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View Full Version : Potential Next Purchase

thepower
08-12-2006, 03:41 PM
After combing through the mls, I came across this 3/1 built in 1953, however in relatively great shape with hardwood floors and ceramic tile. Id def get rid of the paneling lol.. and ready to rent.. drawbacks are a overly small kitchen & washer/dryer area.... I offered 70k with comps running over 115k.

I appreciate your opinions,
thepower
08-12-2006, 03:58 PM
Here are some pics for your perusal...
Foolucky
08-12-2006, 05:10 PM
Resale? What can you do to make it worth $115k. Do you want to put money into fixing it up?
Rent? Can you get $700 to $1200 /month out of it?

You might see a steal on a good lawnmower, but it is not much help if you live in a highrise.
Debbie
08-12-2006, 05:11 PM
The house appears to be in good shape.

But the kitchen---YIKES! I thought I have small kitchen which is about the one of the two negatives (other is no basement) for my home.

As for laundry room, I don't see a pic. But it really doesn't matter because many new homes have washer/dryer located in a "closet" right off of the kitchen. Not my style since I like having a table to put folding clothes on as well as hang clothes up right in the laundry room---but that's just me.....

But since the purpose for purchasing this house is to rent it out, I'd say go for it!
Debbie
08-12-2006, 05:17 PM
Resale? What can you do to make it worth $115k. Do you want to put money into fixing it up?
Rent? Can you get $700 to $1200 /month out of it?

You might see a steal on a good lawnmower, but it is not much help if you live in a highrise.

I do not believe this is located in a high scaled neighborhood, Foolucky.
Perchance you're familiar with the area?
Foolucky
08-12-2006, 05:27 PM
Just my first stop on the purchase-o-scope. Can I get 1/100th of the price in rent?
It is up there with 'why are they selling', 'galvanized pipes', and 'neighborhood'.
brianb_cobbres
08-12-2006, 06:01 PM
/Searches FMLS for said house
/Finds said house
/Submits $70,001 offer
/Muhahahaha
thepower
08-12-2006, 06:05 PM
Rents in this area run fr 800-925. Those familiar with my investing philosphy know that Im a buy/hold guy.

Faxed offer this morning & they countered immediately with 75k, which is where I purchased my last property.

Thanks Kaos, they kitchen is small, Ill be looking for a way to expand it some
thepower
08-12-2006, 06:06 PM
/Searches FMLS for said house
/Finds said house
/Submits $70,001 offer
/Muhahahaha


Ha ha very funny lol, After this is done, Im gonna hit cobb county with a veangence! j/k