All Forum Posts by: Trevor Dominique

@Michael DeVowe Yes I am certain about the numbers. (Cash flows around $160 factoring including loan payment, insurance, property taxes, 5% vacancy expense, and 15% of rent for CapEx and Repairs. When we viewed the properties, it was clear the tenants kept the place clean and in good shape.

Thanks for the potential questions. Want to be sure I communicate everything necessary with my agent before making an offer. 

Hello,

I am a college student hoping to do my first deal here soon. 

I have one duplex that I really like. Both units are currently rented with one unit on a two year lease with the other on a month-to-month rental agreement. I have the cash ready to buy and want to make things happen quick.

My question is, what info can I legally request from the seller before submitting an offer (ex. copies of current lease, etc.)? What are some questions or other info I should definitely be asking of the current seller? I currently was able to discover his motive for selling (moved out of the area) as well as the current lease situation as I said above. 

I'd appreciate the help!

Hi everyone!

I am a college student looking to do my first deal. I currently have a duplex that I like (cash flow around 200 a month after deducting 5% vacancy, insurance, taxes, and 15% of monthly estimated rent for CapEx and Repairs). The duplex is in good shape, outside of some slightly uneven floors caused by termite damage in the crawlspace.

Currently, the seller is willing to fix the problem regarding the termite damage and the flooring, so if I offer it would be contingent on that being fully repaired and approving of the repair. 

I am looking for any advice regarding this issue. Are there any specific things I should be sure to state in the contingent offer? Would anyone advise staying away from this deal (Example if fixing the uneven floors could lead to eventual cracks in walls due to shifting of the foundation)?  

Any response or stories from those with similar experiences would be much appreciated!