Help on first deal - Posted by Melissa C (CA)

Posted by Melissa (CA) on March 14, 1999 at 18:34:34:

Good questions. I asked the realtor and he’s checking tonight. He said that some of the properties around there have gone for over $100K. We haven’t discussed the terms, but it’s been on the market for 5 months and has fallen out of escrow twice (due to divorce, etc.) I get the feeling that this buyer is really motivated and I can get a good cash price on it.

I also asked what it would take to rehab it, and the realtor said that he got a figure of $2000.

Thanks for the followup. Any more questions/suggestions would be appreciated.

Help on first deal - Posted by Melissa C (CA)

Posted by Melissa C (CA) on March 14, 1999 at 12:45:20:

I ordered Ron G’s course, but haven’t received it yet.
I found a property that has a motivated seller that has moved out of the area and wants to cash out. Realtor said he is willing to finance(82,000) with 6,000 down. It’s two properties on one lot. Both are currently rented -$495 and $450. They are in decent shape from the outside, haven’t seen the inside.

It looks like there’s some room to make some money here. I’d rather cash out than be a landlord, however.

Can someone give me an idea on some alternative offers than the one they’re proposing?

Thanks in advance.
Can’t wait to “do” my first deal!

Re: Help on first deal - Posted by David Alexander

Posted by David Alexander on March 14, 1999 at 17:58:19:

What are the comps? What kind of terms? Can the rents
be raised? Sounds high to me and with taxes and insurance the property would probably be negative. Where you going to get the 6k, Why soes he need the 6k.

David Alexander