All Forum Posts by: Andre Key

Jd,

You make a good point. The only value I saw was in the possible appreciation as well.  The guys is behind the 8 ball so If I waited it out he may be willing to give me something more favorable.

Todd,

I have Comps and they are on average about 188k but I have seem many of the top homes in that subdivision sell for 198,500 about 2 months ago and they arent heavily rehabbed. How would I fine the average ROI for an area?

What kind of formula would you use to determine also keep in mind that Austin area homes have been appreciating at an above average rate compare to many places.

I'd like to see if this deal would be a grab or a pass why or why not.

A seller is looking at selling his home that has an average comps of 198k and rents of 1500 with in the subdivision. He has a renter that is on a month to month paying 1500 but the place needs about 15k worth of work to sell at top value or even to rent at top value.  I mentioned that I would like to onwer finance the home from him for 3 years but he owes about 103k on the property and has a mortgage of about 700 per month not including taxes or insurance. So I can purchase the home at:

203000 in 3 years or refi

13500 downpayment

1250 mortgage PITI

7500 doing minimum repairs

2000 closing

4300 Taxes

I hope that is enough information to give about the deal.  The home is in Pflugerville, Texas right outside of Austin.  So I am interested in feedback.

Would you provide financing for a downpayment on a seller finance deal including rehab cost?

The fact that they asked for upfront fees has made me num to the rest of the process. If they believe in the numbers you present then the initial fees I feel can be contradicting to the claim of loaning 100%.

Jun,

Welcome to BP I live in Austin Texas but I'm from and own properties in Chicago, the suburbs and Northwest Indiana.  I have a duplex in the Morgan Park area of Chicago that i'm selling just right outside of Beverly. The Beverly area is one that you may want to do research on.  

Levi,

Thanks for the suggestion but the client has spent like 14k in which they tried all of those suggestions and oddly enough the front entry area has the strongest smell still.

Replacing air ducts sounds expensive, the client unfortunately tried cleaning the ducts, and almost everything else and pretty much exhausted there income.  If they sold it to me at a deep discount I would try that but they want us to try and list it first. I guess I'll try the generator and put my results up so the next person can use it for data in the future.  Thanks again for all the feedback.

Thanks for the information. Ive read that a commercial one would work best for the job.  I told the client to leave the home for 2 weeks so that we can air out the place. I have heard mix reviews about it's affect on a persons health. The place is not vacant but most of their items are moved out.  Any feedback on any residue this machine could possibly leave behind.