All Forum Posts by: Simo Hak

Hey @Justin Fox - First offer was actually at 260k and we worked with the buyer to bump it to 275k as is

Hello,

I bought a home to live in in December of 2015. Fast forward 2 years later I had to move out of town for work and had to rent it. The rent income nearly covered all of the costs (PITI + PM) and the last two tenants broke their leases early and ended up buying their own home.

There is some deferred maintenance around 25-30k that I have delayed because it was a rental. I tried to put the house on the market for Sale and I got an accepted contract for 24k (list price 299k accepted 275k) less than asking price as is. The potential buyer did the inspection and found that the patio deck (15k to replace) was deemed unsafe and needed to be redone and ended up terminating the contract.

I need input from savvy investors on what would be the best course of action here to capitalize on this opportunity:

1- Relist the house on the market and hope for a better buyer and knock down the price? if so, by how much?

2- Handle the deferred maintenance (25-30k) and list for rent and then refinance (room for increased rent) 

Any input is greatly appreciated

Your 80k will go a lot further in the midwest (OH, MI, TN, IN)

Hi Guys,

So I have an accepted offer on a duplex for $107k  - each unit is 800 SqFeet in an upcoming/desirable area. One unit is rented for $624 and the other one is vacant and needs some touch ups. 

Seller agreed to deep clean, paint, change carpet and put new vinyl. He also agreed to do some repairs.

Here are the financials

Price : 107k

Financing:  20% down at 3.6% rate

Mortgage payment: $525

Home insurance: $80 per month 

Property Tax: $1800 annual 

i am planning to rent the other unit for same amount so my monthly total is $1250

What do you guys think?

@Clay Smith 

Thanks for your response. Unfortunately the home does not have a basement and the only to expand the Sq Ft is to build an addition to the house which will cost more $$$$.

I am first time homebuyer so I may left out the detail that I want to rent it.

@Michael Seeker 

It is a 2Br 1 Bath and I agree with you it is a tiny house and that is why I thought it might be a good rental. The house is located between Anchorage and Middletown

@Mya Toohey 

Thanks for the reply, the loan term will be 30 Yr conventional at 4.5% and insurance and taxes together will be around 120$ per month. No PMI since I am willing to put down 20%.

My PITI will be $370.45

My goal is to generate $450 positive cash flow per month on this property.

I moved in with my girlfriend into her rented place and all I had to do is register my car.

Maybe you could just ask him to register his car as a proof that he lives there?

I saw a house that is up for sale in my town ( Louisville, KY). It is a single family house advertised for $69,900 and I was able to get the seller to go down to $64,500.

Here are the facts about the house

Single Family Home 2bedrooms 1 bath updated Bungalow with convenient location. Updated Tilt-in Thermopane Windows, HVAC, Bath, Flooring, Roof. Front bedroom lacks built-in closet, Master Bedroom has wall of closets. Washer & Dryer stay, Nice fully fenced rear yard. Plus storage shed.

Lot Size: 0.14 Acres & House is Sq. Feet: 800

Seller is selling as is with no repairs and I am required to pay the closing costs.

I am willing to put 20% down therefore avoiding PMI. The purchase of this home is solely to rent and have no desire to "flip" or sell within few years.

The rent average of similar homes in the area is $750 - $850

Is this a good deal? Any advice is greatly appreciated as this will be my first real investment