All Forum Posts by: Account Closed

You could always buy a SFH and rent out the extra rooms in your house to your friends or even people that you dont know. I rent a room out at my house to a friend right now, and another friend of mine rents out 3 rooms in his house to random tenants and still lives there with a covered mortgage payment. You might even get a cash flow out of it.

Yes I ended up coming back with an offer of 15,500 on it. I should find out the banks decision today. That figure is still under the amount I would pay according to my analysis. I will keep you updated on what happens.

Yes I will start making more offers, its just I haven't seen a house in this area that cheap yet, the next closest i have seen is 50k, but yes I have been warned about not getting too attached to any specific house, and I try not to!

Thanks a lot for all the advice.

HA! Well Schiff has been right on pretty much everything thus far.

I agree, if the bank doesn't accept your offer at least you know you didn't offer too much!

Well I just got the answer to my question and it is a yes....the bank came back and told me and the other investor to submit our best offers....so my initial offer was in fact pretty good considering the other investor offered around the same price.

UPDATE: Well I made my offer last night for 11k, I was looking forward to seeing what/if the bank would counter, however today I found out from my agent that another offer went in last night as well. I am now kicking myself for offering so low. I have to imagine the other investor offered much closer to the asking price than I did. This house, in my opinion is priced well, I was hoping be the only offer and have the bank counter around 16-17k. I was trying to make a good deal a greater deal, but looks like i may lose out on it now. I will find out within the next week what happens. This was the wrong property to low ball, or maybe i am just jumping to conclusions, i'll have to wait and see. Live and learn i guess!

Also, if there are two offers submitted to the bank, have you ever heard of the bank countering both offers?

Hello,

I am a newer investor. I am looking at buying this small house in my hometown. It is an 800 sqft, 2 bedroom, 1 bath ranch, The house was listed in July for 77k its now at 19k. The non homstead taxes are around 1500. I would say it will need minor repairs maybe a couple grand into it. Its located in one of the best school districts in the area, which is a very nice area. I figure i can get around 600-650 a month for it. My question is, what should my starting offer be? I am thinking around 10k. What do you guys think?