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All Forum Posts by: Nikki Drahm

Nikki Drahm has started 1 posts and replied 3 times.

Buying & Selling Real Estate

Post: Second opinion on possible rental property

Nikki DrahmPosted
  • Somerdale, NJ
  • Posts 3
  • Votes 0

Thank you. The home was built in the 1960's. The roof needs to be replaced at some point and is part of the 15,000 in repairs. Also, tenant will be paying utilities. As far as hidden damage, I know that is possible, but I had a home inspection done. I believe it was a thorough inspection. 

0 Votes
Buying & Selling Real Estate

Post: Second opinion on possible rental property

Nikki DrahmPosted
  • Somerdale, NJ
  • Posts 3
  • Votes 0

Thank you for your input. I was second guessing myself.

0 Votes
Buying & Selling Real Estate

Post: Second opinion on possible rental property

Nikki DrahmPosted
  • Somerdale, NJ
  • Posts 3
  • Votes 0

I am considering purchasing a 94,000 rental property that will need approximately 15,000 in repairs to be ready for a tenant. I plan to finance this property - 20% down , 30 year at 5.25 % . https://www.zillow.com/homes/for_sale/604-Otter-Br...

My real estate agent said that the arv is 140,000. and the rent would be 1500/month. My concern is that several years down the road when I plan to sell it, I will need an additional 10,000 to 15,000 in repairs to upgrade it for sale. Any input on whether or not this deal makes sense would be appreciated. 

0 Votes