All Forum Posts by: Darrell James

I'm looking at an off market 10 unit condo deal. 5 units are 1 bed, 1 bath and rent for $775 a month with $250 HOA fee per unit. The other 5 are 2 bed 1 bath and rent for $975 a month with $326 HOA fee per unit. So gross monthly rent is $5,824 less the HOA fees. The asking Price is $477k and I know the original purchase price is $432k so I definitely do not want to pay the full asking price. I usually wholesale deals but would like to possibly buy these condos if the seller agrees to carry the down payment because I don't have the cash to put down. I'm really looking for some advice from a seasoned investor who would lead me in the right direction on this deal as I do not want to pass it up.

Please Help!!

@Alex Deacon thank you for the advice, I really appreciate it. Would you mind if I send you a message to better explain the situation with the seller that I am working with?

Has anyone successfully completed a short sale with PNC Bank? I'm looking at a deal where the sellers are facing foreclosure and need to get out of the property. They also have 2 years back taxes. 

Also, does anyone know a good short sale specialist in Westmoreland County?

Thanks!

Hey guys I'm looking for a suggestion on my latest lead.

I had a seller contact through one of my ads on Craigslist. They have a 3 bed, 2 bath, 2 car garage, 1300 square foot home in Latrobe/Unity Township. The retail value of the home is $200k and the outstanding principal on the mortgage is $140k. They are facing foreclosure and said that they are 4 months behind on their mortgage. They also mentioned that they are behind in taxes but have not disclosed that amount yet. 

I have been marketing primarily to wholesale deals, but this is a middle income neighborhood. I'm looking for some advice on what exit strategy I should use for this deal. I'm interested in Lease Option but I need capital to get my business up and running so I'm looking to turn the property around immediately for a profit. 

Looking for some advice from an experienced investor in the area!!!!

I'm pretty new to real estate investing but I have been reading books and have attended a few seminar and classes. I'm looking to whole sale some deals but I came across a decent rental property deal. I'm looking for advice on what way I should try to plan this deal. Below is a description of my current deal that I'm working on:

I was contacted by a seller who saw my ad on Craigslist. He first told me that he had a 3 bed 2 bath rental property that also had a mobile home on the same lot. Both units are occupied. The house is rented for $775 and the mobile home is rented for $325, both month to month leases. The seller also mentioned that the mobile home is nearly HUD certified. The only downside is that he has it listed with an agent and only for 27 days. The house is listed on Zillow for $60k but he offered it to me for $50k over the phone.

The seller also has 2 off market properties right by my work. One is a 3 bed 2 bath ranch house that is occupied. And the other is a 4 bed 2 bath that is not occupied. He bought it last year and never finished rehabbing it. He is ready to retire and he also is getting divorced so he definitely seems motivated. I tried to set an appointment for tomorrow after work but he wasn't sure if he'd be available so I told him that I would call him around noon. We didn't discuss any pricing on the off market properties yet.

I'm looking for any and all advice. I live in the east suburbs of Pittsburgh which is where the referenced properties are also located.