Balloon is up. Auction Time?`

[dnc19694339]

Im in Upstate NY. I get $600 for each house= $1200 total rent monthly. Plus its 2.25 acres on main road. I thought I bought it at a good price, not so sure now.

[DowntownVentura]

Originally Posted by dnc19694339

Im in Upstate NY. I get $600 for each house= $1200 total rent monthly. Plus its 2.25 acres on main road. I thought I bought it at a good price, not so sure now.

From an investor's point of view, those are good numbers especially if there is no problem attracting renters at that price and some appreciation can be expected. But on the surface, $14,400 income, lets say $6000/ year maintenance/property taxes/etc clears $8,400. If someone bought that at $80,000, they would be clearing 10 1/2% and depreciation can make part of that tax free. (This assumes a cash purchase. A financed purchase has more considerations) In California, those would be great numbers.

Would you keep it if you could secure good long term financing? I don't have any suggestions for you how to do that. If you just want to dump the property, I would think an investor would have some interest.

Just something else to think about

[stevep]

Did you ever think of subdividing the property and then sell them separately? It seems like $45k for a house would get interest and would be much easier to sell then 2 houses to one person. If you want to get creative, subdivide it 3 ways (1 house, 1 house, 1 acre of vacant land) and then try to sell the 3parcels separately. You'd need to talk with the bank about this, since their holding the mtg.

[dnc19694339]

Yeeha! I just accepted an offer for 80k. Ill cross my fingers and hope it all goes through.