All Forum Posts by: Kirk Hart

Yep, in writing and said exactly that!

We just experienced a strange scenario where we had an accepted backup offer, were strung along for months only to hear that the property was purchased by the Listing Realtor for $2k over our accepted backup offer.  This seams fishy and unethical at best.  The only way I can see this as appropriate is if the Realtor offer was the 1st position.  Any thoughts on how we might go about inquiring futher into this?  Am I missing or misunderstanding something here?  Thank you all in advance!  Cheers!

Jay Hinrichs,

I am attempting to split one into two in Tigard and YES, it is going to cost me about $50k when all is said and done.  I first have to acquire another 1000sqft to meet a minimum 14k lot size requirement at $8500 to move the lot line not counting what the neighbor is going to charge me for the 1000sqft we need.

Only $20k to invest at the moment. $0 repair costs as house is in great condition so I have estimated less than $1k to get ready for rent.  30/15 Balloon at 4.2% Financing. Can't quite make the 15 year fixed @ 3.8% work, negative cash flow.

My wife and I are looking at our 1st purchase in our farm area of choice.  The question is whether or not the deal is good enough to pull the trigger.  

Goals: Long term buy and hold for positive cash flow and Increase investment cash through equity in 1st property.

Example: Let's say we have $20k to put down on $100k deal on a property but, the property is worth $130k but the seller just wants out and home sales can take a year or longer in this area.  The house could rent and provide only $80 positive cash flow per month after all expenses including property management, maintenance reserve, etc.

Equity in home after purchase: $50k roughly

Cash on Cash: Only 3.8%

BTW: There are 0 rentals available in this area and most don't allow pets and we think we can make this our niche by allowing them.  Yes, Yes, with proper deposits and built in protection with rent prices via maintenance reserves.

This is one method we are considering rather than trying to find a flip to increase investment capital this year.

Thoughts, considering low Cash on Cash but possible increased investment capital through equity?

Thanks in Advance!

-Kirk

Thanks for the info and I have decided not to purchase!  What is interesting though is how the numbers workout on HIGH End Rentals!  Hard to call it an investment even by definition, since real property is allusive, ignore the word deed... any way not going down that road.

Here is what is interesting.

$1800 per year HOA (maintenance fees really)

$8k-15k for 2 weeks worth of rentals annually  = insane profit assuming you can fill the unit(s)

Like I said never really looked before but, seems like there might be money to be made. Just not my cup of tea.

Sorry, Let me clarify.

And yes, I may be crazy but, I am hypothetically thinking about it as investment because of the Return.

I paid $2700 for 1 week in the studio only.  There are 2 separate units.   1 has a 1 bedroom with a full kitchen.  The 2nd is a studio with a kitchenette.  

Yes multi, multi, Million dollar property 5 Star Resort. 

What if I bought one for $15k and could still rent for $3-6k per week for the two Units together?

Thanks for the input I have received already.  This is entirely new to me and I have never looked into Time Shares before.

OK, so I know that time shares in general seem to be frowned upon by the general public. However, here's the skinny...

Purchase Price: $40k

HOA Fees: 1800-2000 per Year

Time: 2 Week Lock Off Premier Time

Units: Studio with mini kitchen including cook top, 1 Bedroom with full Kitchen both balconies are Ocean facing

Rents for 2500 - 4200 per Week

Thinking of purchasing for cash.  

Note: we rented similar room on same property, studio only for $2700 for 1 week

Amazing Location in Prime Vacation/Tourist area.

Would love input!

Thanks in Advance!