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Since there have been no replies maybe I should add more info. I am currnetly contracting in Iraq so I have not physically been to the proprty but I have researched the property. I have also had family view the property and send pictures. This property was purchased 1 year ago for $539,000 it foreclosed and I am able to purchase it for $217K. It is a 3 unit building, currently has 1 tennant paying $1100 a month and all utilities. All units are 4bdr/2ba. A duplex built by the same builder same specs, same location sold for $317k less than 6 months ago. Another Tri-plex in the same location is listed for $449k. The building I am purchasing needs minor repairs and HVAC work, due to some A/C thieves. Other than that it is good to go. I plan to get a line of credit on the property to make a down pyment on my next investment, but the appraiser sent by the bank is saying that it only appraises for $300K. I expected it to be a lot closer to if not over $400K... Should I ask for another appraiser?
No do not ask for another appriaser...all you are going to do is get yourself upside down between value and money owed.
I need ADVICE on investing. You are in Atlanta, I am in New York,
so do not know that much about Real Estate in the Atlanta area, BUT
Do you have a Business Plan?? The Bus Plan is one of the first things
an investor or lender will want to see.
Do you know about SCORE?? SCORE is FREE
SCORE helps people prepare Business Plans FREE
I have a business plan and financing already in place I just wont to make sure I am getting the best deal I can.
I answered another one of your posts.
1. What YOU think the property is worth does not matter. It's what the bank thinks it is worth.
2. The property may appreciate in several years....real estate prices have not hit bottom yet.
3. If you are paying somehat of an inflated price..cancel the contract.
4. Have you had an inspection?
5. Do you have anyone in the USA to represent your interests? Anyone that you can trust?
6. Trying to invest in real estate when you are not local is like trying to stuff a beehive in your ear.
You are contracting in Iraq pile up the money and wait for the real estate market to hit bottom. There are always 'deals'. It seems to me that you are being 'pressured' into doing this.
You are right... I am being presurred. But i am actualy preasuring myself. See, I do not have good credit but right now I making pretty good money but I dont plan on being out here much longer so I am trying to put what I have to work right now. Before I leave this job I want to have cash flow coming in. I do have someone to represent me state side. With the banks having such a herd time right now I am afraid I will not be able to get good funding once I leave this job. Do you own any properties?
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I am trying to make my first investment in Real Estate. I have decided to go with a Tri- Plex in the Atlanta area. The numbers make it look like a great deal due to it being a foreclosure, but the appraiser doesnt think it is worth as much as I do. I already have a contract on the place and I am wondering if I am making the right move. I need some one with experience in this area that may be able to better advise me.