Posted by Derek on June 15, 2004 at 23:22:13:
Thx
My first deal is in progress. - Posted by Derek
Posted by Derek on June 15, 2004 at 15:04:18:
Hello to you all. I just put in my offer for my first investment property and wondering to if it sounds good to you experienced investors.
The home is selling for 85K and est. ARV is 105k.
It needs minor repairs, carpet, paint, maybe a window or two and a good clean up. Est. repairs is apprx 4k. I put in my offer to purchase the home at 89k and at close lender cuts me a check for 4k for repairs. By the way Im putting 5% down ($4,500). Seems like a good deal to me, but of course im new and still unsure of myself. 
What do you guys think about that? Please some input please.
Re: My first deal is in progress. - Posted by Derek
Posted by Derek on June 15, 2004 at 23:21:14:
Yes I plan on renting for atleast 1-2 years on this unit. Mortgage $-700. Rent $1000.
correction to response - Posted by jasonrei
Posted by jasonrei on June 15, 2004 at 20:46:19:
I meant “before you get a RENTER in there.”
Re: My first deal is in progress. - Posted by jasonrei
Posted by jasonrei on June 15, 2004 at 20:45:11:
Not good if you plan on reselling it soon. You do have a little equity, though. MAYBE 10%. You’re into it for what, $8,000+ on the front end, plus a little in holding costs before you get a buyer in there?
Your payments vs. rents are what’s most important. There are other things to consider.