All Forum Posts by: Ryan M.

Just to close this out. I did not get the property. It sold for full price with no contingencies. Seller's agent was buyer's agent. Took a couple of extra months to close which was odd but oh well, I'll keep looking. Thanks again!

@Chris Ready I put in an offer but unfortunately someone beat me to it. My offer is a back up and the current offer is higher than mine. It's strange though that the property has not closed yet so I feel that I still have a chance if the current offer falls through. 

@Theo Hicks Thanks for the detailed info! Very helpful!

@Hai Loc Thanks for all of the info! I was finally able to get some better repair estimates recently. I plan on putting in an offer early next week!

Hey all,

Long post. Questions at the bottom. Thanks in advance.
I'm still new to investing, as I only have 1 SFH so far. I was brought a pre-market deal of an 8 unit property (two 4 unit buildings) with the plan of adding another 8 units; a site plan was done previously. I believe there is more room on the property to add washer/dryer facilities and/or small playground. It is in an in demand school district and consistently safe town. I have only walked the property so far.

Property has been mostly vacant since at least Dec. of 2016. Six units have been remodeled about 90%; one unit is only about 30% but includes kitchen cabinets and appliances. One unit occupied. My biggest concern is the HVAC systems, the roof will likely need replaced within a few years, and the asphalt parking lot likely needing to be redone. Landscaping is also some concern. Exterior will require minor repairs.

Asking price is $225k. Built in 1968. Seven units are 2/1 about 725sq ft. Occupied one unit is 1/1 about 425sq ft. Only refrigerator and stove; no dishwasher or w/d hookups. Comparable 2/1 rentals currently listed are $550 and $575. Previous taxes were about $3725.

My initial questions are: Do I make a really low offer assuming I need to replace HVAC, redo parking lot, and replace roof? How would you estimate a cost of the future 8 units? 

Let me know if you want any additional info. Thank you all.

Ryan

Hey everyone! I've been reading a lot of the forums but never posted a welcome post. I too am in Hattiesburg (been here about a year so fairly new to the area) and new to investing. I have a few contacts in Slidell, Louisiana (about an hour south) as I'm from that area. My current long hours of a day job are preventing me from doing much at the moment but I'm going to change that soon. I'm ready to invest now but haven't had the extra time to find and close a deal. If anyone wants to connect, please let me know.