All Forum Posts by: Katrina P.

Renters pay most utilities...Landlord pays water only. It doesn't need any rehab currently...roof, etc. looks good. They are willing to finance the deal, but honestly, I don't trust them to do that because they appear to be trying to move to Texas, and possibly back to Mexico, and I don't want to look up after paying off a land contract, and not be able to locate them for my deed. I would feel more comfortable going through the bank on this one. I am thinking of financing for 5 years only to pay off the note fast. That would make my PITI right around $800/mo. So initially, we wouldn't be seeing too much of a profit, I guess, if I go with the 50% rule. BUT, we're blowing the 2% rule out of the water! Also, I could raise the rents a bit because they are currently rented out for below market IMO; with that said, I could probably rent it out for $1700/mo....$1500 is very conservative.

I found an owner of a 4-unit bldg, who is currently in jeopardy of losing the property (March 2011) due to back taxes. They paid $5500 for the property last year, and put a lot of work into it, and must've been new because they neglected to pay the taxes. All units are rented - grossing $1500/mo in rent. The owner is asking $42k for the property. I offered $33k, and told them that out of the 33k, $9k has to go to the back taxes; so they'll only be getting $24k. What do you guys think?

Yes, he's doing the whole basement for $2500...keep in mind that this a small rowhome. I'm totally guessing, but it maybe be around 20 linear feet, if that. I have to look at the estimate again to see if that price includes a sump pump. There's no visual mold as of yet...just moisture. We're just assuming we'll find some mold once the walls come down.

This is for a flip. I'm just saying that he gave me an estimate for the mold remediation, SHOULD there be any once we take down the walls.

Hi all,

I have a house that I recently placed under contract, which has some moisture (not a lot at all) in the basement on the walls. I had a mold specialist come in, and he suggested to do Drain Tile for the moisture removal ($2500) and Mold Remediation ($1400) for possible mold that is not seen, but possible behind the walls. Does this sound like what we need to do here?

My next question is, there's some paneling on the walls in the basement (the bottom half of the wall around the room) that we would like to cover up. Would you remove the paneling, then put up the sheet rock, or just hang the sheet rock over the paneling?

Thanks for the help in advance!

Newlife

Thanks for all the info, guys!

I am in the process of loan shopping. Can anyone tell me if it's possible to avoid so many credit inquiries when loan shopping, or just purchasing period? If I'm buying 5-6 houses per year, that could be very ugly on my credit...

Hello all:

Please help me work through these two deals. I'm sure I'm missing some information, but here's what I have so far:

5-unit building
-(4) 2/1 units
-(1) convenience store
-3 units are rented out at $450 each with longterm tenants
-1 unit and convenience store need total rehab (not sure of rehab costs yet).
-Built in 1920
-Taxes (TBD)
-asking $64,500 (negotiable)
Note: With this one, I'd love to rehab the convenience store because I always wanted a convenience/carryout. That makes this one more attractive to me, personally.

3-Unit building
-(2) 2/1 units
-(1) 1/1
-2 are move-in ready; 1 needs paint, cabinets and appliances
-Conservative rent would be $550, $550, and $450
-Built in 1900
-2009 taxes $2,671
-Asking $43,500 (will accept $40k)

What do you guys think, given the information I've given?

Does anyone have any insight as to the most sought-after areas in the suburbs? Please share.

I would only be wholesaling...not interested in rehabbing/flipping or landlording there at the present time. So I'm looking for the areas that the investors there are anxious for...that way I can unload quickly when I buy.