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$500 cash flow monthly in So Cal


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#1 DeeLight

DeeLight

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Posted 31 July 2012 - 09:13 PM




I've been marketing a lot this past week. I got a call from an investor that has a property that he bought at a trustee sale. He likes to turn these over quickly. Here's the deets:
2&2 built in 1946 In San Bernardino;
1594 sf good rental with improvements
New Buyers price $132k
Comps $135; 2 with less sf within half mi
piti $650
fmr $1200
$100 per sf
tenant wants to stay but can't afford more than $1k per mo. The current agreement is he will vacate when the sellers pay him some moving $$.
This isn't my niche but it came to me so I thought I'd see what you all think.
I have a pure option on it and the option price is written into the sale price.
Please advise; I'm new at this. Thank you!


#2 DanielSun

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Posted 27 August 2012 - 03:10 PM

newbie perspective here:

Not nearly enough value for assignment to another investor. rent is irrelevant since you said he wants to turn these over quickly.

If it's a really nice house, you might be able to find a buyer...but i don't think this is a good deal, or a deal at all.




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