All Forum Posts by: Stan Jackson

Value added principles do not change based on the number of zero's, right Craig?

Wouldn't the prudent thing to do is request a copy of the will, or at least physically see the document? I would think you should at least have that right.IMO

Welcome Tammy,

Nothing you've said offends me. BP is also a great book of knowledge. Be aware of the wolves in sheeps clothing. For the most part, the members with higher influence will be looking out for you.

Stan

But, considering he is only putting down 20% and the property needs TLC, which we all know what that means, the COC is only 10%. Isn't there better deals that produces 10% COC returns?

With $5k in TLC, this because horrible, wouldn't you agree Jon?

It does start looking better around 10 years of holding.

Especially the 50% and 2% rules as Ray suggested.

Then, confirm and re-post your numbers. I thinking neither of these are good deals.

Will either of these properties produce additional income other than rent?

Sounds like a teaser price. What are similar properties listing for in the area? Maybe contacting the listing agent would give some insight as to why its' priced at $35k.

I agree with BryanA, offer full price and wait. Then, if I'm correct about it being a teaser price, you may get an opportunity to submit a higher offer if a multiple offer situation arises.

Ta-Daaa, the real estate business in a nutshell!

qk,

The one thing I have not seen posted yet, is in my experience appraiser will not adjust for room count AND living area at the same time. Does your report show adjustment for living area?

I curious that in the subjects' subdivsion, there several 3/2's to consider, but no 4 bedroom comps. Is the 4th bedroom a true bedroom or was it converted into a 4th bedroom? The appraiser may have seen the 4th bedroom as a conversion and simply adjusted for living area.

Also, it has been my experience an extra bedroom would result in extra living area, approximately 200+SF. So, with that said, the 3/2's would not be comparable because the adjustment for living area would exceed FHA tolerance levels.

If I undestand you correctly, a BK will not have any bearing on governmental assessments.

These types of liens cannot be liquidated through BK. Therefore, I suspect will remain intact.

NAL, NLA

Jon,

Was the buyer allow to have a gift in that scenario?

Stan