Thoughts on a $33,000 property??? - Posted by ron
Posted by ron on October 26, 2003 at 02:03:38:
I have a realtor offering me an investment property in a not so great part of town. It is listed at $33,000 and from an initial walk through it is not in bad shape. She told me it’s worth $55,000 (and she has been right on the money before about estimates/appraisals). It is a 3/1 row home.
If everything checks out my thoughts are to buy it. I would pull money out at closing ($16,000). I would give the owner a downpayment of ($3,000), put $14,000 in my pocket, and l/o to a family who may not be able to get a mortgage so I don’t have to deal with tenants. Rents in that area are $600-$700. My mortgage would be around $375-$400 approx.
So…chime in. Does this sound good? Anyone have any experience with “pitfalls” on a property like this? Let me know.
**PLEASE…ONLY REPLY IF YOU ARE AN EXPERIENCED INVESTOR.