All Forum Posts by: Travis Elliott

Thanks Will but I am going to run solo on this one.. I have it rented as of today if I want to for 450.00 but I would rather sell it. I have to get it bought first though. Thanks for the interest.

"" is that small of a loan available in yoru area? ""

Yes it is as I can get this funded through my bank on a non mortgage type of loan/

""I would lock in a specific estimate for repairs and factor who would be the end buyer in a flip scenario.""

Repairs would be about 2500 with new carpet, some plumbing a used fridge and oven etc. I could leave the carpet and fridge out and sell it as is. As far as the end buyer I wouldnt know how to figure that. It could be an investor or an owner occupied.

"" What is teh rent value?"

It would rent for 400.00 with tenant paying all utilities.

Will what are your terms for funding this deal?

Travis

Lol at James

Will

We think that there are going to be competing offers but we are not sure.

As far as repairs I may need some minor plumbing as I noticed a wet wall in the crawl space. Carpets are old but the space is small so it would be minor. One room dosn't have heat in it. The main heat is a gas type stove, not a cooking stove but a fireplace type and the other bedroom has electric heat. No stove and no fridge but a house can sell with out that.

Well it is worth about 38000 so i thought about keeping it, paying it off and renting it or selling it to make a profit.

I have talked to my bank here and there is a good possibility that I can get the money from them but it is not for sure.. So I am looking for other avenues.

Hi

My Realtor just called me and we found a repo for 14,900. Our market in Montana is still decent compared to some areas so a house at this price is a steal.

Also there is a brand new two car garage on the property the kitchen has new laminate and the roof is new.

So the deal is that I would like to offer over the sales price of 14,900 somewhere around 16,200 .

Where can I get this kind of money with good credit. (mid score (743)..

Hi I am looking at buying a property that is being sold by a out of state property management company.

I cant turn the furnace on due to the fact that it is winterized and it is also a repo.
The furnace does look to be in real bad shape so I would like to add the cost of a new one into my calculations.

It is a crawl space joist mounted unit. I have searched all over the net for this type of unit but only normal upright furnaces come up. Do you guys have any idea of what these cost? The house is only about nine hundred square feet so it dosnt need a large unit although I am in Montana so it does get cold.

I see what you are saying Jon. It sure would save me a lot of down money though,

Hi and thanks for the help.

I am heading in to my bank tomorrow to get my financing going on an investment house.

Here is my question.I live rent free currently because I get an apartment with my job. I can either financing for the investment property as a non owner occupied or owner occupied.

With O/O I can get in for three percent down and I can get a better interest rate. The problem is when I go to get another investment house I will have to put that one down as an O/O like I was moving into it. Also I cant use the rental income as income.

Is this a bad idea to finance as O/O or a good idea. My banker said that investors do this often and it works well for them.