OfflineThis townhouse, 3 BR 2 BA, 1126 SF,was advertised for $50,000 but the owner is moving in June and wants to sell quickly so they will take $42,500. The payoff is $35,500. She wants the difference in cash to use for moving expenses. The comps are in the 60s. They have a renter already in place for July 2012 - July 2013 for $650/month. It has a new water heater in 2005, no plumbing leaks or problems recently confirmed by a plumber, hvac unit is good, roof is good, new in sink garbage disposal, dryer and refrigerator upgraded and replaced in 2009. Washer, dryer, refrigerator to stay. Minor improvements that are optional include clean and restain deck, paint front door, paint all rooms and replace hardware on kitchen cabinets. All total should be not over $3000. I will buy it at $42,500 and assign it for $50K, but will have plenty of room to negotiate with an end buyer. Will be going tomorrow evening to draw up contract. I hope this goes smoothly!!
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It is what it is 'til you change it.
I wish you luck!
Karen
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Thank you. I'll be going in a little while and if it has no more repairs than she stated, I don't think I'll have any trouble assigning it!
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
$42,500. FMV $54,000. Needs very little work.. painting inside and cleaning carpet. Rented for 1 year for $650/month beginning in June. Will send to all my investor buyers and hopefully get it assigned!!
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
What is the HOA amount? What condition is the HOA in? Is that part of the $650?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
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http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
No,there is no HOA. I thought there would be as nice as the townhouses were, but he owner said there wasn't.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Remember to buy low and sell(assign) low.
R U embarrassed to offer 42,500. If not, then U offered to much. Give yourself more wiggle room.
Good Luck,
Ron
Ron
They were asking $50,000 first, but lowered it to $42,500. The comps are in the $50s.. I will assign for $44,500. I don't think that is a bad deal since it comes with tenants built in for the next year and needs minimal work.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.
Yes, that is my thinking. The built in tenant and the fact that there is minimal repairs. This is a college town where there are numerous apartment buildings, condos, and complexes. This one is really close to another similar in size that sold for $64,000 and another one that sold for $90,000. I just advertised it last night to my REI group and I have someone already interested in looking at it. These are not low income, run down areas. Lots of them are where the professors live. The husband of this couple just graduated with his PHD and they have decided to move closer to her parents in PA.
You will be making offers soon and closing deals.. Just keep moving forward and don't look back.
Shirley
Everything works out in the end. If it hasn't worked out, it's not the end.
You have not lived a perfect day, unless you have done something for someone who will never be able to repay you. Ruth Smeltzer
It is what it is 'til you change it.