All Forum Posts by: Andy Ballester

thx for all insight, I wont be able to make an offer untill about 2 weeks from now, (overseas) but atleast im aware of alot of things to look for in negotiation process, also I did hit a small bump in the road as my primary account is with gov credit union, and will only preapprove me for a duplex, they do not finance, tri or 4plex, just part or there policy going to need to find financing another way. I believe a strong offer is 125000 willing to go up to 135000 as max and if nodeal I may just walk away search for and wait for another oppurtunity. Just anxious but want to make be extremely smart at the same time.

thx for all the helpful info i do have some answers, that i have gotten from realtor and web info. Property sold in 2007 for 56000 prob rehabbed at time. 2011 fire next door. House next door demolished, some melted siding, water damage to current property, not much but enough were tenants had to move, property has been rehabbed for 2nd time. I know owner did collect some insurance money. Realtor says owner is retiring, i do know owner is in early 70s. Also cannot mangage myself as i will technically be living there job is merchant marine and spend most of my time overseas.

thx for the reply and analysis also really do not want to give 160000 im looking at 150000 max ultimate goal is 140000 if possible your right on vacancy. Which still cash flows at a prox 275 mth even with me taking a 1bed apt.

I am looking to make first possible deal, I have been watching this 4plex for the past 6 mths, patiently waiting, Originally listed at 179000 three mths ago dropped to 169000, and just recently posted at 160000, property is 4 units two are 3bed 1bath and 2 1bed 1bath looking it as an owner occupy. Due to my job as a merchant marine, I only spend 2 to 3 mths a yr in the states. And pretty much homeless for last 3yrs. I have a pretty good size down payment prob as much as 35thou but after reading these post for last mth or so have decided to put about 10%down. Im humble guy dont need much plan is ill take a 1bed 1bath. And rent other 3 apts. OK so here are the specs on the property completly rehabbed. New roof, furnace, water heaters, electrical, hardwood floors, tile in kitchen all in all nice interior rehab. Curb appeal not to desirable, also close to railroad tracks. So these are my numbers based on a 150000$ offer. 1 bed rents for 500 3 bed rooms rent for not much more at 700 possably 750 we will stay on conservative side for a total of 1900. 800mth morgage, 200mth taxes, 190 mth prop mang, 175mth insurance (est), 190mth vacancy,150 mth repairs and maint. After subtracting all exspences i come up with positive cash flow of 325 per mth and free apt for myself. As an owner occupy plan on staying 1 yr and starting process over again, which in 1 yr give me approx 200 per unit. Side notes property is unique as it has 4 sep water meters tenant pays although I will have to monitor knowing that it is lienable, also township is uniqiue as it charges each individual resident for trash removal. Im just hopeing numbers make sence. I would hope to make an offer before someone else and miss out. I have been looking at propertys for past 6 mths this just seems to stand out for some reason. Also how offensive is it to come in with a low ball offer at 125000, after I have contacted agent at 160000 he says 3 or 4 people showing lots of interest but im sure they all say that. Also i know zillow does not inspect interior of houses but there estimate apprasiai is listed at 148000 how much does that play a role in negotiating factor i know this is a lit long. I want to be sure im covering as much as posable and ill be making the right move. IM a little anxious but want to be smart at the same time. All advice is appreciated do I make the move. If I didnt mention heat is electric tenant pays, gas is hooked up to property only 1 unit tenant pay. No common utilities. Also I dont know how often something happens such as this. Agent offered to mang property if I did make an offer. Not sure if that would be a conflict of interest being the fact that he is working for the seller. But I did ask a few ques as how many he is currently managing his response not to many about 8, I had a little rapport with him asked if he enjoyed it his response not really. (Red flag). But i live right around the corner and it would be easy to manage.(thoughts). Thx you all. Deal or no deal.

I respect your opinion on these matters, and I know everyone has there reasons for what they do. And if the situation arises, if I need any advice, in any future real estate endeavors, being that you have a much greater knowledge, and Im trying to learn as much as possible, before I make any desicions. I would appreciate any wisdom, advice, and knowledge and appreciate all the people willing to post. Ive been reasearching my local market for the past few months, accidently came accross this site a couple of weeks ago, and after reading multible post, decided it was in my best interest to join giving the fact of the wealth of information I have already learned. Thx to all of the people who are sharing. No hard feelings brother.

Marcia you seem like a very fair and rational person on whom you, may consider an applicant, and as for you bill maybe you should reconsider your policys through an interview process, I' m about to be a little more personal then most people, just because i know who i am and where I am in my life. At 19yrs old I made some mistakes and have 2 felony drug charge convictions, I am 36 at this time and through hard work, dedication, faith, and surrounding my self around the right people have made considerable changes in my life, I work for dept of defence, I have govt security clearence, with my convictions. And will prob make around 80thou this yr. And I may be an exception to the rule, but your telling me you will not rent me an apartment, when I can gaurantee im a better prospective tenent then probably 90% of the tenents you may have. I also have a family member who has a past now a landlord with approx 50 rental units. Try to know someone's caracter, and where they may be in there life today. Not yrs past. And you may just find a secure tenent with no issues.