Should I buy a cheap $20,000 house?
Published: 2020-08-18
Status:
Available
|
Analyzed
Published: 2020-08-18
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker predicts that after spending $5-7k on renovations (including replacing windows and sprucing up the kitchen/bathroom), a house in this neighborhood could sell for $70-80k.
"i could get between seventy and eighty 000 dollars in this neighborhood"
Pending
The speaker predicts they can increase the rent for the property to $675 per month.
"i can rent it out for an increased rent price of about 675 dollars per month"
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The speaker suggests offering the property as a land contract with a down payment of $7,500 to $10,000.
"i could offer it as a land contract with between 7 500 and ten thousand dollars down"
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For a land contract, the speaker predicts monthly payments of around $400.
"and then take payments over the course of time for maybe four hundred dollars per month"
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The speaker estimates that the house has appreciated by approximately $15,000 since purchase.
"we've gained probably another fifteen thousand dollars"
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The speaker states that rehabilitation expenses have almost been fully recouped.
"as of this moment we've almost entirely recouped all the rehabilitation expenses"
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The speaker currently manages 139 rental properties, having recently sold one.
"i've got 140 139 rentals i sold one the other day"
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The speaker used a hard money loan from their former landlord to finance the acquisition and rehab of the property.
"for the acquisition part um hard money lending with my former landlord as for how did i get the cash to rehab the property"
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This property was the 53rd or 54th rental in the speaker's portfolio.
"this was rental number i think 53 or 54 in my portfolio"
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In mid-2017, the speaker purchased 24 out of 32 rentals from Mr. Gary.
"mid-2017 he came back to me and i ended up purchasing long story short 24 of the 32 rentals"
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In 2016, the speaker offered $600,000 for 32 properties.
"i looked at the properties back in 2016 and made him an offer of about 600 000 on all 32."
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Mr. Gary's real estate portfolio was once valued at approximately $1.2 million.
"at one point his whole portfolio was worth about 1.2 million dollars"
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The acquisition price of the house was $20,000, with an additional $10,000 invested in its rehabilitation.
"the total acquisition price on it was a grand sum of 20 000 and we put in roughly 10 000 into the rehab of it"
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The speaker acquired this house in mid-2017.
"i ended up with this house in mid-2017"
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