All Forum Posts by: Breelon Bryant
Breelon Bryant has started 46 posts and replied 151 times.
Post: REO Property: Low offers on long sitting houses
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Originally posted by @Michael Noto:
@Breelon Bryant A lot of risk with margins of return like this. Like others have said, one unexpected big repair can wipe out years of cash flow. Any idea what the ARV would be after you complete the minor work you outlined? Could it be a BRRRR possibility?
See thats the thing. It is really a "turn key" (literally no repairs and rent ready) but the only reason it is available on the market is because the previous owner did not pay the mortgage. I am going to post some pictures
Post: REO Property: Low offers on long sitting houses
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Originally posted by @Robert Beardsley:
i agree $100 month isnt enough in my opinion unless you have a larger complex that they can cover each other. but every ones market is different. the areas i invest in 100 wouldnt make sense but i also cant find a place for 65k unless its a flip that needs to be gutted. COC is good so if this $100+ a month helps you build more cash for future investment it might be a good deal. will this be a house hack?
not a house hack. This property has been completely renovated with NEW appliances. Solid foundation and roof so cap ex is great. Honestly there isnt any major issues. The only reason it is like this is because the previous owner got foreclosed on so it needs no repairs for at least 10 years (barring having bad tenants)
Post: REO Property: Low offers on long sitting houses
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Originally posted by @Damian Bialonczyk:
There's definitely a correlation between time on market and seller willingness to accept a lower offer. But I would offer whatever makes sense financially for you from a cash flow standpoint. $100/mo to me seems a bit low, regardless of the coc return.
well that was conservative numbers with a 100+ cash return. Also I just heard brandon mention that he saims to get 100+ a door from cash flow and at least 12% COC return so I figured that was an ok thing
Post: REO Property: Low offers on long sitting houses
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Originally posted by @Damian Bialonczyk:
There's definitely a correlation between time on market and seller willingness to accept a lower offer. But I would offer whatever makes sense financially for you from a cash flow standpoint. $100/mo to me seems a bit low, regardless of the coc return.
Post: REO Property: Low offers on long sitting houses
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
I have found a property that is purchase price 73k
Market rent: $800
My offer: 65k
Cash flow $100+ at 12% COC return
3/2 1450 sqft
ready to move in (not turn-key) prior to purchase with no major work needed to be done EXCEPT future flooring due to cheap glue flooring in home.
IT HAS BEEN SITTING FOR 302+ days on MLS!!!!!!!
Should I lower the offer due to the home being on MLS for so long? or stay at 65k?
Are LONG Sitting REO properties motivated to sell for a bank?
LENDERS, BANKERS, LONG TIME INVESTORS, REO agents, and others I need advice
Post: State Home inspections
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Is everyone who is buying at this time finding hone inspectors? Anybody in mississippi have a good home inspector they recommend? Jackson ms?
Let me know please
Post: Does Rehab ONLY loans exist?
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Or would it be better to borrow the REHAB COST from a bank?
Post: Does Rehab ONLY loans exist?
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
Here is the Situation. I am about to close on a property in which it is owner financed and I have the down payment and more. The house needs some work.
However I dont have the amount to rehab (30k contractor quote) the house.
Every lender I see says "purchase price and rehab" AND they only rehab $75,000 minimum or a percentage of ARV.
Im not asking for a lender but I am asking if REHAB ONLY loans exist for such a low loan amount?
Post: US treasury dropping rates to 0%? Banks Loan @ lower IR?
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
@Guifre Mora well with that being said, in your opinion, will REO properties be the best way to buy for the next few months?
Post: US treasury dropping rates to 0%? Banks Loan @ lower IR?
- Rental Property Investor
- Jackson, MS
- Posts 156
- Votes 41
I have heard the US treasury is dropping its interest rates due to corona virus. Does this mean banks will drop their mortgage loan rates as well? If so, is this a good tome to buy properties?