Posted by WaynePa on July 23, 2001 at 10:39:29:
Sue,
It’s in the paper for 89,500K. So I guess if you drop the 6% that puts you at a little over $84K. I’m having trouble getting comps in my area because agents “have responsibilty to the seller”. I can’t get hold of expired listings either…yet. Thanks in advance for your help.
Wayne
a few questions on this one - Posted by WaynePa
Posted by WaynePa on July 23, 2001 at 09:32:17:
Morning guys and gals,
I got a call this morning on a house and I’m wondering should I let this one slide by or is there a way to work it out. Check the stats:
*2 bed/ 1 bath
*totally remodelled and in move in condition
*no mortgage but 60K left on a Home Equity Loan with $600/mth payments
*listed & vacant since December with no results and the contract is up in September
Well what do you guys think? I don’t know if I can make this cashflow if I L/O in and out. It has an above ground pool but I don’t think this can warrant a rent high enough above market to make any money. I know I’m just thinking aloud but I would love a second, third or fourth opinion. Thanks in advance.
Wayne
Re: a few questions on this one - Posted by SueC
Posted by SueC on July 23, 2001 at 10:05:34:
Wayne you don’t say what the comps are, only what’s owed, so we can’t tell what it’s worth. Also, can youget $600 a month in rent? Depending on the equity, it might still be worth a L/O if the rents can at least ensure you’re not paying out of pocket every month.