- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Information for my fellow Real Estate Investors
Posted on 2/7/17 at 10:02 am to stevengtiger
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
Posted on 2/7/17 at 12:18 pm to stevengtiger
Thats a nice 30% ROI
Posted on 2/7/17 at 2:00 pm to stevengtiger
What percent of your tenants are military? that seems to be a good tenant. I think I saw you mention that awhile back. Is that your target demographic?
Popular
Back to top
Follow TigerDroppings for LSU Football News