All Forum Posts by: Tom C

No one has any comments on this?

4 properties, SFR's in a fairly good location. Asking for the package $100K.

1st - SFR 3 bd 1 bath - rents currently $475 month. 6 yr tenant
2nd - SFR 5 bd 1.5 bath - rents currently $450 month. 8 yr tenant
3rd - SFR 2 bd 1 bath - rents currently $425 month. 3 month tenant
4th - SFR 3 bd 1 bath - rents currently $450 month. 4 yr tenant

Total yearly taxes are $2280.00
Total yearly Insurance $2000.00

I haven't looked the properties, but I know the location well. Landlord states new furnaces, 2 units have CA. According to him, nothing needs done to any units right now. He is willing to finance with $25K down. We didn't discuss financing details. All rents are around $100 less the market rate. He said he keeps them low to reduce vacancies. The way I see this is, if I was to keep the rents at their current rate, the best price I could offer for the package is $80K. I usually never pay more the $20K for a property, but then they usually require 3 to $5K in rehab. These will not require rehab.

How do you see this deal and thoughts on if I go with owner financing, what would be a fair finance plan?

Thanks

Of course the most important benefit in using PEX is that when the dirtbags break in your vacant rental, they won't steal your PEX.

And we get to pay for ol Krzysztof Duszkiewicz's health care simply because he can't get along with his boss. God, I wish my parents would have taught me how to work the system without feeling like a looser.

According to my tenants case worker, it can only be done once a year during their lease renewal, but if they have not had an increase over the past, you can request one at anytime. It must be in writing and can be a simple email.

A catering business would not bother me in the least, unless the customers are coming to the house to pick up their orders. Then I might have some concern about all of the unnecessary traffic. If you are paying utilities, then that would also create an issue for me. I have turned down prospects that ran a baby sitting business due to the liability of having the kids there. I guess the other factor you have to consider is, what are the city regulations on the business having a license to operate.

You need to check with your insurance company about this and see what kind of potential liability you may be looking at.

Even war zones can be the least of your problems when buying over the net. It doesn't do any good to get a deal, if as soon as you fix it up, someone comes in and steals your new water heater and furnace. I see it all the time in my area with out of area investors. After spending a month rehabbing a place for a rental, as soon as the contractor leaves, the 'neigborhood' kicks in the door and has a free for all. It doesn't take long for the investor to put the property back up for sale, looking for another sucker.

Brandon,

Those are just blanket statements made on all of their listings. In this market, anything goes. keep in mind, if you are not able to inspect a home well enough to feel comfrontable about making a offer, you may loose a lot of deals on REO's.

I've never referred to you guys as "fruits and nuts" but I like it. :)

If HUD has it listed for $40K, you will not get it for $15 or $20K, unless it has been on the market for a very long time, meaning well over 1yr.