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House Hacking

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Catherine Javier
  • Investor
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85
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Help! Which property to choose?

Catherine Javier
  • Investor
Posted Feb 1 2023, 21:45

Hello BP family! Here I go again asking for your expert opinion... And as always, thank you everyone for your honest opinion and help!

My partner and I are ready to purchase another property. We are planning to put 5% Down, use a Conventional Homestyle Loan to rehab the property, make a part of the house a mother in law suite for ourselves and then house hack while we are away (we are travel nurses). We have 2 properties to choose from. Both are in the same city, Altamonte, both in good community. Both has 2 car garage, both can offer a mother in law suite. Both can be rented with similar price, but of course computations will be different because of the price difference. 

We offered 325k on Property A, was verbally accepted by the seller last Friday. However our pre-approval was 1 day late and here comes the Cash offer. Of course we were beaten... But we agreed to be in second position. I was really crushed when we didn't get this property. Today our agent texted us and informed us that we may be back in the game, cash offer didn't pushed thru.  It is past 5 days from the time we signed the 2nd position, we are thinking it could be a problem with inspection. Our realtor asked the listing agent but did not answer directly he just said "buyer wants to renegotiate the price". If we go with this property, this needs full rehab but sweat equity will be ours. I cant find the best Comps but looking at Redfin/Zillow probably it is on 380's - 400 when rehabbed. (all other properties I saw was 1960's up).

Also earlier today, we offered on  another property. It is more expensive, but we think we will have to do less rehab. It has new paint interior and exterior. It was listed at 410k and we offered 390k. We will know tomorrow if our offer is accepted. I am assuming seller will negotiate the price. Comps around the vicinity is invalid because most of them have pools. but what I am seeing 400's ++ around this area.

I made a comparison, but we would appreciate any thoughts you have.

We want to ask your opinion how can we navigate on a better deal.

Thanks again!

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