All Forum Posts by: Aaron Thivierge

If she gets a roommate, she is still inheritantly the one on the hook for any damages to the home as her name is on the legal document.  Your quarterly inspections should help mitigate severe damage as you can assess the condition of your asset regularly.  Personally, unless there were sleeping bags all over the place and little children crayon marks all over the walls, I'd turn a blind eye, with cautious awareness. 

Update: the seller (owner occupant) accepted a higher offer to present to the bank…so, onward to the next acquisition. Thank you all once again for the encouragement and feedback.  

@Larry Fried  Thanks, and I concur 100%.  I will not wait but rather keep searching, driving for dollars, networking, mailing letters,  exploring avenues. 

@Maxwell Lee, Yes, HVAC is in the house.  Plumbing was updated 8 years ago, electrical updated 5 years ago.  I am looking forward to meeting you the week after next. 

@Carter Melvin to answer your question, yes it was an MLS deal. To be honost, I am 100% ok with the bank not accepting my offer. I needed to get out of my "analysis paralysis" by taking this committed step. They are asking $62,500 for the SFH. There are 3 other offers on this home at his time.

@Jeff Riber

 Hey man! I almost called you this weekend to get your insight on this deal.  But, figured, being the weekend, you were spending time with family and relaxing a bit.  So, glad you saw this. I would love to get together again ( my treat coffee, breakfast, lunch...you name it).  I'll keep you in the loop on what happens here. 

@Michael Noto Thanks for the encouragement. I know it is a long shot to get to closing on this one.  The numbers are great. We'll see what the bank says. 

@Maxwell Lee I really appreciate your contribution to this thread.  I know you've had success here locally in 32205, 32210, 32204 regions.  I would still like to meet you and your wife.  The property is located EAST off Edgewood Ave and WEST of Roosevelt (rt17), one block from Moon River Pizza and Kneed and Maple Street Biscuit Company. 
I agree on the rent price.  I was ULTRA conservative with my numbers basing rent on $800/ month (absolutely worst case scenario), but likely could generate more. I am pleased to know your comps support $900-$1100/ month. 

Thanks again, BP,  for all your support, encouragement and education!

Good morning all my fellow BP'ers. I wanted to share my excitement with you. I have been researching REI for the past 3 months: reading BP, listening to all the of podcasts, reading "rich dad poor dad", "millionaire next door", "the art of the deal", "4 hour work week" , and currently "think and grow rich".

I've met with some local investors, and have become "friends" with one senior investor who has taken me under his wing, guiding me with advice and knowledge.  
I have looked at about 25 SFH that had rentable potential. But, finally, this weekend, my realtor (also a REI) submitted my 1st offer on a SFH. Here are the details.

1st, it's a short sale. All offers are due this morning by 10a.m.  Friday I went to the home and brought along a contractor for estimates of repairs. The home owner was super friendly, and I talked with her for about 20 minutes on the front lawn before I even looked at her home.  
This particular home needs flooring and interior paint, minimal outside repair and minimal  landscaping in order to be "rentable". I figure about 7 days of work is needed. 

Numbers:
3 bedroom, 1 bath, 1 carport, fenced in beautiful backyard, 1400 sq ft. SFH very walkable to all the amenities locally. The area is called "Murray Hill" in Jacksonville, Fl. It is a very popular younger professional population.
I offered $54,000. Last sold in 2004 for $119,000.  The rent is calculated to be $800/ month (both my diligence and independent real estate agents ultra conservative expectation (but more likely to pull close to $900/month). All numbers based on $800/month rent.   

Expenses: initially: paint and flooring, landscaping: about $5000
PITI: $209 + $60 + $50 = $319
Vacancy 10% (unlikely because I have two individuals all ready stating they would rent it immediately) $80
Property Management (done by myself) $80
Maintenance/ Repairs $80
Capital expenses $80
Total monthly expenses: $559
Total Income:  $800
Cash flow: $241/ month

Again, just wanted to share my 1st "actionable step" with this fine team of investors here at BiggerPockets! ~comments and criticism welcomed.  

You may want to post the craigslist add link here. No offense intended, but if the advertisement is similar to your above posts (misspelling words, poor grammar and punctuation), maybe a buyer is not taking you seriously.  Furthermore, maybe someone should proof read your advertisements.  Again, not throwing darts, but rather telling you my initial impression (as a buyer).  2nd thought is that it's not really much of a deal after all (too little profit margin). 

Joab, Welcome sir! I occasionally run out of fernandina beach to target black drum. They're here now.  We love your area of greater jax: so peaceful that far north.  
I don't have any advice on the land question, but just wanted to reach out and welcome you from one NE Florida resident to another. 

@James Floyd welcome, sir! I am in jacksonville (ortega forest). I checked out your website. I like how your "mint" name matches your "mint" predominant color.  The website looks clean and simply. Good job! Check out the podcast for bigger pockets in your spare time (iTunes biggerpockets). There is a wealth of knowledge there as well.  See you around the sight (and town maybe).  

I wish I could attend this month. My son turns 2 on Thursday, and we're having a family dinner that night.  I'll make April a priority to attend! 

Wow, that was a good read. I always enjoy your post, but this one takes the cake..."dear Martin"