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How do I explain to the home owner how much their house can afford to pay on mo basis, to make sure I can create a positive cash flow? Market rents are $1200 a mo.
What has to be in count?
Taxes
Insurance
Management
Vacancy?
My profit?($250.00 a mo.)Would I have a Percentage or numbers to that and what they are.
Thank you kindly for suggestions.
Sincerely
Lilia Russell
301-481-4994
[email protected]My two comments are about the same house, Jackie.
The $159 K would be in perfect shape,
It needs new roof, new floors, kitchen and baths upgraded , paint in and out.
Plus the driveway should be put in as it is just a gravel patch grown over with grass.
If I need to rent it out now it is possible, it is in living condition but it also would be a good candidate for a tenant-buyer who would be willing to do his own renovations.
This place can be rented for $1100/mo.
Please let me know how to put together my offer.
Thank you kindly for a quick response.This is not a good candidate for a master lease!
The only thing you should do with this house is gt an option for as low as possible then try to sell it to someone else, perhaps with a highest bidder sale, so you can make a little profit.
What is the lowest option price you can get? $80,000 would be the right number for cash. You could pay a little more if they would seller finance for a year, with low low payments.
Looks like $80,000 was a really good offer for this property. They should have taken it.
No one can get bank financing for a house in this condition.
So, you’ll need to find a cash buyer or one who has private lenders already lined up.
If you can’t get an option then sell it to someone else, I would not advise doing a master lease on this property.
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