All Forum Posts by: Larry Chancellor

@Luke Lanier

It is at %65 of as-is value. I am definitely going to counter to try to make it a positive cash flow. However, if it were still negative (and I calculated $71/month negative flow) would this still be a decent deal?

@Anthony Angotti

Since you are familiar with the Western Pennsylvania market, I am also looking to purchase a home in move in condition and possibly milk the equity later on down the line. My search comes across some very attractive newly remodled homes. Should I purchase what I personnally like or try to find a property that needs some TLC and has more potential build a larger equity amount?

@Anthony Angotti

That's what I was thinking...but I am new to this and I wanted to make sure that it makes sense. Thank you!

Hello @Luke Lanier

Thanks for your honesty and advice. That makes perfect sense. I just did not want to pass on an opportunity without giving it some consideration. 

I spend every possible hour reading the blogs and forums here on Bigger pockets and I recently read a thread of an investor in a similar situation, although the terms may have been different, that was encouraged to proceed with the deal. Should I counter with different terms that would not incurr negative cash flow?

Hi @Anthony Angotti

The terms are $5000 down and 25,000 over three years with 7% interest. There is a tenant there now paying $700/month. The property would be free and clear after the three years and he would transfer title at the closing.

Hello everyone!! My name is Larry Chancellor and I am new to real estate investing. My wife and I have started our company with the goal of financial freedom and travel. I have been networking in the Pittsburgh area and spreading the news about my interest to everyone that I come in contact with. I have a co-worker who has recently began to dissolve his real estate business because his partner moved out of state. He has property that he is trying to dump and he is giving us the option to finance the property through his company. My question is, would this be a good way to start acquiring property? The property has tenants occupying them, however the terms he has offered would create a negative income stream for 3 years.