All Forum Posts by: Patrick Rowe

I have opportunity to purchase a single family 3BR 1.5 BA 1610 Living area with a tenant already their paying $900 per month. The asking price is $65,000 for the property. I have a banker that will do a 100 percent financing at a interest rate of 5.75  for 30 years. What do you think about this deal. I'm coming up with $371 per month in cash flow if I manage it myself. The property value is around $102,000 according to the comps.

ok thanks, I checked rent o meter the rents are actually low for the area. I found out one of them is in a flood zone and I don't buy if it requires flood insurance.

ok thanks, yes the two duplexes has some deferred maintenance. I probably could buy both of them around $35000 and put another 20000 per building and finance around $55000 to $60000 per building. Also they do have tenants in place already

Do you determine the value of a duplex by using the income and 50% rule? Also I have an opportunity to purchase two duplex for 48000-49000 one is a three br 1bath and 2Br 1 ba. The three Br brings in $1100 and the 2br briings in 1000 a month. The property tax and insurances run about $150 per month. I have a banker that will finance any renovation cost and purchase 100 percent. He will do a 20 year loan at 5.75 percent.The properties is not in a war zone.But the area probably is a c-d class area. What do  you think about this deal

I have a opportunity to wholesale a land development. I would like to know if their are any forms that I can use to make this deal work and any input on the situation would be helpful.

I've gotten some information on wholesaling on here. I have not met anyone here in Louisiana that has been successful doing it. Since then I have switch to doing house flipping and building houses.

Yes, They are a certified Hud Broker. I spoke with her about it and she said they will not cut on the water.

Mark- The probelm is that the permit office will not come out and inspect the electrical,gas if the water is not turned on.

JScott-The probelm is that the permit office will not come out and inspect the electrical,gas if the water is not turned on.

Correct, I can turn on the gas,electric and not the water. My questions is how do I get the property inspected without utilities.

Here in Louisiana if the power is off for 6 months you have to get it inspected before energy will turn it on. Hud will not allow us to turn on the power why they still own the property.