OfflineFound a condo fSBO in a gated community on a lake. 2b/2b currently being rented out for 1000/month. HOA is 270/month. Sale price is 246,000 and seller will write you an 85,000 check at closing. Seller is suffering from a sudden illness and needs to close quickly.
Question is i think the rent sounds kind of cheap especially with 270/month HOA so do you think this is actually a good deal? I love the cash back but not if im goin to lose money every month!!!
Thanks
Shaun
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Do you have the rest of the numbers? Will it cash flow?
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
No that is all I have right now waiting for them to contact me. But with those numbers right there 1000/month rent will not even cover it would it?? Im not to good with numbers (yet) but i don't see cashflow here. I like the 85,000 check at closing. that is what got my attention!! lol especially since i could use that for my downpayment and closing costs and then go back and refi and pull all my equity back out!
What should i look for or ask for??
Thanks
Shaun
I'm not familiar with HOAs. Does that include taxes or insurance? Or is that JUST maintenance?
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
It says that HOA is 270/ month and this covers all common areas and hazard insurance. Guess i need to find out some more details on that!!
What all should i ask when i talk to them?
Have you talked to the owner yet? Where did you find the FSBO?
Get some comps for sales and rents in the area, find out your tax information. Ask what IS covered by the HOA. Then figure out what you could offer to MAKE it cash flow. Sounds like whatever you do, you need to move fast.
Good luck and have fun!!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Havent talked to him yet. I found the FSBO on craigslist.
Thanks for all the advice!! He is going through a realtor so Im going to get ahold of him tomorrow to talk about these details!!
Thanks again
Shaun
What all should i ask when i talk to them?
it probably covers more than you think. Common areas (sidewalks, pool, spa, etc.) It also covers roofs, exterior stairs and may very well cover stairs and patios. Also trash and water. Hazard insurance as you mentioned.
But NOT property taxes, of course.
Hard to imagine it would cash with a "true" purchase price of 160K. Also, the lender will need to know about the cash back.
Is the $270 HOA baked into the $1000 pmnt? Or is this incremental? I also don't have much knowledge about HOAs so curious to find out.
Nick Walters
Walters Property Investment Group, LLC