All Forum Posts by: Mike Miller

We are in the process of opening a line of credit.  3-4 weeks from now we could have purchased cash.  :(  Next deal maybe.

 It is a duplex, so both sides should rent for $1,150/mo ($2,300/mo).  I am preapproved for conventional with proof of funds for the down payment.

I am in the process of making my first offer on an investment property (a duplex).  They are collecting multiple offers to choose from and they need to be in by tonight.  Unfortunately at this time I will need to get a loan, and will request an inspection contingency.  There has been a lot of interest in the property.  It is in good shape, and the owner has replaced windows, A/C units, some appliances, and fixed a roof leak.  Asking price is $260k and rents should be $1150/mo (each).  It isn't a great deal, but it should cashflow and is in a good area.

The seller is an older couple who are starting to have health issues and want to liquidate their REI.

Currently I am planning to offer a small amount over asking price.  Any tips to get help get the offer accepted?

I really like this idea.  Would you end up with 2 LLCs?  One that owns the property and one that owns the property management company or would you work them as the same?

For a short period of time we were looking at renting out our primary residence.  We were looking to include pool maintenance, lawn service, and once a month maid service for top dollar rent ($4,200/mo).  I am not sure how it would have worked out though.  Maybe good, maybe not.

I am in Tampa, and I am starting my search for a group.