All Forum Posts by: Lam Chuol

@Caleb Heimsoth

Yes the agent is the owner of the property, the estimated market value of $144k is based on the comps. It currently off market but the last time it was listed it was listed for $112k. So my concern is the huge spread between that to $200k. The rent on the area would make sense it would turn out to be a good deal but it’s not rented. Since I asked him those question yesterday I haven’t heard from him yet and we were supposed to go see the place.

@Brian Van Pelt

That why I questioned it, I understand over paying $10-20k if the numbers workout still but but $60k is ridiculous.

@Brian Van Pelt

Thank you for the tip Brain, appreciate the feedback. He is a great guy that also do real estate investing himself. He willing to do give me a contract for deed in this one property at $200k with 10% down and $1,000 a month payment for 3 years term at 3.50 rate. It would be a great opportunity that can work out for both of us. The only issue that property is not currently rented.

I called my realtor last night just to check up him and see how the market is going because he been sending me a lot of good listed properties. Multi-family units, I analyze them and do the numbers even though I know I don't have the money to invest yet. Most of them meet the 1% rule with 16-20% ROI. He told he got a 4-plex that he would be able to do a contract for deed for if I am interested. He told me what he would be asking for and I did my analysis and here my reply.

Me- I would love to look at the property it but I don’t get off work until 5pm plus the drive there so it won’t be until 6-6:30 in the evening. However there are discrepancy between what it’s currently worth and what you quoted me last night. It was last listed for $112k with the estimate market value of $144k but you asking $200k for it. Plus the home is not currently rented I don’t think the price would make sense for me.

Him- Well. You haven’t seen it

Me- Yeah I know but just giving you my analysis of the numbers so far.

Him - You can’t analyze numbers that aren’t there on a property you haven’t seen. There’s more to real estate than seminars and formulas.

My question should I even bother to move forward or is he right on his response to my concerns?

Found my first deal that would be a fix & flip property. How should I go about getting finance for this deal? Sell Price $23-25K with rehab cost of $60-70K. I can find $25k to purchase the property no money to rehab it.