I need serious help in dealing my 1st deal… I spoke w/ the agent ; it’s listed at $199K; 3/2.5 finished bsmt 3LVL TH.
She has worked with investors before and likes the professionalism that we bring to life. Anyway; do I need to have an appraisal done on it while I walk through with the agent?
2. I’m sure that I can get the property for lower than what she’s asking for it.
3. Is it better for me to get the contract 1st then worry about funding the deal afterwards?
Please advise I’m meeting with her tomorrow.
WOW! What are the comparable sales on the deal? How much is it worth?
What repairs need to be done at what cost?
Appraisal can wait look first (LOOKING IS CHEAP)!
Are you pre-qualified? It is always a good Idea to get a pre-qual first!
Run away from this deal…I don’t think you are prepared to start investing, just because the realtor has worked with investors before, does not mean a thing.
Keep on reading
Maybe I am too new to REI but investing in $200k single family homes seems like a waste. Your cash flow will be at best $200/month if you’re planning on renting it out. Lets say 5 houses down the road you’re getting around $1000/month of cash flow (which is a stretch) you now have over a million dollars in loans…without a great “normal job” income how oh how can you keep getting loans to move onward in your investing career?
yes I am pre-qualified. Rulsky told me to run-away fro the deal. …why? I need to start somewhere and get my “feet wet” somehow…I’m sure what I don’t do . she’ll let me know.
What is you intent for the property? Buy and hold? Fix and flip? What?
What is the property worth now?
What is the property worth fixed up?
What will it take to get the property marketable (either to sell or to rent)?
What is the market rent for a like-kind property in that area?
If you buy and hold, will it cashflow…CASHFLOW IS KING!
Keith
Hey gmtmaster can you show me your break down of me cashflowing about $200/month? I did it and I had roughly around $370/month.