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futher detail...thoughts on poss. deal!! - http://www.dealmakerscafe.com Forums

Original message

Tim

"futher detail...thoughts on poss. deal!!" , Wed 11 Apr 12:09

A couple weeks ago I posted some info. in reference to a possible deal, but was void of some details at that present time. However, I did speak with the homeowner yesterday, & was able to finally get some more details on the house:
-3 bedroom, 1bth, 1000sq ft. (small)
-no known repair or rehab problems
-couple lives out of state from subject property, which is currently being rented out.
-family living there is on a month to month lease..couple with 5 children...Yikes.
-as per homeowner, the family renting house can't purchase due to lack of a downpayment
-rent being paid is $375/month...mortgage payment is $348/month
-orginal asking price was $49,900, than dropped to $44,900...their listing with realtor just expired.
-as per homeowner, the original loan was for approx.37k...current balance is approx. 34k. Their interest rate is 7.5%. No other liens, as per homeowner.
-as per homeowner, annual taxes=$400, & annual insurance=$20/mth.
I live about 2 1/2 hours from this house, so I have yet to physically see it. If anyone can please share some thoughts as to if you think that this might be a good subject to candidate, I would greatly appreciate it. Have a great day everybody, & thanks to anyone who took the time to glance at this.

Warmly,
Tim

Replies:

Tim

"Re(1):futher detail...thoughts on poss. deal!" , Thu 12 Apr 11:33

Ben & Lynn, thank you both for taking the time to share your thoughts on this potential deal. Wow, I thought mine was a far distance from where I live...800 miles??..North Carolina & Tennesse?? Giminy Christmas..lol! Ben, you mentioned that my next step should be to do some research & find out what kind of rents that I'd be able to get in that area. Would the best way of going about that be to call a realtor, & ask them? Thanks again you guys for your insight, & I hope that you both have a blessed Easter.

Warmly,
Tim

Lynn
Moderator

"Re(2):futher detail...thoughts on poss. deal!" , Thu 12 Apr 22:04

Call property management companies in the area. They can give you a good idea of the going rents. Remember that you should be able to get "more" than going rents if you are selling on flexible terms.

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?

Tim

"Re(3):futher detail...thoughts on poss. deal!" , Fri 13 Apr 12:30

Lynn, thanks for the property management idea on this possible deal. I should have thunk of that one...lol! Have a great Easter!

Tim

Ben
Moderator

"Re(1):futher detail...thoughts on poss. deal!" , Wed 11 Apr 14:51

Tim,

Sounds real good. Now just do some research in the area to see what you could possibly get in rents. I have properties in North Carolina and Tennessee about 250 miles from each other. I have only a few problems.

Ben
Moderator
www.dealmakerscafe.com
Where the average real estate investor becomes a Dealmaker!!

Lynn
Moderator

"Re(1):futher detail...thoughts on poss. deal!" , Wed 11 Apr 13:04

Tim,

Except for living so far from the property it sounds like a great Subject-to prospect. We have property that is 800 miles away, but it can be a real challenge sometimes.

Happy Investing!
Lynn

Knowledge is important but all the knowledge in the world is worthless without action! How many offers did "you" make today?