All Forum Posts by: Sean Ploskina

They are going through a divorce and they have let things lapse.  They bought the property in '09, dropped 60k into it but with no experience.  So they now have a unit renting for half its value and the other the guy isn't paying his 800 per month.  They are offering to subject-to the 68k loan.  15 year loan with 9 left.  The numbers look good but it will need 15k to get it back to rental shape.  

@Joyce Tavares

Thanks guys I was planning something like what has been mentioned.  The tenant hasn't paid in months and I wasn't sure how it would work with me taking over if it would restart the process of non payment.

@JScott mentioned in his flipping book using BankFind on the FDIC website to locate smaller lenders. Has anyone tried this?

I went to their site but I am struggling to use it to sort for smaller lenders

I am looking at a duplex and one of the units has a tenant who isn't paying.  The current owners aren't doing anything about it.  They are just letting him stay there.

Does anyone have experience with this situation and do they have any recommendations? 

Curious what the BPers say makes for an improving neighborhood.  What features or demographics indicate that an area is improving?

Rehabs?

Income levels?

Overall sales increasing?

Investment by the city?

2nd what @Devan Mcclish said.  Your expense allowance is very optimistic for a place that is old enough to be rehabbed.  

Also something not listed is utilities for either. Normally they are paid by the tenants on a SFH but what is the situation on the duplex? This could sink what is already a poorly performing deal.

Try the rental calculator here on @BiggerPockets.  It will force you to account for some things you may not have previously considered.

I would pass on both but plug them into the calculator and see for yourself.

There is not enough information to determine if this is a good deal or not.

The 1 or 2% guideline is there to let you know to dig deeper.  

You still need info like age of the building which will affect repair costs, cap ex, and utilities.  Also on utilities who pays for which ones?  

What are the taxes like in your area?

How much does management cost?  Yes you need to budget for it even if you are doing it yourself.

Is it near the water?  Flood insurance can sink a deal

How much are you budgeting for vacancies?

For 550 bucks its worth the experience alone.  I might have to go look at the auction sites again!

You can find deals in virginia pretty much anywhere, even in NOVA.  But its a lot easier if you look anywhere other than there.  Richmond, Hampton Roads and Charlottesville are options with the area around Virginia Tech or up to Baltimore.

I am buying from the VA and they refuse to do anything. I am working on some hard money guys now thanks @Dave Fontana