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re: Information for my fellow Real Estate Investors
Posted on 1/31/17 at 12:49 pm to RabidTiger
Posted on 1/31/17 at 12:49 pm to RabidTiger
quote:
Was this a trailer or a house? What kind of area was it in?
House in a decent area. Ends up needing closer to $7-8,000 worth of work after inspection but numbers still work really well.
quote:
Also, why did the owner want to sell if he had a tenant in place paying that much rent?
Older guy that was living out of state. Just looking to cash out.
1
Posted on 2/7/17 at 10:02 am to stevengtiger
BUMP- Update
Just had an offer that I signed this morning on the mobile home we rehabbed and put on the market.
Total Cost after rehab: $72,500
Asking price: $109,500
Offer price: $109,000 with some additional items asked for.
- Pay for flood elevation cert. Not in flood zone but most FHA loans require on mobile homes.
- Pay to make sure the home was retro fitted. My inspector told me the home was already retro fitted to comply with FHA loans when we inspected, so a non issue but could have cost around $3-4,000.
- Pay for appraisal and inspection for the buyer.
We countered with everything the same besides paying for the appraisal and inspection. We don't want to be out any cash if they back out.
All in, we will be looking at around $96,500 after closing, inspections, etc. conservatively. $24,000 profit since purchasing in Oct. Probably closer to $23,000 once you figure in interest on the LOC and utilities.
Just had an offer that I signed this morning on the mobile home we rehabbed and put on the market.
Total Cost after rehab: $72,500
Asking price: $109,500
Offer price: $109,000 with some additional items asked for.
- Pay for flood elevation cert. Not in flood zone but most FHA loans require on mobile homes.
- Pay to make sure the home was retro fitted. My inspector told me the home was already retro fitted to comply with FHA loans when we inspected, so a non issue but could have cost around $3-4,000.
- Pay for appraisal and inspection for the buyer.
We countered with everything the same besides paying for the appraisal and inspection. We don't want to be out any cash if they back out.
All in, we will be looking at around $96,500 after closing, inspections, etc. conservatively. $24,000 profit since purchasing in Oct. Probably closer to $23,000 once you figure in interest on the LOC and utilities.
This post was edited on 2/7/17 at 10:03 am
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