All Forum Posts by: Dan G.

ADDRESS: Google Maps link for tenant privacy Northwest Indiana ; NWI

PIN: 45-07-05-101-017.000-023 and 45-07-05-101-018.000-023

LOT SIZE: Two lots of 50 ft. wide by 144.45 ft. deep totaling 14,445 square feet

PURCHASE PRICE: $67,500 net to Seller

INCOME and DESCRIPTION: Monthly income of $1400.00; Annual income of$16,800

5722 Hump Rd is a single story, two bedroom, one bath home. The home occupied by a long term, single occupant with a $650 PER MONTH Gross rent being collected for over a year

5724 5722 Hump Rd is a two story, three bedroom, one bath home. The home occupied by a medium term, small family with a $750 PER MONTH Gross rent being collected since March 2015

The southern parcel also contains and additional Garage and workshop. Workshop is unfinished on the inside. Power availability at Garage/workshop unknown

I grew up about 1/4 mile from this property and would rate the property area at B-. I feel the rent can be slightly higher to the tune of about $50-$75 more, but the current rates are how these tenants were inherited. Property is close to the train station and not too far from the highway.

NET OPERATING INCOME & CAP: 2015 Property taxes are $1,836.20 (PIN 17) and $1,090.62 (PIN 18) and Monthly Property Insurance is $110 for both parcels. NOI = $12,553.18 ; CAP = 17.4% (using $72,000.00 gross purchase cost to Buyer.

Any questions or concerns feel free to ask or I can be reached directly at 219-239-1233.

Sounds like a good buy. I do have a concern with the house next door being almost double what you paid. @Tom Shepard I like to call it PO Box money! 

Im sure you can call your title company and ask them and have a definite answer.

If you can get the buyers to agree I dont see an issue with going down to the county and transferring said property via Quitclaim once paid off.

Im in a similar situation and once the buyers have paid off the property I can assume this is the only course of action one can take. I plan on calling the title company once property is paid off and worst case just do a quitclaim once its paid off. Ive asked several times and have been reassured he has a social but I have my doubts as to is it actually his if he indeed has one.This is a land contract of course. I can see tons of roadblocks if the buyer is trying to obtain a mortgage.

I dont think realtors will become obsolete. From experience, even using a flat fee broker as as a seller many times another agent brings the buyer. I myself use a flat fee broker because I am comfortable enough filling out the paperwork and handling showings on my own.  I had enough minor issues selling with an agent to try it on my own several times and now I have a fair enough grasp. I have a small operation going on in BP terms and have the time and knowledge to complete a transaction on my own (zero agents involved) or with a FFB.

Back to the point here many  buyers and sellers will definitely require the service of a full service broker. If statistically people move every few years they dont have the time, knowledge, or connections to complete a transaction themselves.

I would never show an unfinished product to a client let alone someone who is not in the business. I always remember to tell myself you only get one chance at a 1st impression. People will always have that image in their head and nit pick something in their visualization. I cannot stress this enough! Never ever show a product you are selling until it is 110% ready for the client. 

Welcome to BP. I am from the region as well. Tons of useful info on this forum

Get a wire transfer! Funds should be clear same day. I took a certified funds check from title company a few times and it took 14 business days to clear. Only wires from now on, money moves way to fast out of my hands to have to wait 14 business days.

I actually prefer using the flat fee service in my area. It costs me about $300 and I get better service from the flat fee broker than I do with my original realtor. Im in control of everything and no delay on this form or that selling point getting across . I sometimes have to ride the realtor to change something or get an update as opposed to the flat fee broker I get fast results with a simple email. 

Most importantly I am comfortable handling transactions now where I just feel The full service broker drags his feet resulting in getting in the way. I know how to fill out the forms, have my own signs and lockboxes. I have no problem answering realtors calls to give them the lockbox code. I eventually am going to get my own brokers license just to work the leads I get that don't buy one of my houses.

I don't feel DOM and selling price are affected by flat fee brokers. I offer what every other comp offers as far as commission.

@Ned Carey, if possible can you give us some insight in how the $1600 lien ended up costing $9000? Ive been told by other investors that after buying the lien a lawyer charges a little under $1000 for quiet title and everything leading up to it. Ive seen a nice lump of tax foreclosures recently hit the MLS in my area and started researching in how to purchase at tax sale.

Hello @Trent Grider , I am from the region as well and invest in the area. Bigger pockets is a good tool to have and has tons of useful information. Enjoy