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Address: 5486 Meadow Oaks Park | City: Jackson
Investment Property Info: When my realtor called me about this property I told him it wasn't even worth my time to go look at it because it was too big and nice of a house. He instisted that the bank was so desperate to get this one sold by the end of the year that they would take a deep discount. I still didn't think it would work, but I went to look at the property just to make the agent happy. As you can see in the pictures it is a beautiful house and only needs light cosmetic work. Even more reason that the bank would want too much.
I called my agent and told him that the house was worth a lot more than I could afford to pay so I was going to pass. He said he didn't care what my offer was just make one. So I made a really, really low offer. We negotiated back and forth for a week and finally I told them, this is my final offer take it or leave it. We were still $20,000 apart so I figured they wouldn't take the offer. About two days later I got a phone call. My realtor told me the bank would take the deal if I could close quickly.
I still wasn't sure so I took my wife over to look at the property. I guess I should have remembered that our personal house was on the market, because as soon as she saw this property she decided that we should move in and make it our next home. I told her we were not moving until our house sells, but she made me promise if our house went under contract in the next couple of weeks that I would take this one off the market. As of today, we don't have an offer on our house, so this one is still available. Just don't wait too long or my wife may beat you to the punch.
Contract: http://www.streetvestor.com/investing/wp-content/uploads/2008/10/streetvestor-contract.doc
Docs & Video for this Property: http://www.streetvestor.com/investing/real_estate_investing/5486-meadow-oak-park-drive-investment-property |
Address: 5486 Meadow Oaks Park
City: Jackson
State: MS
Zip: 39211
Beds: 4
Baths: 2
Square Feet: 2,800
Price: 110,000
Status: Active |
Estimated Repairs: 10,000
After Repair Value: 197,000
Equity: 77,000
Monthly Rent: 1,300
Management: 130 |
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