Investor · Columbus, OH · Member since 2015 · 142 posts · 52 votes
In this day and age anybody and everybody knows how hard it is to find good deals. With that being said is the MLS still a good place to find them with all the competition there is? if offering the 80% rule on rentals which is what I'm after does that take into account?
In this day and age anybody and everybody knows how hard it is to find good deals. With that being said is the MLS still a good place to find them with all the competition there is? if offering the 80% rule on rentals which is what I'm after does that take into account?
Every once in a while there is some thing that make the MLS.
I "drive for dollars" about three days a week after leaving my full time job.
Awesome good job . Way back in the day. I used to do a lot driving ( farming ) as I called it certain areas in my town. Daily , weekly, when ever I had time.
Investor · Cedar Rapids, IA · Member since 2013 · 494 posts · 407 votes
10y
The term "good deal" is subjective. Earlier this year I found a house in my home town on the MLS that had a price reduction from 120 something to 102K. I called the same day and got an offer accepted for 100K cash. It was a short sale and the bank was local. I knew the neighborhood and builder, had someone someone do a walk through for us because we are wintering elsewhere. We closed while back in town for 10 days: paint, carpet, cleaning, new bathroom vanity, more cleaning.. etc. total of 7K and lots of elbow grease. The appraisal came back at 122,500. Immediately financed it with a local bank for 85% LTV. So, have 107K in it and got 104K back from the bank at 4%, 25 year amm., 5 year loan. It is rented for April 1st for $1150 through a PM that charges $105 month. Cash flow after PITI and PM fee is about $300 a month but all the big ticket items: roof, siding, windows, are newer so maintenance should be minimal. I think that's a pretty good deal over all and except for the elbow grease I would do one of those a month if I could.
Investor · Columbus, OH · Member since 2015 · 142 posts · 52 votes
10y
@Glenn McCrorey wow great find. I also have found a few things worthwhile but wanted a few opinions from more experienced investors. I have been looking for my first property for the past year and it just seems for the ones i am interested in, i make an offer and they almost always get rejected. It's a bit frustrating but i understand as an investor and a newer one at that i'm going to hear more no's then yes's.