All Forum Posts by: Chad Duncan

I am looking at a property that is in an excellent neighborhood and the upkeep is really well done. It does need some interior updating but nothing I can't do myself with my dad. 

Here are the details....

Price - $300,000 ( seller absorbs closing costs 4%) 

Mortgage: $1789 roughly. 

Potential rent: 2,100/month ( I'm going to "house hack" in the smaller unit that rents at 900 per month)

Expenses: $175 for water per month. 

This is what I think a great market and potentially a good rental increase in the coming years. There is only 1 property for sale in this area as well. I looked at comparables and they range from 325,000 to 350,000 for the same type of duplex. 

What do you guys think about this deal. I'm making an offer to check it out tomorrow. 

As well, the 2% rule is non existent in my real estate market. Your lucky to get 1%. The CAP rate is roughly 5-6% and that's pushing it in my area. So with that in mind, what do you think I should look out for after I offer?

(I'm offering 295k) 

Thank you. No problem!

@Lee L. I got a VA loan. I was surprised by the interest rates too!

Cool. Got it. Thanks 

How do you reference someone? To where it shows their name and its highlighted in blue.

@Andreas Mirza I am looking for a house hack so to speak. This interested me due to the fact I won't have to pay rent if I moved to the sfr.

Thank you all for the insight. I really appreciate it!

I keep finding that it would roughly take me offering 25% off the asking price of 90% of the homes within a 30 mile radius of my place. That's just to break even in most cases. 

It seems that where I am at is an almost impossible investor endeavor. 

I am looking at a property that is a bit odd. It has a triplex and a sfh on the same lot. It's On the market for $330,000. 

The rents total up to roughly $2500 per month according to the seller. I have a loan pre-approval at 3.25% for 30 years. The properties taxes per year are roughly $2,000. The property is distressed and needs a good remodel into the 21st century. 

Do you think, with the numbers shown here, if this is a good property to possibly buy? (I know it's a vague description, any pointers help.)

If I offer, how should I approach and with what number? I am intrigued as to how you come up with the answer as well. It will be a property for renting and be apart of a buy and hold type investment. 

Thanks 

Title agent? 

I have a...

1. Buyers agent

2. Pre-approval letter

I will start making offers on places in the next week or so. 

My question is what are the absolute must-do things that I have to do during the due diligence phase?

I have an understanding that once I make an offer and the offer gets accepted after negotiations, that the sale becomes pending and "under contract".

What I don't get, is what exact steps or checklist do I need to do that will allow me to fully understand that specific property so I don't make a bad deal?

I just want to make sure that I do my due diligence correctly the first time.

Thanks in advance for your tips!