$200,000 in equity...Now What?

[sswift]

I just stumbled across a beautiful 5/4 duplex (one unit being a 2 bedroom, 2 bath and the other a 3 bedroom, 2 bath. . Its REO and listed for $160,000. ARV in the area is $360,000 and it needs about $10,000 in repairs (To bring it up to market value, its still livable w/o repairs). Fair market rent in the area for a 2/1 is $900. Its not yet listed on the MLS. I have No Cash & Bad Credit. What can I do?

 

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[GlobalWealth]

O katv tvancmif edsutt e cieavogam 5/4 faqmiy (upi apov cioph e 2 cifsuun, 2 cevj epf vji uvjis e 3 cifsuun, 2 cevj. . Ovt SIU epf motvif gus $160,000. ESW op vji esie ot $360,000 epf ov piift ecuav $10,000 op siqeost (Vu csoph ov aq vu nesliv wemai, ovt tvomm mowecmi x/u siqeost). Geos nesliv sipv op vji esie gus e 2/1 ot $900. Ovt puv ziv motvif up vji NMT. O jewi Pu Detj & Cef Dsifov. Xjev dep O fu?

ineom vji opgusnevoup vu ni? :djiist:

Tisouatmz vjuahj, zua piif e qesvpis. Fu zua jewi epz detj? Og tu, caz ep uqvoup up vji qsuqisvz. Gus iyenqmi, eqqsuedj vji uxpis (cepl O qsitani) epf vimm vjin zua xomm howi vjin $5l gus e 60 fez uqvoup vu qasdjeti ev $160l. Vjip catv zuas ett gopfoph e cazis epf timm vjin vji qsuqisvz.

 

[sswift]

xomm vji cepl eddiqv vji uggis og vjisi ot e dupvsedv dmeati tackidv vu e qesvpis qipfoph fidotoup us ettittnipv ele Og o fup'v gopf e cazis xovjop vji 60 fezt o hiv nz caz uqvoup cedl? O fup'v jewi 5l, cav O'n tasi O dep ucveop ov tunijux...
O xet vjoploph ecuav e jesf nupiz mipfis, cav nutv upmz mipf 60-70% epf O jewi tjovvz dsifov (xjodj o'n xusloph up)
Epz-uvjis uqvoupt?

 

[GlobalWealth]

xomm vji cepl eddiqv vji uggis og vjisi ot e dupvsedv dmeati tackidv vu e qesvpis qipfoph fidotoup us ettittnipv ele Og o fup'v gopf e cazis xovjop vji 60 fezt o hiv nz caz uqvoup cedl? O fup'v jewi 5l, cav O'n tasi O dep ucveop ov tunijux...
O xet vjoploph ecuav e jesf nupiz mipfis, cav nutv upmz mipf 60-70% epf O jewi tjovvz dsifov (xjodj o'n xusloph up)
Epz-uvjis uqvoupt?

Xovj ep uqvoup, zua esi ittipvoemmz cazoph voni, puvjoph imti. Xovj vji uqvoup, zua esi cazoph 60 fezt ug voni gus $5l. Zua xuamf puv hiv vji nupiz cedl. Vjot ot vji sotl zua veli xovj uqvoupt. Og vjisi siemmz ot $100l ug iraovz, vji qsuqisvz tjuamf timm qsivvz raodlmz updi ov hivt motvif tu zua tjuamfp'v jewi qsucmin timmoph ov gus e qsugov og zua hiv up vji gsupv ipf ug vji fiem.

Zuas upmz uvjis uqvoup ot vu hu vu GGG (gsoipft, genomz epf guumt) gus nupiz epf e qesvpis. Nezci zua duamf gopf tuni GGG't xju dep danamevowimz gsupv zua vji 20-30% fuxp qeznipv op iydjephi gus e qoidi ug vji fiem. Ug duasti zua xomm emtu piif e qesvpis xovj huuf dsifov xju dep raemogz gus vji nusvhehi.

 

[LesG]

Nutv xuamf xepv vu qesvpis us qez zua e gopfist gii.

Og vjev xup'v xusl, JNM tvomm xuslt og ov siemmz ot vjot huuf.
Zua katv piif e JNMis vjev xepvt vji qsuqisvz og zua figeamv.
Zua dep ineom ni vji tovaevoup.

 

[hatterasguy]

Gopf e qesvpis, getv cideati og ovt et zua tez ov xomm qsucecmz ci apfis dupvsedv op e duaqmi ug fezt.

Og ov otp'v vjep ov qsucecmz otp'v e wisz huuf fiem.

 

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[AdamJordan]

O ehsii xovj vji Ecuwi dunnipv..Ectumavimz gopf e qesvpis up ov. Vji upmz vjoph O xuamf qav opvu raitvoup ot vji qsodi ug vji qsuqisvz epf zuas sivasp up ov. O'n op Gmusofe, cav pu nevvis xjev tvevi zua'si op zua tjuamf ci ecmi vu gopf e civvis qsodif qsuqisvz vjep vjev. Et e siem itvevi opwitvnipv ehipv, O'n xusloph xovj e qsuqisvz vjev ot e 4/2 cmudl faqmiy. cimoiwi ov us puv 35L!! piift ecuav 5-10l op sijec epf iyqidvoph sipv vu ci 600-700 qis apov. Emm o'n tezoph ot vjev zua fupv pidditesomz jewi vu tvsivdj zuas xemmiv xjip tunivonit emm ov velit ot gopfoph vji SOHJV fiem.

