All Forum Posts by: William Walker

I’d paint it. Looks outdated/ugly

How is your mortgage payment $950 for a place worth 130k? That with $300 HOA fees and only renting for $900 makes this a loser.
And why is your property management fee roughly 16%???

I haven’t been to Tampa in a while so maybe it’s different but when I was previously there with the military they only told us one area to avoid....ybor city....

Also with the building being 15 years old you’re most likely coming up on some big ticket fixes

I can’t believe people are saying this is a good deal. 300k purchase price and rent or $1600????

Rent minus mortgage payment does not equal cash flow.....You're going to be losing money on this every month you have it with the hope that the market values the property at 375 in 5-7 years. Your ROI is negative until you sell it. May still be negative though

If you bought this property for 300 and sold it within a year for 375 then reasonable.

I rented places in my younger days. I would have never decided to stay/leave based on a gift card. If the property manager/owner fixed things that needed it and was responsive and I was safe I had to reason to leave urgently. I always left due to a change in jobs or relationships or something of that nature. Nothing in the hands of the owner. 

I’ve got ocean front property in Arizona....

quit dealing with them, it’s not something new or covid related. You’ve already caught the lender in one lie.  It’s a SCAM

Are you paying a property manager 5% or is that what you calculated to pay yourself?  Asking because that is very cheap in my neck of the woods. 

likely they realized the true value and will find another buyer at a higher amount 

Houses for 87k have about a 5k HVAC, 4-6k rood, and about 3k in appliances. House had new floors and other improvements as well but I believe your prices are off. 

They asked for 90, I offered 87.5 and they were happy with that. So I would call it a good deal and not robbing them blind. 

My point is more so that there are rentals around the 100k price range in Wilmington that are not high crime, don’t require heavy reno, and cash flow well. There was one off princess (not the best area but not creekwood)  that was listed for 110 and was rented for 1,050. You have to shop for a while and visit some properties but it’s not unheard of. 
I’m not trying to convince you to buy something you don’t feel comfortable with. Maybe syndication is the route for you 

@Casey Roman

House was renovated in 2019 with new roof, HVAC, appliances, etc. 
long term tenant in place. 
house was never on MLS

And it’s not in a high crime pocket.

Sometimes if you put in enough time and effort you find good deals. But other people will sit back and complain about how it can’t be done till the cows come home. 

@Casey Roman I’m in Wilmington and just bought a house for 87k that rents for 950. Plenty of houses downtown that are under 100k