All Forum Posts by: Haden Miltenberger

Hello everyone! 

This is my first post on here, so that's exciting, haha. Anyways, I've been practicing going over numbers on properties while I get my finances in order. Well I came across this property and was wondering what thoughts some of you have about it. The property is in my area (ND) that just showed up on the market. 

This is a smaller property that was converted into 6 unit. Well, it caught fire and they are now trying to sell it as it is. This place needs a lot of work. In my opinion way more than just the area that was damaged from the fire.

They are currently asking 60k for the building (which is just under half the price from what it last sold for). 

If I was farther along in my investments I believe I'd go for it with it being close to our college. I'm just wondering what your thoughts would be on it I guess.

    If you inherited the 2nd property, 1) did you get the property free and clear or did you inherit a mortgage with it and 2) if you got it without a current mortgage, have you thought about doing a refi-cash out on it to get a larger chunk to put down on another property. 

   Of course, you have to make sure the numbers work first, but it would be a good way to increase your number of properties a bit quicker.

I almost did this this. The seller of the property was willing to sell with seller financing. I didn't have any capital to put down at the time so I spoke with a bank to see if I could open and use a HELOC on my primary residence for the down payment plus any updates on the property. I was approved. Unfortunately, the seller had accepted an offer just before I contacted the agent to submit my offer.