OfflineAfter looking on Realtor.com for several hours trying to find properties for two investors in the Dallas area I found a nice property that needs minimal work to it like painting and new carpet. the owner is a widow whose husband passed away and left her six rental properties.
The one I am interested in is a 4 br 2 ba with 1425 sq ft living space, built in 1972, 1 car garage, brick home in a good area of Dallas but would make a great section 8 property too.
I am looking to assign this too one of my investors cash buyer but have to have a contract on it before he will look at it.
Comps in the area on totalview are around 75,00 but for places a little older one less br and one less bath so the comps are pretty good. As for is low at 72,000 tax appraised value is at around 82,000, asking price is 62,900 but would have to get the owner to go lower. Local rents for this area and this kind of property are around 920 a month.
After closing there will be a new ch/a unit put in as well. I asked the agent about owner financing and he said no but I asked him if this was discussed with the owner or not so I am waiting for an answer on this along with some other questions as to equity in the property and such.
I have not made an offer yet on the property until I find out all the information I need to make an offer on it nor have I seen the property yet either except for the pictures the agent has on the web site.
Will keep working on this and see what I can come up with on it and when it comes time for the contract will have to throw is some good contingencies to get out of the contract if my cash buyer does not want to purchase it. Will have to work on the price some in order for it to work for us all so I can make some money on the deal and it comes out to be a good deal for my investor also.
Will keep posting and see how this one comes out and if it does not either way it is experience and I keep taking action to try and get some thing done.
shawn
and questions I had asked from the realtor about this property to find out that the fmv of this property and comps in the area are around 40 to 60,000 to where as on totalview they are around 70 to 80,000 which is a little bit off. With these comps and such it is not passable to one of my investors as it is too low for him. Will ask my other investor on my list if he may be interested in it even though it is not in the area he is looking for since the better areas are north and west of Dallas where most of the properties are either reo or foreclosures. Will just have to keep looking and see what I can come up with.
shawn
HEY YOU GUYS, I KNOW ALL OF HAVE A REAL ESTATE AGENT. I'M A NEW INVESTOR IN NEED OF A GOOD OPEN MINDED AGENT, ANY OF YOU GUYS KNOW ONE. IT IS HARD TO FINE A GOOD ONE.
MOST HIGH GOD LEAD***move all the obsticals out the way..
**NOT MY WILL,BUT YOUR WILL**
Great job Shawn !! Now work on putting an offer together . Remember when it comes to price - it has to be at a price that is attractive to investors . You have to look at it from their perspective. They are only going to buy a property that is profitable for them.
Build your buyers list and get this property under contract.
Randy Sherman
Elkton , Maryland
The best advice on finding an agent is actually going out and finding one........ask around. Word of mouth is very powerful. I'm gonna assume you have read Dean's books and remember the part in PFRRN explaining what to ask an agent and what you and your agent should expect from each other.
On a side note also don't use all caps......just gonna forewarn you others are pretty big on the little things.
Good luck!
You gain strength, courage, and confidence by every experience in which you stop and look fear in the face. Do things you think you cannot do. Tough times never last, but tough people do.
See Where The Journey Never Ends At: http://www.deangraziosi.com/real-estate-forums/investing-journals/69250/...
Chase Brooks
www.brooks-investments.com
Check on where your local REI Club is and go to a meeting or 2 and ask around there. I found one of my realtors at the meeting. I don't know how good they are yet they haven't brought me anything as yet but all deserve a chance. Other options....just keep calling around and ask the questions, take them to lunch or meet them in their office whatever works for you. That's my first test for my agents is to see how willing they are to work with my schedule.
Shawn
Way to action on this one good luck
"Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude."
Shaun Omar
DSD Investor Group Inc
www.dsdinvestorgroup.net
www.decoscapesinc.com
http://h1.flashvortex.com/display.php?id=2_1315708016_24517_144_21583_70...
For the great comments, could not pass this along to my second investor so I found another property that is very interesting as well, 3 br 2 bath brick, almost 1600 sq ft living space, 2 car garage, nice neighborhood close to schools, shopping and interstate access but no too close to have the noise from it. Asking price is 65,000, the agent got comps for me in the area and places are being sold around 80,000 at least which is what this property is appraised at almost, an older woman has the property just wanting to sell, has been empty since july last year, has been on the market for over three months, as for equity am waiting to hear back from the agent. This agent is really friendly so if things go just right I just might keep her as my agent for the Dallas Ft Worth area when looking for other properties.
Rents in the area of this property are around 1,250 a month, will try and assign this to an investor on my list that is looking for properties in this area but he will only look at it when I have it under contract so will wait and see what the equity is in the place before making an offer on it and lock it up. Who knows I just might go VA financing on this one and see if they will let me on investment properties.
Clermont try using homegain.com to find a good agent in your area, just register with them and the like, say you are selling a house in a certain area and then on your profile put you are an investor and then the agents will contact you on homegain with a short letter about themselves and such.
Thanks All,
shawn
I didn't think VA would lend unless owner occupied so I researched.
Found this on www.veteranloancenter.com:
While a VA Loan can be used to purchase a home in which the borrower intends to live, it is not approved for use toward investment property. A VA home loan can not be used to purchase property solely for investment purposes, such as a rental home. When borrowing a VA home loan, the borrower must certify that they intend to occupy the home. This requirement is the same for all VA guaranteed loans, except for the IRRRL (Interest Rate Reduction Refinancing Loan).
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thanks for that great information as I had not checked into this yet and was going to do research on the weekend, well guess it just leaves pm or hm lenders instead. Right now I am planning on just wholesaling the property to one of my investors on my buyers list and getting an exit strategy together as well in case he does not want it so I know I am going to make sure that due to financing is in the clause too. Thanks karen
Shawn