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2 houses for the price of one


12oclocker

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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

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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.

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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 by knodel
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if your gonna buy anthing, make sure you have 20% to put down or be prepared to pat pmi..thats with good credit

I 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
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^^fair enough man^^^

I just always wonder...when people sell investment properties. Don't they like money:p

I'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 by 12oclocker
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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?

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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.

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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.
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