Hi everyone, Need a consultation with a deal in Area C: I found a seller from Motivated, he Landlord leaves ...
Hi everybody,
Need consultation with a transaction in Area C:
I found a salesman from Motivated, he Landlord who leaves town and wants to sell his rantal assets.
The property in question is a property in which he claims he renovated everything - electricity, plumbing, roof, windows, heating, cooling, etc.
The property has also been leased for the past two years to the same tenant, and since the end of the two years it pays a month-to-month that he knew he wanted to sell. It pays rent of 750 per month.
This is about 2 HOUSE bedrooms and 1 services, in a not good area of St. Louis (not a war zone, but not a good area)
The ARV of the house is low, solid in the 25K area, but this is mainly due to the fact that the property does not have a marble - identical houses in the area with a basement are sold at 40-60 K.
Its asking price was “15-20K”, we closed at 12.5K.
The owner will provide me with a history of the tenant and her payments, and I decide if I get the house with her or without her.
The numbers on the face of it are amazing, and I'm trying to understand the risk involved in such a deal from those with rental property experience in less good areas טובים (By the way, rentals in bad areas in St. Louis are 600-650 a month, and here it's 750 because there is no basement, and if there was a basement 850 - which also indicates that this is not a war zone)
I would love to hear an opinion,
light
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Invest 200-300 $ into a private indicator that will check the real state of your home and never trust what the owner tells you.
And then you can decide if you want to invest in renovation and at what level, and of course if so then you should get out the tenant and find someone else with a higher rent.
I do not know your area, but I do a lot of work in low income areas
Hey
1. Do you have a management company? And does it work where the property is located?
2. Is it a boarder of 8 or an inciter in their code?
3. Request historical rental, repairs, etc.
4. Your risk is $ 12.5K assuming that everything the owner said etc. is incorrect.