newbie with brain cramp! - 1st deal - Posted by dakotajim
Posted by dakotajim on June 16, 2000 at 08:16:43:
I just got a business phone line set up and got a call
yesterday from a guy wanting to sell his house. He said
he was going to list with a realtor but saw my ad and
thought he’d give me a call first. I wouldn’t necessarily
call him motivivated but didn’t sound inflexible either.
He wants to sell and try renting something closer to his work.
Here’s what I gathered from him:
- 822 sqf. up
- 271 sqf. down (basement- house also has a garage
tucked under the first floor)
- roof is in good shape
- needs painting
- asking 54,000
- CMA from a realtor last year put it at 54K
- this years tax assessment at $54,304
- owes 35,000
- PITI: $375
I drove by the place, nothing special, but not a complete
junker either. I’m not really interested in being a landlord, especially on a lower priced house like this. I’ve got 1K to work with but prefer not to tie up much of my $ in the deal.
I’ve been reading and studying this REI stuff for several months now and thought I understood it until it came time to actually present something to a seller. Got any thoughts on this. Is it worth messing with. I appreciate any and all responses. Thanks. Jim.