The house was listed at 218k, we were able to get it under contract at $203,029 which we felt was super awesome. However, there was no inspection contingency with this property. Meaning that we could do any inspection we wanted but we would not be able to get our earnest money back in the event we decided to back away from the house. (Earnest money is held by the title company and used towards your downpayment-usually 1-2% of the house price- but this can be lost if you walk away from the property.)
We went out looking at more rental properties last weekend, and we think we found a great one. Watch the video for details!
We finally went out to look for our first investment property. We had all 4 kids with us, and Jane and Michael were taking turns being in charge of holding the new microphone. Sound quality is off, but we will work on that for next time! Watch and see what changes we would make to this house and why we think it would make a good investment. Leave a comment with any questions and we will do our best to answer!
3 bed/2 bath 1,356sf single family home listed at 239k.
After pulling comps (comparable home sales within the last 6 months) we felt like this home was overpriced. A goal offer price would be 210k leaving our payments around $1200 a month (with a 20% down payment). Based on what’s currently on the market for rent, we feel we could rent it for approx. $1550 once all the updates were made. Which would leave us at a cash flow of $350 a month.
After watching season after season, and loving, HGTV’s Fixer Upper I couldn’t help but be critical of the fact that the buyers budgets were just not realistic for the average American. Of course, it’s a show, and I shouldn’t expect full transparency. But after having multiple buyers ask me if they can just “take out an extra loan for repairs on a fixer” I thought it would be good to set the record straight. In this video I go over the most commonly used methods of financing the repairs on a house as well as share a realistic approach that anyone can do, even you!