1st time investor with possible good deal

1st time investor with possible good deal

Lancaster, CA · Member since 2015 · 28 posts · 3 votes

Thank you all for assisting.  Need some help or guidance.  While searching for opportunities, i came across the following.  

For sale by owner, with long term tenant in place.  Sale price below market. Rent a little above market. Section 8. Tenant does not want to move out, if possible.  Owner would like to find buyer that will keep tenant.  Tenant been at same house over 4 years.  How would one proceed with this? does this sound like a good passive income (above $300 positive cash flow)?  Or maybe walk away?  Owner has 3 of these homes for sale and scenario.  Owner wants to cash out as they have opportunity for higher type investment.  Thank you all

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  • Investor/Realtor · Hoover, AL · Member since 2010 · 1k+ posts · 459 votes
    9y

    Maybe a good deal..See if Owner will carryback a portion to help you consider the other properties..If so, get a good RE attorney to cover docs...

  • Lancaster, CA · Member since 2015 · 28 posts · 3 votes
    9y

    I asked owner that. answer no, owner won't carry anything

  • Covington, GA · Member since 2014 · 295 posts · 93 votes
    9y

    Hi Angel. Welcome to BP. In my opinion, it all boils down to the numbers. Even if the property is priced below market, what does the analysis show? What may look like a good deal on the surface, may turn out to be a nightmare if not analyzed properly. Perhaps run the numbers through the BP Calculators and post them here so we can provide you with some feedback.

  • Real Estate Consultant · Lancaster, CA · Member since 2014 · 423 posts · 223 votes
    9y

    I have some time today if you want to sit down and we can run the numbers.

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