OfflineHi guys, found a condo in a good area. These are the numbers. Kinda seems like the deals are starting to slow down. Please let me know if I should move. This would be my first home. I have to put 25% down because I have limited credit history.
Built:1999
Price:$39,900
Est val:$74,000
Last sold:98k 07
Repairs needed:$3,500
Closing cost:$3,000
Downpayment:$9,975
Mortage:$29,925
Cash to close:$16,475
rent:$825
mort:$169.92
tax:$80
ins:$75
hoa:$135
repairs at 2%:$123
prop manger:$66
profit a month:$176
ROI including closing cost?:13%
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It has a return on investment, but I was wondering are you planning on living in this home? If you are then you don't need a property manager.
Where did you get the Estimated Value? You should find out what other condos similar to that one have sold for in the past few months or weeks and that should give you an idea of what it's really worth.
Best of luck
jordan
"You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do the things you think you cannot do. Tough times never last, but tough people do"
I got the est. value from total view. It is close thought to current sales. I am not planning to live in this home. I don't even live in the state. I am looking to rent it for profit and then transfer the profit into something bigger when the economy starts to move. I just wanted to get this deal done so I could get some credit history and make some money. Otherwise I will be getting rejected by banks like I am now.
Found out mort was .25 lower then expected and ins was 30 lower profit went over 200 a month.... made offer. Hope this was the right move .
Put the offer in yesterday a few hours to late... Back to looking at least the fear is gone..
At least you are taking action and are on the right track.
Randy
www.adeptpropertiesllc.com
Randy is right, you are taking action and on the right track for sure! One thing I would add is that as good as totalview is I would NEVER base a buying decision on ANY website. What are the current comps that are listed for sale? Websites DO NOT reflect the changes in comps that can very from street to street! Currently listed comps are your competition and reflect what is happening right now! You want to buy based on what your property is worth today, not 3 months ago! Sold comps are great for tracking price trends and of course the newer the better to determine FMV today.
Good luck and congratulations!!
Michael Mangham
MD Home Acquisitions
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site