this basket! Let me know what you think.

Thank you!

I appreciate your feedback! What I'm looking to 'take advantage of' is 60% the opportunity I have in front of me, 40% the market itself. Having 100% equity in the property and not doing anything with it seems silly to me. Prices are still high and, although interest rates are no longer low, my job as a wholesaler is to find properties and acquire them at a discount. If I can pull my equity out (whether a HELOC or cash out) of what is still a hot market and find a good deal(s), it seems like a good time to do so - as long as the acquisition numbers make sense of course.