All Forum Posts by: Keith Shoemaker

What side of town? Does it need new roof and AC in your 20K Rehab? You can make money on it if you do not find any surprises inside. Hit and miss on that. Good luck.

First thing I would have done was seen what they paid for it before I signed the contract. Especially without current photos of conditions. The picture he is looking at from people running event could be a year old.

Pay a Realtor or Property Manager to video tape property for you before you spend any money on flying up to check it out. Could be best 100 bucks you spend on this deal.

The "Event" is not going to be giving away a 200K property to you for FREE.

You might make some money on the deal, depends on how much work is involved for that money though.

Are you working with someone that writes offers every day on REO's and knows about the complex? Have they sold other units in this same complex?

Jon has great advice for you, the what it sold for number has no effect on what you need to pay. Have a good Realtor pull last 5 months sold listings for you.

Project a 4-8% reduction in market price for good measure after purchase, run your numbers again. Are you still positive cash flow after that?

Are you going to manage property or pay someone to do it? Add this price into your fixed costs. 10 percent is normal.

Get a second opinion before spending your money. You are correct Dallas is a better market, but if they do not have good reserves, you could be paying 20K in special assessment down the road. You have cash reserve to do that?

Is it a new property? Does it have new roofs on all buildings?

Tons of questions need to be answered first before buying.

Do it every day for my investors here in Jacksonville Florida.

Good luck...

I thought I was going to get some good information, but this thread is so old it has moss growing on it... :mrgreen: