In my haste to learn how to use the rental property calculator, I used all of the free trials to learn about how to use it. Now I have found a property that I feel like I could really take action on(Brandon has gotten me fired with those webinars) and want to know if anyone would spend the time to create a PDF for me that I could use to show my lender. Also, if you are seasoned at this, feel free to throw me some tips if I am high or low on any numbers here. If I could afford to go pro I would, but its just not in the bill fold right now. Or if anyone wants to privately finance this deal that would be great meet new people in the area and work with you too. So I guess I will just leave you all the info and if you get a chance to run it that would be great you can either pm me or email, whatever is convienient for you. I left you a link to the property on zillow to throw a picture in there. I hope Joshua D. or Brandon Turner doesnt get mad that im asking for a freebie! Thanks in advance so much for your help!
This property only appraised for $78120 last time it was appraised. So I am thinking that it may be possible to get the house for $78000 then put $10000 worth of reno into it(paint, flooring, appliances and hardware). I would be trying to wrap all the closing cost and reno into the loan so there is no money out of my pocket in the deal.
I would be charging $1100 to $1200 a month rent. That is not unreasonable for this area according to rentometer. Also there is a house across the street that is about the same age. It has 800 more sqft. and acreage but is terribly out dated and it is selling for 175K so I expect that this property should be in the 120K to 130k range by the time it is renovated.MLS Number: 23888 List Price: $88,900 Street #: 101 Street Name: Bellaire City: Vicksburg State: MS Zip Code: 39180 Subdivision: City-Vicksburg Area: Vicksburg Apx Acres: 0.7 Apx GLA/SqFt: 1311 # Bedrooms: 3 # Full Baths: 2 # Half Baths: 0 Apx Year Built: 1965 Type: Single Family, < 1 acre Style: 1 Story Exterior: Brick, Wood Siding Roof: Composition Shingle Foundation/Basement: Slab, Full Flooring: Carpet, Vinyl Sheet Walls: Panel, Sheet Rock Auto Capacity/Garage Type: Two, Attached, Carport Heating: Central Cooling: Central Air Water Heater: Electric Water/Sewer: City Water, City Sewer Gas: Natural Fireplace: None Laundry: Electric, Inside Interior Features: 8 ft Ceiling Other Rooms: Laundry Room, Master Bath Appliances: Dishwasher, Garbage Disposal, Stove, Ventahood Exterior Amenities: None Fencing: None Patio/Porch: Porch
Also the property tax with homestead exemption is $1511 a year without that exemption I figure that it would be close to what my house is, around $2000 to $2200 a year my home is 2400 a year but it is in a nicer neighborhood and has more sqft and is in great condition.
I don't have the time to run numbers at the moment, but at first glance it reads like a better flip opportunity then as a buy-and-hold. Purchase plus reno plus closing is going to put you in excess of 90k. Rent is a bit low for that number.
I'd suggest taking a look at J. Scott's rental spreadsheet. Pretty detailed and self-explanatory to use.
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