All Forum Posts by: Steve D.

Travis,
with $400 per month in rent the deal can only make sense if the house has potential (and big potential at that) for appreciation or could actually be sold for $50k. The only money you'll make on this house is with a flip. Again, $400 rent, even on a $25k house is too low..taxes, cost of money, insurance and maint will eat it up and you're served nothing but an alligator....in my opinion.

Chuck,
Your rent v purchase price ratio is quite good! Don't be too shy on securing more if you can continue to get those types of numbers. I am buy and hold with focus on cash on cash return with a minumum of 40% per unit. Depending on your tax situation it looks like you could be doing even better....specially if you did less all cash in deals and leveraged some with mortgages. Good luck!

Curt, so glad I didnt offend you! You're points well taken and as such, my profile is now my most recent rental...I really hated that damn avatar anyway!
may good deals come your way....

Curt, here is a prime example of why it should not be mandated to post a picture. Not sure why you are so passionate about requiring this...as another wrote, the fact that someone takes to the time to read, reply or request demonstrates their 'respect' of the site. Some people have full time jobs and this is a potential conflict so a level of cloaking is needed....one on one conversations can be more transparant if needed.
Thanks, I will change my profile immediately just wanted to make a point

I'm new to trying to bid on the HUD site, but been following a house for a few weeks which is actively listed and accepting bids...then, the same house shows up for sale by a private investor/wholesaler on Craigslist for 10k less than the HUD list price....if this is still open for bids on HUD how can he sell it? Can HUD homes be wholesaled like private listings?
any thoughts appreciated!

hello,
I have a charmer of a bungalow I just closed on for a rent and hold. I have some room left in the rehab budget (as the roof work actually came in below budget!) and the backyard just screams for a deck and I think it would help sell the place to potential tenants while allow me to maintain a premium on the rent. My concern is that it could drive up my insurance costs (?)....but the deck is built on foundation, not above the ground, so basically will sit 6" above the grass line. Any thoughts?
thanks!

Dovid (apologies, I previously addressed you as 'David'),
I didn't see taxes or maintanence in your expense estimations...but rough numbers tell me a target price needs to be south of the 150k mark, especially if you are able to get the sellers to carry some of the financing. To get a RE valuation you'd need to find some comps in your area, and if you are in AZ my guess is they would be low, but you need to do the due diligence. the more information you are armed with the better your leverage will be with the sellers.

David,
I am not involved in any MHP's but I've been interested as I like the concept of being primarily responsible for mainly just the land and not the toilets :). That being said, we would need to know the offer price on the property to evaluate the surface before digging deeper into financing options, assuming primary the analysis makes sense. I can tell you that inheritances controlled by this many people could get complicated as reaching concensus on a price and terms will need to be sold to 6 parties and some are likely to have illusions of granduer as to the value. Just my two cents...good luck and let us know what transpires.

oh yeah baby that's why we do this! smokin deal. Don't let anyone tell you differently

I'm late to the party on this post, but the only thought that crossed my mind regarding the seller's interest in beefing up the price is that he will still be on the hook for ordinary income tax on the difference between sell price and mortgage loss. Thus, a higher price will save him from a higher tax liability.