All Forum Posts by: Preston Humbard

@Tim Herman..Thanks for the reply! Looking more thoroughly at the numbers it doesn't seem like it will work. I think I am just stuck in Analysis Paralysis. I've got this cash and have the itch for another property. Trying to make it work in my favor is proving to be tough!  

So my wife and I are not he search for our next property (currently have 1 so very new to this.) I would love some help analyzing a deal for a Duplex i found through craigslist add.

House is a duplex 1800SQFT. Upstairs is a 2/1 currently rented for $510. Tenant has been there for 11 years. Downstairs is a 1/1 tenant is paying $620 has been there 10 years.According to current landlord reason person downstairs is paying more is for full use of the garage (detached 2 car) and has brother sleeping on couch. Red Flag I know! These rents are definitely under market for the area. 

Owner owns the property out right and is asking $99,000

Similar size and set up Duplex Next door currently for sale at $170,000

If bought would most likely raise rents at least $50 a month if not possibly more to get rid of potential problem tenant in the downstairs unit.

I have about $15K cash for the deal. I feel like this is a good opportunity for potential owner finance option. Current owner is looking to get rid of all her rentals and is close to retirement. I am not exactly sure how to run the numbers for owner finance yet so that is Win-Win for both parties. 

Owner did state property could use some minor TLC if/when current tenants move out.

Thank You in advance for any advice/help!

This might be a no brainer but I am still very new so I figure it cant hurt to ask.

Just like the title says will the BRRRR strategy work with tenants already in place?

For those who have or currently are investing around the Chattanooga, TN area what neighborhoods/areas are an absolute no go? Looking for B or C properties.

My family and I will be moving to San Juan, Puerto Rico in about a month. We are in search for a rental property 3/2 that isn't furnished. Also preferably a condo or town home in a gated community. Military family with 2 young kids. Please let me know if there is anything available and message to discuss further. Would also be willing to sign two year lease. Thank you in advance!

@Joe Schmitt...This is something I found and started to look into late last night. I think it's an excellent idea and will definitely be running it be my realtor. Thank You

@Marian Smith. . the realtor seems to be a bit baffled as well. For an example one of our comps just sold for 410..was newer construction very similar with a few higher end finishings than us. Right before we went on the market another Comp new construction sold for 405K same as the other, nicer finishings. We started at 375K and are now sitting at 360K. It is definitely a sellers market here. The houses under 250K aren't on the market more than a few hours before they have 12 offers and sell for as much as 30K over asking. I understand we are in a different buyers bracket with home price and that changes things. We did start at the beginning of when the market started to take off and lack of urgency seems to be playing a roll. We had one couple come through 3 times, two separate showing and once through the open house, absolutely loved the home commented price was fair but still no offer. We'll talk with the realtor to see if offering closing by May31st as an incentive. Thanks for the input and advice!

@Brit F.

• We would have to some how cover the mortgage which at this point would be pretty much impossible
• I'm hesitant to provide a link even though i know it would help, 1 because i am not here to bash the realtor and i don't want it to seem that way and 2 one of the buyer agents that walked through the home is on this site and don't want to show him/her all my cards. I would entertain sending link through PM though if you're interested let me know.
• There are still a few vacant lots yes and its multiple builders that work in the area. And no there are no partial builds with customization.

Thank You!

@Melissa Jolley I'm not 100% sure but i know from multiple sources that ruling cost have sky rocketed since we built in 2016 so I'm not exactly sure if that's the case but could be a good point. At this point my wife and I are with you i think renting it would be the smarted financial move and we are only a week into advertising it for rent but we are hoping that works out. Thanks!

@Matt Jennissen yes unfortunately it is. We looked into that as an option and seems almost impossible

@Jason D.......She says all the feed back has been very good and positive. Only comments we have gotten about price (2) have been "priced right." I know that's only 10% of the showings so you may be right. But for newer construction in this area we are priced really well. In fact I believe we at the bottom of comparable homes price wise. Just hard to swallow that we are still priced to high given the comps and multiple realtor opinions. Its only been about a week with the new price but I see a drop for sure in the near future. Thanks!!

@Michael Ealy.......I don't think there are but definitely worth asking the realtor about. Thank You!!

To keep it short and simple my wife and I are currently trying to sell or rent out our home. We have to move by the end of May and have no choice in the matter. That being said the house has been on the market for almost month with not a single offer made yet. We have dropped the price 15K from original asking and have had almost 20 showings and a jam packed open house. Home is, 2016, new construction 3/3 in a highly desired neighborhood. This week we got it on the rental market, but home is an A property with a higher rent and we know that limits our tenant base.

Would love to know if anyone has any, "outside of the box ideas" or any helpful hints or tips. Home is being sold through highly recommend realtor and also being advertised by a highly recommended PM.

Thank you in advance!