All Forum Posts by: Michael Anderson
Michael Anderson has started 2 posts and replied 13 times.
Post: Continue with closing or back out?
- Posts 14
- Votes 4
Originally posted by @Bill B.:
Is it too rural to have any property managers? If not I would give the address to one of them and ask.
Are you still getting applications for your existing properties?
How much do you think this property would rent for if I needed a renter in a couple weeks? How about if I can wait a month for a better tenant or a higher price?
The closer those 2 are together the more solid your rental market.
No, there are property managers in the area that's a great idea. I currently don't have any other properties, this is my first one. I would have no problem waiting two months to rent if it would secure better tenants/prices, that's what I am planning on due to everything that is going on. Thanks for the feedback!
Post: Continue with closing or back out?
- Posts 14
- Votes 4
Originally posted by @Jonathan Greene:
I think your decision is wholly predicated on your area. Are you in an area where there are a lot of cases or one with very few? Both will undergo some closures, but these decisions can be market-specific and based on how you feel about your deal. If you were getting cold feet anyway, this could be a good sign to get out, but do you have a reason? You can't walk from a deal because of the virus, without losing your deposit, unless you lose a job or the mortgage falls through. If you can get it rented, would you want to keep the deal? If so, look at your market and decide based on what the next months may look like where you are. In places like CA and NY, things are going to shut down. Like shut down. So flips will be on hold. My flips are currently on hold.
I'm in Georgia, this property is in a semi-rural area that currently has a lot of demand with a very low supply. There has not been a lot of impact around the area so far. If I can get it rented I would 100% keep it. I still think it is deal and think I should close but am having a hard time ignoring the "doom and gloom" on the news, forums, etc... I still believe I am doing the right thing but wanted to share my fears to see what kind of guidance experienced investors have to give! Overall I am still confident in the deal/my ability to weather the storm but am just a little concerned about how bad our storm may get. Thanks for the feedback!
Post: Continue with closing or back out?
- Posts 14
- Votes 4
I'm a first time investor and am scheduled to close on my first SFH April 3rd. I am buying the house for $37/sqft - others on the street have sold in same condition as it will be in post rehab for $75/sqft
Class B/C -$10k rehab, I'll have about $12k left in the deal. Expected rent is $1200-$1300 - PITI will be $950
I'm obviously nervous about moving forward being that this is my first investment and the economy is falling apart, I have plenty of reserves but I believe the housing market is bound for correction being that so many people are out of work and over leveraged.
Opinions on whether or not to move forward?
Thanks!