All Forum Posts by: John Bongers

@Juan V Lopez

  Thanks for the reply. I think it looks like a good deal, but am still in the process of doing my research on the property, the owners, the hard money lending and the refinance process. Hopefully things line up and I can dip my feet into the world of real estate investing.

John

@Chris Seveney

Thanks for taking the time to reply. I was thinking of talking to neighbors and asking them about the property to see if I could get any additional info. As for the price, the initial bidding begins at $116,000 and I don't think the deal makes sense if the bidding goes over $125,000-$130,000. In that case I don't think it's a good deal, so I would pass. Thanks for the info about lenders. I'm just doing my research on that end, and this really help out for planning. 

  If things line up, does this sound like a good deal?

Thanks

JOhn

Hello,

  I'm new to real estate investing, but I'm not afraid to work hard to find deal. I've come across a potential deal and would really appreciated some advice from experienced investors. So here it comes.

  I've found a property in the Dayton area that is going for auction through the local Sheriff's office. I've been by the place and it's in a good neighborhood and the exterior of the property is in good shape and should cash flow decently well.  The major down side is I'm not sure if I can get inside to check it out. I have seen some pictures online of the inside, and it looks like its in decent shape and I'm handy enough that I can take care of most interior issues.

 Here's  what I'm thinking. The beginning bid will be 2/3 of the appraisal price around $115,00 for an appraisal price of about $175,00. The actual value of the house is estimated to be at $200,000. I'm thinking of  trying to scoop us the property for under $120,000 using hard money to complete the auction. Then I'd like to refinance and take out 70% of the equity (approx. $140,000) to repay my hard money lender within 3 months.

Does this sound like a decent deal, or am I off my rocker? Any help would be greatly appreciated.

Thanks for the information. I plan on using an attorney for the purchase agreement that way I don't mess anything up.  If we reach an agreement, does the seller contact a title company to set up closing? Then, does the title company fill out all the paperwork to be signed at closing?

I am interested in purchasing a property that was on the market last fall, but was removed in November. I'm still interested, but would like to by the property through a private sale if possible. In speaking with some people who have purchased through private sales, its seems all I need to do is have an attorney draw up the purchase agreement and if its accepted have a home inspection completed. My question is this. What does a seller need to do to complete a private sale, and how does the process work on the sellers end?

Any guidance would greatly be appreciated!!

Thanks for all the insight. I've found Zillow and Hotpads to be the best so far, but I'll keep doing my homework.

I'm in Bellbrook Ohio (a suburb of Dayton) and my wife and I are looking to purchase a new home and rent out our current home. I was wondering how to calculate the rent I should set and what resources people in the area are using to screen possible tenants. Any help would be greatly appreciated.

Thanks