All Forum Posts by: John Zackery

Yes it does. $650 a month consistently over the last 4yrs. I think vacancy rate was about 1%'

Honestly I think with $15,000 in financing, I can make it happen. I just refuse to go to the bank. 

The county here appraised it at $5000 below its actual worth and it is the worst house on the block. I had a kid that purchased the house on contract and had to move. I took it over and while it wasn't the ideal situation I don't think its as bad as u made it sound. Besides, bad beginning or not I have to make it work. So since market value is actually close to 49,000 I know I have an opportunity when the house next door is appraised at $57,000. With a great contractor, which I have, and financing its more than possible. I just need the financial part to cover the next 5 months of repair and sale. I hope not to sound presumptuous because I honestly don't know much but I am determined. 

The repair cost are going to be about $5,000. 

http://renogis3.renogov.org//PRC/0781330704008003000.pdf

Here are the specs on the house.

Taxes yes. Insurance no. 

So I bought this house and I think I may have screwed myself. I am going to have to thread a needle to get my profits. I will do it no matter what it takes. Guidance through the forrest would be really nice. If I turn this deal and at least break even I will have broken through. I will post specs for the house if that helps. Its 47,000 and $2000 paid as a down payment. 565 a month payments. 318 closing costs. Needs some repairs but nothing major. Built in 1950 and still holding well. I plan to repair and sell. Hold only if necessary.

Thanks . That is just what I needed to know @Christopher Hunter

Please enlighten me. What are REIA meetings and how would I find one??