All Forum Posts by: Justin Cobb
Justin Cobb has started 2 posts and replied 4 times.
Post: What would make my rental property more attractive to investors?
- Greenville, NC
- Posts 4
- Votes 0
Quote from @Trevor Higgins:
@Justin Cobb thank you, I'll send it out to our investor network!
Thank you. Do you have a best email. I’ll forward my contact info.
Post: What would make my rental property more attractive to investors?
- Greenville, NC
- Posts 4
- Votes 0
Quote from @Trevor Higgins:
Can you send me the details on the property?
https://www.zillow.com/homedetails/109-Bragg-Street-NE-Wilso...
Post: What would make my rental property more attractive to investors?
- Greenville, NC
- Posts 4
- Votes 0
What other features should I highlight to make my rental property that's for sale more attractive to investors? The property has been a good rental for me, but I need capital to do other house flips. The property is old—about 113 years old, but has a good roof and a new HVAC. I think it's priced well, but it's not selling as fast as I would expect. It would still cash flow $300-$500 a month based on a 30yr mortgage ant current sale price and at current market rent. It also has ADU potential with about 1000 sq ft unfinished upstairs. What am I missing? Why aren't investors rushing to buy the property? Any feedback would be appreciated. Thanks.
Post: Good option for house flip? --> Cash-out-refi then lease to own
- Greenville, NC
- Posts 4
- Votes 0
Question: Should I do a cash out refinance, then a lease to own option for a house flip? Is this a better option than selling for a loss?
Details: I am doing my first house flip and it isn't selling, however there is interest in renting and one individual couldn't qualify for a loan. Most similar houses have sold in less than a week, but not our house. It may be priced too high, but we have spent too much on the renovations and would like to not lose money (There were unforeseen structural issues which added to the price). The down payment was put on my HELOC of house I live in. My main concern is to pay off HELOC and business credit card. I personally put in $40,000 for renovations which I don't need back immediately because my W-2 income covers my bills.
I am all in for about $80k -- including down payment, rehab expenses, interest on HELOC, mortgage/utility payments. The cashout refinance would cover my outstanding debts and the house would still cashflow about $100-$200 monthly if rented out. Would a lease-to-own agreement allow me to maximize my return, ensure that I get my money out of the deal?
3B/1.5Ba | 1300 sq. ft | Appraisal value = $219,000 | Original purchase price = $132,000 @ 7.0% interest | 22% down paid from HELOC | HELOC principal left = $28,000 | Credit Card balance still owed = $3,500 | Cash out Refinance net = ~$60,000 | Leftover money to cover my original expenses = $28,000 -->which leaves me about $12k short of what I put in.
So, Cash out refinance then lease to own? or lower the price and sell at a potential loss?