All Forum Posts by: Ricky Priester

I have a rental property question.  I have a property that I owe 126k on, it is rented but the renter has basically trashed it.   It is a 3 bed 1 bath 1300 sq ft.  I am getting $950 monthly but I owe $839, with escrow.  It would cost me approximately 125-150k to renovate and get top dollar.  That would be $276k to ask for a price of $400-420k minus realtor fees.  Netting around 100-115k.  I also have an offer for $205k right now to walk away, netting me about 79k. 

What do I do?    

Hold the property?

Try to fix it up to sell and make 115k?

Sell now to make 79K?

Is this rule still applicable in a crazy market environment like we are in right now. You can hardly find anything in Charleston SC for less than 150k to start. Anyone have any ideas or advice?

I have an all cash offer for 2.5 times what I owe on the property.  It would take 23 years for the cash flow to match having the cash in hand today.  What are some strategies you would use to decide what to do?

In my market of Charleston SC, as in most markets the inventory is low.  In this market does it make sense to buy a little higher priced home and hold it as a rental or what for that diamond in the rough?  Generic question I know, just trying to think outside the box.

I am looking at a multi family unit in a bad area of North Charleston SC.  Its a 6 unit building with 3 beds and 1.5 bathrooms per unit.  They are currently all rented and bring in $4600 per month.  55,450 per year.   They are asking 600K for the property.  

This is not my area of expertise, can someone please advise.  What makes it a good deal/bad deal?  What do i need to look for?  ETC?