All Forum Posts by: Nazz Wang

How much are you going to net after HOA and ppt tax and insurance? Be prepared for high turn over too because that is generally the case for condo's.

the strategy depends. What are the other terms of you offer? If you are paying cash make sure you have a short closing with best contingencies you can offer. I would do no contingencies if I can. 

Will the property qualify for financing? If so, a low ball will most likely not work (sorry) since it has only been on the market for two days.

@Meghan McCallum

Honestly, I think you are better off spending your time and care underwriting the deal yourself. Personally, I almost never take any seller provided numbers to heart unless it is on a tax document. A buyer needs to perform his/her own fact checking and underwriting. For starters, how much would the insurance be? Did you call water company and energy company to get a ball park for your utility expenses? The list goes on.

Personally, I think rents are too low and there is not enough meat to chew on. No matter how small the apartment, there is always a kitch sink that will leak and a toilet that will overflow. Bedroom and living room areas are relatively very low maintenance, perhaps a cost a paint between tenants or something. The point being, for small cheap units, you have about the same repair cost, so your profit margin is lower to none.

Just curious, how much more do you need? Knowing the size of the loan might get more specific recommendations.

In my experience a light but notable foundation problem might work to a rehaber's advantage to get a great bargain. A costly one might be more of a deal breaker for me. See if the seller has any quote disclosure from any foundation guys and account for it in your plan.

I would personally only work with major national banks directly. I would never use a broker because they always charged me a premium and I know what I can get from whom. That being said, brokers could be the better option for some. I would try to call a national bank's mortgage department directly and see what they can offer me. I like Wells Fargo and National Bank of Kansas City (all types but especially great for VA so I have heard).

Have to work with the person to see if you are a good fit. Just don't sign any exclusive representation or similar paperwork. 

do your cash flow analysis and present them here please so we can comment and compare.

No. If they don't have any credit, why would you check anything else?

Plenty of people with good credit to choose from. If you don't get any applicants with good credit, recheck your rent amount. Your asking rent is too high. 

I would much rather rent for a lower price to a more qualified tenant than at the highest price possible to just anyone who is willing to pay. It will cost you much less to choose your tenants carefully. 

if this is your agents (buyers agent), fire him. Get yourself one that listens and does what you want.

Learn to convince yourself why you are offering the price, not just because you want to see how low they will go. Understand and double check your numbers.