All Forum Posts by: Rosalyn Reidt

Hi BP,

I am trying to help a homeowner out and I was wondering how to calculate the yearly ROI on a sub 2 property. The owner will keep the mortgage in place for the duration of the loan (26 years with interest on mortgage being 3.25% ).

20k purchase price with a 588.97 mortgage payment (taxes are included). House would rent for $1150. 

Total payoff is 146K which the house ARV is 152k

If these numbers do not make sense, then maybe a short sale would be the next option. I've only done a sub 2 for a flip, but not a rental property so any advice you can give would be appreciated. Thanks!

Numbers did not work. Plus he said he is listing with a realtor on Monday. His mortgage is $52k and ARV is 80k but needs a new bathroom and roof soon. Garage could probably be torn down as well. He wanted 60k so I offered 12k with a sub2. I told him that he would make more quicker and wouldn't have to pay closing costs or realtor fees. They planed to list it at 69k. Plus he won't have to wait for it to sell. So they are thinking on it because they are not familiar with a sub2 plus they just got burned with a L/O. But I have a feeling they will be calling by Monday .... Atleast I hope they do! ;)

So I'm going on my first appointment today from my first/only lead which is a FSBO I finally got the nerve up to call a few days ago. I was very upfront with him regarding my intentions. I asked questions, but couldn't figure out how to ask him the balance on his mortgage and now I'm feeling un-prepared and need to figure out how to ask him although he is very eager to sell. I did see that it was purchased in 2002 for $66000 and he said that his payments are current and there are no liens. ( that's because he just paid close to $6000 on back taxes to avoid sheriff sale which he doesn't know I found that out). The county has it at 73k and it's going to need a roof soon because it hasn't been replaced in about 18 years. The house was a L/O but the people up and left without notice so now he's stuck with a property that's not making him money. I have a number in mind to offer him and if he says no because of the mortgage then do you think I can get away with asking him to do a sub2 deal with a property management company or with an established landlord. Not sure he will go for that but I really want to get my first deal done, but if the numbers don't look good I guess I should walk away. Any advice for my appointment today? Thanks!

Hi Christian, thanks for the info. I tried to pm you, but it says your contact is hidden.

Hi Allison, I'm a wholesaler in Lancaster county. I'll send you my info so we can perhaps work on some deals. Congrats on the baby! I have a 10 month old and work full time as well so I know just how you feel! Lol Welcome to BP!

Anyone from the area know a title company that will do a double closing. Thanks

Thank you!

Wondering where to download a purchase agreement between the seller and myself for Pennsylvannia. Thanks

Hi Brendan R. I have a L/O in Lancaster county. Would you be interested in anything like that?

Chris Eaker I see....definitely time to do some digging. I have a home right next door to me that has been condemned for 2 years from a pipe bursting and the woman hasn't lived there since then plus she's about $2500 behind in taxes. Her name was on the deed and no forwarding address. I never see anyone there and I'm never home when the mail lady comes to ask her. I typed her name into google and found associate family members and with more digging I found an address. I ended up going on Facebook to look at the relative I suspect she lives with and found out she has a rental house for sale in a different town and has to sell quick because her Hubby lost her job and they can't afford the private school. I looked that property up where taxes were sent and it's the same address where I suspect the woman lives. So this tells me there's a lack of funding and possibly no desire to fix the pipes in the house, so I'm going to send a letter and see what happens. Good luck with your deal! I love playing detective lol :)