I have been actively looking at RE investment opportunities for about 3 months now, but have yet to land my first deal. I would like some advice on how to proceed on the following property. It’s a 3/2 in a lower income part of Austin. Needs a coat of paint and some new carpet, but everything else is salvageable. Should pull about $950 in rent for a cashflow of about $150/month. ARV is about $90k-95k. Seller is another investor who will flip it to me for $67500. I’d like to hear what some other people would do with an opportunity like this.
Howdy Drew:
Not going to set the world on fire with it but it is probably doable for Austin and the up and coming east side. Austin has seen some appreciation and is still holding its own. Do not spend that cash flow because you will need it to fix toilets etc as maintenance, collections etc could be tough if you do not screen your tenant good enough like I did in the rental business.
LOL