Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
Monday I finally closed on rental number 8. I had signed the closing docs and everything two weeks ago, but the title company jumped the gun and the seller ( Fannie Mae) had not approved docs yet. They rescinded the closing and returned the wire back to me lender.
Purchase price was 97,500 with seller paying 2% closing costs. Home is a 4 bed, 2 bath with one car garage. I can turn it into a five bedroom with a little work. It needs paint , carpet, windows, dishwasher, a few holes patched and a new shower. It should rent for $1,200 to $1,300.
I did 20% down 5 year Arm with my portfolio lender at 4.8725%. Payment is low $500s with taxes and insurance.
Rental Property Investor · Broomfield, CO · Member since 2013 · 29 posts · 3 votes
12y
@Mark Ferguson that area seems to have really good numbers. I looked at a REO a couple blocks from there this spring but the numbers were just not right.
my last one was a foreclosed 1BR, 1BA condo in a great area. bank only wanted $35k. multiple offers came in. I offered $33k, $20k deposit with offer and 1 week closing. bank wanted additional $2k. I agreed. but now bank wanted more time before closing. 1 week was too fast for them lol.
got condo resale package which showed previous special assessment for new roof on 1 of the buildings ( 5 buildings total in complex) and need for new roof on a different building. told bank I wanted wanted $ back for special assessment that is coming or I walk. keep in mind I already knew about the assessments since I already own a condo in the complex. But I didnt want to pay more than my original offer. Bank agreed, gave me $2500 back.
closed the deal. place only needed to be cleaned + fresh coat of pain. I didnt even have to replace the carpet! just got it cleaned. everything done in less than a week and rented right away. This was by far my easiest deal!
i agree with you, those fees are high but they include heat and hot water in addition to the usual master insurance, maintenance, etc...
I use that to my advantage when marketing the rental and it works. Everyone know how high heating bills can be in the northeast. I had multiple potential tenants just days after posting my ad.