OfflineHello family,
I just closed my first property this week. It was a lot of hardwork and determination. This are the numbers:
property listed for $89,000
Property was bought $63,000 (cash)
FMV of the property $119,000-$153,000
I used my sisters $63,000 cash to buy the property. The only problem with the property is the previous owner who is a single mother with three kids will be staying there until the end of May. I decided to let her stay there for a month and half for free because she doesn't have a job. It is so hard for me to kick her out of the property with three kids. I am also looking a job for her in the hotel i am working now.
Now, i want to get going and found two nice properties in the same neighborhood but i'm short of money. I wanted to refinance my new property but i'm having a hard time finding a mortgage broker who can work with me. Any suggestion with what to do with the property and how i can also get the other properties i'm interested to buy.
Thank you
Baria
Baria
Congrats on closing your first deal. The next one will be easier.
As far as your refi, I would look for a bank (small town style), that doesn't require seasoning. If that doesn't happen you might have to hold on for 3 to 6 months or even a year. You can either put a renter in there and hold it for the time being and collect some cash flow or put it up for sale and make some profit on the deal and go on to your next deal. Either way it is a win win for you....Jan
Thanks Jan,
I really appreciate your comment. I am thinking about spending some money to paint the property once the people leave the property then maybe sell it for a profit. I already have a buyer who i believe would love to buy the property. The only thing is that i really want to keep this property and rent it. I also have found a renter.
Baria
Baria,
Congratulation on your first deal!
Also you have such a kind heart, trying to help this family
Not only providing them free rent, but you are looking a job for her!!! God Bless you!!!
I hope your continued success!
Keep us posted...
Miyuki (a.k.a. Coco)
Whether You Think You Can or Can't, You Are Right
~ Henry Ford ~
God bless the dg family,you couldhave sold for good profits...its goes to show there
are very good kind harted people out there,are we taking notes!!? yes, people first!!
Great job on your first deal. They say after the first one they get easier to find and close and that seems to e teue because you've already found two more. Continued success.
Regina
Keep pushing forward
Thank you all for all your support and encouragement. I will post what is going on with this property as i'm preparing to sell it as soon as the residents leave the house. I am sure i need to paint the house though. Wish me good luck and see you soon.
Baria
Baria