All Forum Posts by: Tell Szpp

Hey all,

I was hoping you could offer me some insight on a unit. I’ve been chatting with an older gal who is looking to sell her full duplex. She has evicted 1 tenant, and is in the process of evicting the other. She wants out of the unit, and is willing to owner finance it for me. She is offering me the deal with an interest rate below what the banks are offering, and she is willing to take $0 down. 

I have seen pictures of the side that is empty. It was certainly left dirty, but doesn’t appear to need lots of work. We plan to look at it early next week. 

Does anyone have insight on what I should look out for, that the evicted tenants may have wrecked, that a person may overlook?

thanks, Tell

Hey all,

Been lurking for quite some time.

Quite excited about making an offer tonight on my first real estate investment. Been watching for a long time waiting for the right deal and found it today.

Single family home, with small attached garage, lots of mature trees in both yards. The home is in great shape. It is an estate sale, and seems to have belonged to an old feller that was content with the way things looked, so the house is stuck in the 70s. To make things even better, the kids decided to try and Reno, but only got as far as gutting most of the basement, and one bathroom. Making it less appealing to others and cheaper for me. It’s only a couple blocks from the only private school in town, as well as a few blocks from the best elementary school and hospital.

I hope to get the house for 165000, and started at 145. Spoke with my contractor and plan to put around 60 into it and should have a market value of 290+ when we are done. I hope to keep it as a rental.

Writing this surely is making it sound easier than it will be. I’ll keep everyone posted on the deal, and will hopefully have the chance to share update pictures.

Thanks for all the help I’ve read over the years.

Only advice I could share right now is keep looking for the right deal and when it shows up, you’ll know. I’ve seen 30 other houses over the last few years that had me thinking hard. But when I saw this one I knew it was time to jump in.

Hey all,

I'm new to the REI world, and I'm looking for advice on what you would do if you were in my shoes. I am 21years old and hoping to one day rely on real estate income to allow financial freedom.

I am currently in the process of selling my first house, that I purchased a year ago and fixed up a little. I have a deal in the works, that should leave me with around34k in the bank. 

I'll be purchasing a new home for around 340000$, which will be my SFH. I plan on renting out 2 basement bedrooms which will bring in around 1100$ per month.

The average home in my town sells for around 415000$, and a cheaper older half duplex runs 210k. We are in very hot town, in a small slump with the housing market down a bit. But things should be at an all time high come this time next year, with all the projects that will be coming into our town. 

So my question stands...

Would you dedicate the entire 34k to a down payment on the SFH and build equity until I can save the 20% down on an invest? Or only do the 5% down, and invest in a mobile home, which will run around 55k, with pad fees around 500$ a month and interest at 3.5%

Thanks!