All Forum Posts by: Adam Springer

Andre, there is a large group of investors in Fort Wayne and meet monthly at my office. Last week there were 100+ that came. Search Facebook for Fort Wayne REIA and you can join there.

Hey Andre, Im a Realtor with Mike Thomas Associates and an investor myself.  I have a team with buyers agents that can help as well.  Depending on what you are looking for in a loan, would determine which lenders I would recommend.  Let me know if you want to meet up at my office next week and discuss.  We are off of Coldwater and Till Rd.

I just checked with one of my guys that has 20+ doors in that area and he said his range is $10k-32k a door for purchase price.  Depends on what utilities he is Going to be paying and how much work it needs obviously.

Sorry just read the sweat equity portion and saw it is a duplex.  That is really high for a duplex too... many duplexes in that area sell under $70k-80k.  Obviously depends on bedrooms/sf but I can’t imagine getting any rents to work at that price point in that area. 

Not on my computer right now to look it up, but is it a duplex?  If it’s SFAM that is extremely high for that area.  Assessment isn’t usually a good indicator of value.  

I would suggest getting a preapproval before physically looking at any homes.  If you are looking with a Realtor they will often require you have one before showing you any homes.  Certainly any home owner/Realtor will want one with any offer you submit.  I typically suggest that clients apply with 2 lenders just to see who can give them the best deal.  As far as expiration goes, Im typically seeing 90 days expiration on most of the preapprovals we receive.

I try to exclusively buy slabs for buy and hold.  In my experience they have less of a chance for tenant neglected water issues than a crawl/basement would have.  Im not sure if soil is different in St Louis than here (Fort Wayne, IN), but is definitely my preference here.  There are things to watch out for in slabs though... If the house has ductwork in the slab, check the ductwork for rust.  It isn't uncommon for water to make its way into the ducts on homes where water isnt properly routed away from the house.  Just like with any foundation, look for gaping cracks on the outside of the slab.