Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes
7y
@Kevin Marcucio So it's expensive and you will be able to afford the payments, insurance, maintenance of the house but can't afford the downpayment? Maybe pass on this one until you can save up for at least a 3% downpayment?
What are you intentions of it? Does it make money? What are the numbers? How far away from the deal are you?
It’s a really nice two family house in a great area. It would make a good cash flow or it could be my new house hack. But I would kinda be going into this on a shoe string. But everything is in turnkey higher end condition and was built in 2015 so I would just have to worry about getting it rented which it is a very desirable area so I could house hack or use for monthly cash flow.
What are you intentions of it? Does it make money? What are the numbers? How far away from the deal are you?
It’s listed at 415000 but the zestimate says 430000. I could come up with about 4000 cash. I’m pretty far away from the deal. I bought a house in 2006 right before the market crashed. I paid 90000 and owe about 71000 but now the house is only worth about 75000 ever since been to scared to follow my dreams of becoming an investor out of fear of making The same mistake the home loan insurance and taxes should be about 2,600ish. the bigger apartment should rent between 1800-2300 and the smaller apartment should rent for about 1100-1700. I’m probably crazy for even thinking about it
What are you intentions of it? Does it make money? What are the numbers? How far away from the deal are you?
It’s listed at 415000 but the zestimate says 430000. I could come up with about 4000 cash. I’m pretty far away from the deal. I bought a house in 2006 right before the market crashed. I paid 90000 and owe about 71000 but now the house is only worth about 75000 ever since been to scared to follow my dreams of becoming an investor out of fear of making The same mistake the home loan insurance and taxes should be about 2,600ish. the bigger apartment should rent between 1800-2300 and the smaller apartment should rent for about 1100-1700. I’m probably crazy for even thinking about it
Yeah I say run as fast as you possibly can from this deal.
you want to pay 415,000 for a house at the top of the market (just like you did in 2006)
You aren't confident in the income (1800-2300 is a ~20% swing, 1700-1100 is a 35% swing!)
it will negative cash flow
you'll have no equity (negative equity after transnational costs considered)
and you'll have no cash for risk mitigation
you are correct, it's crazy to even consider this deal
Specialist · San Antonio, TX · Member since 2015 · 909 posts · 297 votes
7y
dont make this complicated.. if you ran all your numbers and you cant afford it even with OPM then work harder and find a deal that needs no money out of pocket or find money partners
Found a house but it’s expensive and I have no down payment. What options do I have
Stack cash man. You've got to be patient in this game. Stack cash unit you are ready to invest, trying to pull a rabbit out of a hat is a waste of your time.