12oclocker Posted February 6, 2009 Report Share Posted February 6, 2009 I'm selling my rental houses, 2 for the price of one, $88,750 takes both, they are both 2 bed, with 1 car garage, and basement. Both have good tenants already in them, all you need to to start collecting rent.Both already remodeled and painted! nows the time to buy, so who wants them? this year their is a 15,000 tax credit for new home buyers. http://www.bizjournals.com/atlanta/stories/2009/02/02/daily76.html Quote Link to comment Share on other sites More sharing options...
SAMBUSA Posted February 6, 2009 Report Share Posted February 6, 2009 Damn bro, bad time to sell. Good luck Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 6, 2009 Author Report Share Posted February 6, 2009 lol, yeah, I know, I'm not going to make any money. Quote Link to comment Share on other sites More sharing options...
jon_SV650 Posted February 6, 2009 Report Share Posted February 6, 2009 where are they? ...i may know a few people that could be interested Quote Link to comment Share on other sites More sharing options...
SuperHawk Posted February 6, 2009 Report Share Posted February 6, 2009 where are they and what's the rental income/month on each. interested. Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 6, 2009 Author Report Share Posted February 6, 2009 108 and 112 N elm st in troy. Currently I am charging $500 per month on each house. I used to charge $550 on 112 when I lived in 108, then I bought a new house and started rented them both out, and just lowered the rent get them rented quickly.depending on your game plan for financing the houses would determine your profit margin (10yr loan, 15yr, 30yr, ect)I have a 10yr loan on one of the houses, and a 30yr on the other, I was going to refi the 30yr into a 10yr like I did the other one, but the wife wants me to just sell them.I make around $300 a month profit after paying the mortgages each month, If I did my refi like I was going to, I would make more.If you have good credit, you can land a pretty good rate and make more than I am. the plus to having a shorter loan term is pulling in all the rent as profit once they are paid off. Quote Link to comment Share on other sites More sharing options...
knodel Posted February 6, 2009 Report Share Posted February 6, 2009 (edited) hey brooks i've been lookin into this for aout a year i was gonna buy a plat of apartmets there off dorset here in troy they have 4 apts in one plat but this might be better i'm gonna drive out to that area on my way to work Edited February 6, 2009 by knodel Quote Link to comment Share on other sites More sharing options...
that dude Posted February 6, 2009 Report Share Posted February 6, 2009 if your gonna buy anthing, make sure you have 20% to put down or be prepared to pat pmi..thats with good credit Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 6, 2009 Author Report Share Posted February 6, 2009 if your gonna buy anthing, make sure you have 20% to put down or be prepared to pat pmi..thats with good creditI put down 0% and I don't pay PMI on either house. there are lots of ways around PMI hey brooks i've been lookin into this for aout a year i was gonna buy a plat of apartmets there off dorset here in troy they have 4 apts in one plat but this might be better i'm gonna drive out to that area on my way to work sounds good buddy Quote Link to comment Share on other sites More sharing options...
xtremef4i Posted February 6, 2009 Report Share Posted February 6, 2009 Damn Brooks, you have your hands in all kinds of things. Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 7, 2009 Author Report Share Posted February 7, 2009 Damn Brooks, you have your hands in all kinds of things.lol, yes I do Quote Link to comment Share on other sites More sharing options...
Tigerpaw Posted February 7, 2009 Report Share Posted February 7, 2009 Why does the wife want to get rid of these properties? Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 7, 2009 Author Report Share Posted February 7, 2009 Why does the wife want to get rid of these properties?she wants to move to texas Quote Link to comment Share on other sites More sharing options...
Tigerpaw Posted February 7, 2009 Report Share Posted February 7, 2009 ^^fair enough man^^^I just always wonder...when people sell investment properties. Don't they like money:pI'm just leery of having to deal with low income tenants. Quote Link to comment Share on other sites More sharing options...
NinjaNick Posted February 7, 2009 Report Share Posted February 7, 2009 she wants to move to texasTexas SUCKS! I heard that from Samantha, she lived there for a few years. You better not move man! Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 7, 2009 Author Report Share Posted February 7, 2009 (edited) ^^fair enough man^^^I just always wonder...when people sell investment properties. Don't they like money:pI'm just leery of having to deal with low income tenants.definitely got to screen the applicants, and always call their references.Texas SUCKS! I heard that from Samantha, she lived there for a few years. You better not move man!I heard texas is sweet, texas or arizona would be cool place to live, the weather in ohio sucks, lol! Edited February 7, 2009 by 12oclocker Quote Link to comment Share on other sites More sharing options...
AOW Posted February 8, 2009 Report Share Posted February 8, 2009 I would buy 'em if I wasn't moving to Cali in the next couple of months.As far as Texas goes... depends on where in Texas. Austin is incredible, Dallas ok, Houston ok..Would you cut me discount for a cash deal? Quote Link to comment Share on other sites More sharing options...
r6allstar Posted February 8, 2009 Report Share Posted February 8, 2009 I may be interested in your friends services in the near future 12oclock.. could you PM me what his rates are and what the benefit is of going through him, aside from the 0% no PMI thing?Anyway, I will pass on the word to my boss.. his brother is into the whole rental thing and may be interested. Quote Link to comment Share on other sites More sharing options...
12oclocker Posted February 8, 2009 Author Report Share Posted February 8, 2009 I would buy 'em if I wasn't moving to Cali in the next couple of months.As far as Texas goes... depends on where in Texas. Austin is incredible, Dallas ok, Houston ok..Would you cut me discount for a cash deal?yes, I will cut you a deal for cash!I may be interested in your friends services in the near future 12oclock.. could you PM me what his rates are and what the benefit is of going through him, aside from the 0% no PMI thing?Anyway, I will pass on the word to my boss.. his brother is into the whole rental thing and may be interested. pm sent.12 0 clocker- from the very get go i said the average person..an average person doesnt have your type of credit score for one..its gonna be hard for the average- below average person to buy a home in the next few yrs..no more sign and drive type shit.im not saying your buddy isnt the guru..what im saying is that most will need 20% down or pay pmion a fixed 30 at current rates...agree or no?If the average person does not have good credit I would agree, not having good credit now days is going to make anything with a loan pretty tough, ever since the bank failures, I'm sure lenders are extra cautious about credit scores now. Quote Link to comment Share on other sites More sharing options...
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