All Forum Posts by: Steve Candor

@Hattie Dizmond Thanks. Yeah it's just exterior lights. The units each pay their own Heat, Electrical, Gas. 

it's not in the best neighborhood. but maybe one day that will change. 

  trash is 90/year. I have to find out how many bins I need. I think 360 a year. I'll have to pay someone to shovel and take care of the lawn too.  Definitely will verify water too 

@Colleen F. 

@Hattie Dizmond yeah it should cash flow positive . What are your thoughts on the deal?  I'm thinking if I can get it for 120k then it'd be good deal. 12k/120k is 10 percent a year. And if I can raise rents bonus. But not sure if that's realistic.

4 family fully occupied. I believe I can get the rents up when they leave specifically the 3 bedrooms as I think they are under market.

current ask 145k

Electric 20/month

Water 140 month (seems low?? but owner provided)

Taxes 3k a year

1bed 475

1bed 425

3bed 575

3bed 625

These are the current rents. I think I can get the the 3bed at 700. And the 1bed to 500

Mortgagee's sale of real estate by Public Auction in Massachusetts. 

I don't see any tax liens on the property but there are past taxes due. Not sure if I'm liable for that? 

Have you done it? How did it turn out? 

What things have you learned from it?

What should I be on the look out for before purchasing?

I see a good property and I'm thinking of going to the auction and bidding on it. 

@Tom Reynolds thanks. this is true. 

There's a contingency on the offer based on a house inspection... so we can see the property then. So it's not completely sight unseen. 

I have not seen the property.

I do know there are 4 offers on the property - all around ask. So I know it can't be that bad. It has to be worth it if there are 4 offers within days on the market.  All cash. So I believe they are investors and market knowledgeable. 

Do I really need to see the property? 

@Hattie Dizmond 

Be blunt please. I can't get a sold ARV. There isn't anything really solid in the area. Things are selling all over the place. Most are going for over 100k once repaired and good standing but not a direct comparison because it's not in the area. My spread is going to be big because I can not see the damage until after the offer. Owner won't let me see until after offer has been submitted (i can still back out with inspection) since there is a tenant living there. If the expenses are too much i'll walk.

No lease for current tenant. Eviction is only process to remove. 

Total expenses: Trash is $180/year. No mortgage. All Cash. Tenant pays all utilities. Water and Sewer = 1300/year. taxes 2470 a year. Assessed at $125k.

Thoughts?