Wow, you guys work fast The illegal tenant pays $600 and the other two apt could be shares with rent at $1200 each. Similar properties have been selling for $275-285. I should go lower and let the seller negotiate, right? I didn’t find out what is owed yet. Question: Is there a site online where I can at least find out the last time this house was sold? That will give me some clues. My credit is around 650, but by the time I do this deal (positive thinking) I will already own two houses and really don’t want my credit to come into play unnecessarily. If you need more info, let me know.
BTW, I asked where is everyone because most of the posts I see come from the West Coast. Since I live in NY, I just wanted to know if I would be able to use all of the great ideas I’ve been reading about.
Thanks for your help in advance. You guys are great!
This is a bit long–some history with questions. I live in the metro NY area and I want to be an investor. I’ve been reading the posts for about a month now and I’m confused about how to apply the principles to New York property. Everything here is ridiculously priced. I have a deal in mind but I need advice (I’m a newbie. Can you tell?)
Here goes. A two family with three rentals; owner newly divorced and wants the property to go away–motivated; an illegal tenant; great location; excellent condition; asking 259k which is about 20-30k below market.
I would like to propose 239K with a hi LTV loan with a seller carry back so I could do this with no money out of pocket. Is this right?
HELP! Should I do this deal? How do I do this deal? With what people?
Posted by Ed Garcia on March 03, 2001 at 09:58:14:
Sandy,
You haven’t given us any information about the rents to be enjoyed. With out that, we can’t determine the cash flow of the property. Since we don’t know the market? We don’t know how you came up with your price. As far as you concept of a seller carry-back, you are definitely on the right track there, but haven’t told us what is owed on the property to know if it would be worth assuming or wrapping the first mortgage, and you don’t tell us about your credit?
By the way, we’ve been here, where have you been? LOL
The illegal tenant pays $600 and the other two apt could be shares with rent at $1200 each. Similar properties have been selling for $275-285. I should go lower and let the seller negotiate, right? I didn’t find out what is owed yet. Question: Is there a site online where I can at least find out the last time this house was sold? That will give me some clues. My credit is around 650, but by the time I do this deal (positive thinking) I will already own two houses and really don’t want my credit to come into play unnecessarily. If you need more info, let me know.