All Forum Posts by: Selby Johnson
Selby Johnson has started 2 posts and replied 6 times.
Quote from @Michael Smythe:
Did you run this through the BP Rental Calculator?
I ran it through DealCheck and it is a good buy, however I spoke with a resource with 20+ years of experience in the general area who says finding renters is very difficult and break-ins happen often. Needless to say I backed out of even placing an offer.
Hello Investors,
I have a 3/2, 1196 sqft house in Texas that I am closely looking at as a rental property but wanted to see if there was any feedback/questions before making the leap.
House was built in 1950s, originally bought a few years ago and work done on it includes:
- Flooring
- Kitchen
- Bathrooms
- Windows
- Roof
- Light fixtures including some recessed lighting
It is priced at $140k but think I could come in as low as $130k as it's been on the market for 70+ days. Rent comps are said to be $1500, however I have set it to $1400 in my analysis due to area and lack of garage (although the general area has no houses with covered parking). It is an area with smaller homes, however this one has been added onto with the area being revitalized (new homes built, many are being renovated as older families are moving out) and it is close to the downtown area.
Appreciate any help. Thanks!
Post: Potential buy and hold without occupant in years
- Posts 6
- Votes 2
Quote from @Selby Johnson:
Quote from @Pam Brown:
Did you make a move on this property? Or still deciding? My personal opinion would be for you to stay away from this transaction since you are new to RE investing. I would hate to see you get burned on your first deal in a Money-Pit--which this one will be. A project like this is meant for a seasoned individual with a lot of experience in flipping.
However you could JV (Joint Venture) with someone on the deal. You could turn them on to the details of the property and use their expertise to complete some of the due diligence. And use your funds with a partner.
Keep us posted on what direction this went!
No, thankfully I did not and still on the hunt!
Post: Potential buy and hold without occupant in years
- Posts 6
- Votes 2
Quote from @Pam Brown:
Did you make a move on this property? Or still deciding? My personal opinion would be for you to stay away from this transaction since you are new to RE investing. I would hate to see you get burned on your first deal in a Money-Pit--which this one will be. A project like this is meant for a seasoned individual with a lot of experience in flipping.
However you could JV (Joint Venture) with someone on the deal. You could turn them on to the details of the property and use their expertise to complete some of the due diligence. And use your funds with a partner.
Keep us posted on what direction this went!
Post: Potential buy and hold without occupant in years
- Posts 6
- Votes 2
Quote from @Account Closed:
To be honest with you if you are looking at a house in San Antonio that hasn’t been lived in for ten years you shouldn’t be buying this as a first time investor. It will probably need 100% gut to studs rehab including 100% electrical upgrade and 100% plumbing upgrade. These are problems that are easily solved but not for a first time buyer.
Kristi,
Thank you so much for the advice. Additionally, if I were to buy the house it may come with another lot that has not been built on it. So definitely some potential for a single or multi family dwelling. Do you think this changes the outlook at all?
Thanks Again,
Selby
Post: Potential buy and hold without occupant in years
- Posts 6
- Votes 2
Hello,
I have a potential buy and hold as my true introduction to real estate investing in an up-and-coming neighborhood that has not supposedly been occupied in 15-20 years. In terms of inspection, first is there anything I should particularly be aware of when choosing an inspector? Secondly, this is a pier and beam foundation - should I spend the money and get hydrostatic testing prior to purchase of the home? Lastly, what can be done about testing electrical within the house?
Appreciate any advice!