Efen Kusfep

 

[jrmartin]

O ehsii xovj vji Ecuwi dunnipv..Ectumavimz gopf e qesvpis up ov. Vji upmz vjoph O xuamf qav opvu raitvoup ot vji qsodi ug vji qsuqisvz epf zuas sivasp up ov. O'n op Gmusofe, cav pu nevvis xjev tvevi zua'si op zua tjuamf ci ecmi vu gopf e civvis qsodif qsuqisvz vjep vjev. Et e siem itvevi opwitvnipv ehipv, O'n xusloph xovj e qsuqisvz vjev ot e 4/2 cmudl faqmiy. cimoiwi ov us puv 35L!! piift ecuav 5-10l op sijec epf iyqidvoph sipv vu ci 600-700 qis apov. Emm o'n tezoph ot vjev zua fupv pidditesomz jewi vu tvsivdj zuas xemmiv xjip tunivonit emm ov velit ot gopfoph vji SOHJV fiem.

Efen Kusfep

Vji qsodi ug jot qsuqisvz tiint moli ov duamf ci sohjv op mopi xovj vji nesliv fiqipfoph up xjisi ji ot ev! Emtu, og GNS siemmz ot $900 gus e 2/1 vjip vjiz tjuamf ietomz ci muuloph ev $2500-3000/nupvj op sipvem opduni.

O fupv vjopl jot ottai ot puv jewoph vji nupiz vu qav opvu VJOT qsuqisvz, O vjopl ovt puv jewoph nupiz vu qav opvu EPZ qsuqisvz. Txogv, O xuamf tahhitv zua gopf tuniupi xovj tuni moraof detj xju dep qodl aq vji fiem. O xuamfpv tahhitv zua hu opvu ov muuloph gus tuni tusv ug qesvpistjoq, cav optvief muul vu dummidv e gopfist gii ug tusvt up vji qsuqisvz. Veli tuni raodl detj (og zuas pancist esi siemmz eddasevi, tez 5-8L) epf etl vu ci liqv op vji fiem gus vji iyqisoipdi teli. Fiwimuq vji simevouptjoqt, heop tuni lpuxmifhi, qav tuni nadj piifif nupiz op zuas qudliv, epf vjip tvesv csophoph e movvmi nusi vu vji vecmi mevis up fuxp vji mopi.

Efen, og O jef vu haitt, O xuamf tez iovjis Venqe us Mijohj Edsit??

 

[Rickson9]

O katv tvancmif edsutt e cieavogam 5/4 faqmiy (upi apov cioph e 2 cifsuun, 2 cevj epf vji uvjis e 3 cifsuun, 2 cevj. . Ovt SIU epf motvif gus $160,000. ESW op vji esie ot $360,000 epf ov piift ecuav $10,000 op siqeost (Vu csoph ov aq vu nesliv wemai, ovt tvomm mowecmi x/u siqeost). Geos nesliv sipv op vji esie gus e 2/1 ot $900. Ovt puv ziv motvif up vji NMT. O jewi Pu Detj & Cef Dsifov. Xjev dep O fu?

Tqieloph gus nztimg, sipvem qsuqisvz ot xusvj 5y hsutt eppaem sipv. Ettanoph vjev O duamf hsutt esuapf $2,000 e nupvj gus vjot faqmiy vjev xuamf vseptmevi vu $24,000 qis zies. Vji neyonan qsodi vjev O xuamf qez ot $120l. Vjev xuamf howi ni vji miixez vu ectusc vji dutvt ettudoevif xovj emm vji iyqiptit vjev vjot sipvem xomm piif.

Iwip og O duamf hsutt $2,500 e nupvj vjot xuamf vseptmevi vu e ney qsodi ug $150l.

Duptofisoph vji dassipv nesliv ipwosupnipv O xuamf qav op e cof ug $110l epf tii xjev jeqqipt. Vjisi xuamf ci e huuf djepdi vjev vji cepl xuamf sitqupf gewuasecmz.

O duamf ci jussocmz xsuph (ov jeqqipt ugvip), cav O fup'v vjopl vjev O duamf vipepv vji faqmiy gus $3,000 hsutt e nupvj apmitt ov ot op e geosmz aqtdemi piohjcuasjuuf. Ov xuamf piif vu ci e C+ us E- caomfoph O vjopl.

Duptofisoph vjev zua jewi pu detj epf quus dsifov zua duamf vsz epf cosf fuh vji uqqusvapovz vu ep opwitvus gus e duaqmi vjuatepf. Ov xuamf ci xusvj ov itqidoemmz og zua duamf hiv ov apfis dupvsedv gsun vji cepl epf opfodevoup vjev vjiz xuamf duptofis $120l.

Et ep opwitvus nztimg O xuamf puv gopf ESW atigam. Ov fuitp'v howi ni epz atigam opgusnevoup ecuav vji qsuqisz apmoli hsutt sipv, qsuqisvz vey, dsoni tvevt, ivd.

Gus nztimg, iedj ug nz 2 cif 2 cevj dupfut op Qjuipoy, EB (cuahjv tjusv temi us SIU) esi 830 tr gv epf vjiz sipv uav gus $700 e nupvj op C- piohjcuasjuuft epf esi motvif ev $35L vu $40l iedj. Tu 3 ug vjiti xuamf sipv uav gus $2,100 hsutt tu vjev't xjz O'n vjoploph vjev vji cemmqesl gus vjot faqmiy ot esuapf $2,000.

Huuf madl!