All Forum Posts by: Betty Yeo

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Looking for anyone's opinion on my first multi family unit.  It's a 4 unit with active tenants that barely pay $700.00 a month.  Currently asking 295, but Im offering 258k site unseen.  Realtor says the rent should be higher and the area is a great location.  Of course, do they all say that?

I'm always unsure if I'm interpreting the numbers in the report right.  Any assistance is greatly appreciated.  No pictures since it's not publicly listed.

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*This link comes directly from our calculators, based on information input by the member who posted.

Thanks for the insight and assist!

David, thanks for the input.  I completely agree with what your saying.  The area I live in is so short of rental properties and houses aren’t lasting more than a day on the market, so I have to make good, but quick decisions.  I don’t have a realtor in my corner yet to hop of investment properties before they hit the market.  Hope to soon though.

Hello Dana,  I've been practicing with different properties and keep plugging in numbers and some times I'm just wondering if I'm using the calculators correctly.  Would the posted property be a good investment property?

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*This link comes directly from our calculators, based on information input by the member who posted.

Investment Info:

Single-family residence note investment investment.

Purchase price: $99,000
Cash invested: $25,000

1954 bungalow with 4 bedrooms 1 bath with 1250 Sqft. House on .4 acres.

What made you interested in investing in this type of deal?

I had a renter lined up for "rent to own" in 5 years. Guaranteed purchase price 140k, rentor agreed to pay all taxes, all maintenance, all utilities and closing expenses. She is anticipating to purchase it herself within 2 years. During the rental phase, she pays 1200.00 a month and all utilities. She has paid for all remodeling within the house at her expense. Our mortgage is 465.00 so a positive flow of 535 each month is nice. We agreed to bank 200.00 of her rent to escrow.

How did you find this deal and how did you negotiate it?

Just driving around the area

How did you finance this deal?

Conventional, because we didn't know any better

How did you add value to the deal?

By finding a renter that is willing to pay 140k on a house we paid 99k

What was the outcome?

Everyone is happy. So far the only expense was 3 door knobs and the $39.00 electric bill before renter took it over

Lessons learned? Challenges?

Love the process, need to figure out how to find temporary investors to work with

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.

Bailey Covey - Power realtors cambridge, md