All Forum Posts by: Tara L.

ALL:

I hope your new year has gotten off to a great start. Do any of you know of any homebuilders in Hall and Forsyth Counties in GA? If so, please share their contact information. 

Thanks in advance. 

V/r,

Tara

Thanks for responding Steve ☺

ALL:

Good morning.  Are any of you wholesaling land? If so, have you double closed on any of your land deals, or are you buying for cash and selling after the land is legally yours to sell? I've read about double closings when wholesaling houses,   but I haven't heard much about it with land, although one person told me he heard something about it during a real estate conference, but the course offered is just way too expensive for me.

Thanks in advance for your response. 

Mr. Carey,

Thanks for your response. Here's more information:

House #1: Built in 1925 and was last appraised at $15,700

House #2: Built in 1972 and was last appraised at $10,250

House #3: Built in 1941 and was last appraised at $11,400

As far as the area is concerned, it's not the best area in town and has a lot of Section 8 homes, but the tenants in all three houses have been there for quite awhile, according to the owner. People have started to revitalize one side of the city but they haven't made it to the side where the houses are located just yet and honestly, I'm not sure if they will because it's east of the downtown area; it's more of a renters area.

ALL:

Good afternoon. Can you please tell me if you think this is a good deal? Here are the details:

3 houses for sale for $17,000 each; they're all rented

The two 2BR homes rent for $450 per month and the 3BR rents for $500 per month = $1,400 per month

The total estimated taxes per year for all properties is: $500.00

The homes are somewhat decent from what I've seen in the form of pictures, but I plan to do a walk-thru in a few weeks. The owner said that one of the houses will need a new AC unit soon, and from the pictures, I'm thinking a window AC, which is not that expensive.

Do you think the deal is worth pursuing? Thanks in advance for your responses.

Rafael and Wesam,

Thanks for the information in regards to traditional financing. I will remove the option from my list of possible financing strategies.

I guess I'll have to take the owner financing approach if the deal is worth pursuing.

V/r,

Tara

Ned,

Thanks for responding. As for the financing, I was looking to get traditional financing but if I can be more creative with the deal, I'd like to take the creative approach. Seeing that this would be my first deal, I'm not sure I'd be in a position to convince a private lender to fund the deal. I plan to contact the owner this week to discuss the properties in more detail. I think all tenants are on Section 8 and I'm not sure about the neighborhood(s).

I will ask the owner the questions you've provided and hopefully, things will work out.

Thanks again!

V/r,

Tara

Thanks for your response. I will gather more information and come back to Bigger Pockets for advice.

Thanks again.

V/r,

Tara

ALL:

Good afternoon. Can you please tell me if I should pursue this deal and if so, what type of purchasing options would you propose to the seller:

The person is selling 7 SFHs for a total of $98,000.00

He's currently getting a total of $2,500.00 per month in cash flow from the properties(they're all rented at the moment).

I'm not sure of the condition of the homes just yet because I haven't visited them. In the event that the homes are in decent condition, do you think this is a good deal?

Lastly, for a person who does not have $98,000 cash to purchase the homes, what would you suggest in terms of financing? Also, I'm open to any creative methods you may have also to work out with the owner.

Thanks in advance for your response.

V/r,

Tara

Louise,

Good morning. BPO stands for Broker's Price Opinion.