Hey everyone my name is Delano. I'm an newbie investor in the Tampa Bay area. I've been searching for my first investment property for about a year now, put offers on several property's so far but got into many multiple offer situations and got out bided every time. I have a realtor who I've been working with, along with a mortgage broker, currently I do have a off market property that am looking at. A town home ...yea I know...asking is 67k 2bed 2bath 819sf in a b class area rent ranges from 950 to 1050 expenses 715 including HOA, cap rate at 10.59% ROI at 49.68% lemme know what you guys think I'll try to upload the full report.
@Delano Oakley welcome to BP! Off market properties are the way you should be going IF you are able to buy with cash then refinance with the low bank loans assuming banks like you. The deal above doesn't sound bad, but where did you get the numbers? Did you do your own research or are you trusting someone else? I always recommend people listening to the podcasts and going to local REIA. Eat ups.
I did my own research on most of the numbers got tax info from the property appraiser website, found out HOA and some insurance info from the realtor, the mortgage broker ran the property at full ask price and got closing costs and the interest rate range I would fall in. it will be under an fha loan with 3.5% down. the homes in move in ready condition so alot of the cap ex things have been recently replaced. I plugged all the numbers in on the rental Calc on BP and got the evaluation.
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