First investment deal and would like some feedback.
FNMA foreclosure listed w/ agaent for 114,900, repairs in process
paint, carpet, appliances etc…
Needs maybe 2K worth of additional cosmetic work.
offered 94K, they came back at 100 and offered closing costs.
fixed up house is worth 120-125K
Can rent for $900 month with $200 pos cash flow.Area of town
is appreciting in Charlotte NC.
Decent first deal???
sounds good enough to do, in my opinion. just make sure to double check your numbers before you commit. when you’re figuring cashflow, make sure you’re including insurance, taxes, hoa dues (if any), a maintenance allowance, and vacancy of around 10%.
i would come back with an offer of $96k w/ closing costs included. they came down $14k on their first counter offer, thats enough to make me think they’ll take just about anything.
i would write in on your offer that it is subject to passing a home inspection and appraising at no less than $115 or so in the condition it’s in.
Hi,
Are you buying as an investment rather than a primary home? It sounds good to me compared to where I live now. I am familiar with Charlotte, NC and love the area and weather! What area are you talking about?
What is the square footage of the house? land? How many bedrooms and bath?
$115,000 sounds a little tight as an investment to me though unless the house appraises for more than $125,000 ARV. The rental sounds about right.
Simcha
First investment deal and would like some feedback.
FNMA foreclosure listed w/ agent for 114,900, repairs in process
paint, carpet, appliances etc…
Needs maybe 2K worth of additional cosmetic work.
offered 94K, they came back at 100 and offered closing costs.
fixed up house is worth 120-125K
Can rent for $900 month with $200 pos cash flow. Area of town
is appreciting in Charlotte NC.
Decent first deal???
investment property/rental…3/2, 1200 SF, nice lot .48 of an
acre.
identical house down the street currently listed at 133K, probably
a bit high.