All Forum Posts by: Chris Rubin
Chris Rubin has started 1 posts and replied 11 times.
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Originally posted by @Matt K.:
Originally posted by @Chris Rubin:
then ask the listing agent directly, what it would take to get to that price.
Good advice, thanks!
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Originally posted by @Dennis M.:
You say the numbers work .. what are the numbers that work ? You never posted them
No, I didn't post them for reasons of time.
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Again, just awesome advice, thanks again!
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Thanks everyone, I'm going to jump on it. He came down to $305K.
Cheers,
Chris
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Originally posted by @Jason Perkins:
Always revert to your numbers and the evaluation of the investment. If it meets the criteria for a good investment at 310K, you are accounting for all expenses correctly, and the property is truly turnkey with no major capex in the foreseeable future then by all means go for it.
Why do you think that 310K is overpaying? Was your 290 number just trying to hit a home run, or is that where the numbers actually make sense?
I suppose it is mostly because the seller purchased the property for $210K 15 months ago. Also, I have been indoctrinated by BP to aim for "making your money going into the deal" so this being my first one am trying to cover all the bases.
But I think really it's because of what the seller originally paid. And I understand he made significant improvements to the property but still find it high for an area with average annual appreciation of 3% at most.
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Originally posted by @Caleb Heimsoth:
I look at things like this as a percentage of the deal. If this was a 50k house and you wanted to pay 50k and the seller wanted 60k that’s a fairly substantial gap.
On something like this for 300k this is small, hence probably buy it.
Like others have said it also matters how long you want to keep it. 70/month for the life of your mortgage of 360 payments would be 25k
I plan to keep it for 20+ years. When you put it that way, that's a lot of money.
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Thanks!
Post: First property! We’re $10k apart
- Posts 11
- Votes 4
Originally posted by @Alan Fitzpatrick:
I agree with the others, if the numbers work, the numbers work.
Also, if the seller feels like they "won" getting the 310k, if something shows up to be an issue they'll probably be much more willing to fix it.
Good point, thanks!
Post: First property! We’re $10k apart
- Posts 11
- Votes 4