All Forum Posts by: Anthony Barone

I am looking for 15-20k per month for down payments in Michigan.

Is there a bank, private lender or credit line I can look into?

Our personal credit is 695 & 755

LLC is brand new

Newly licensed realtor

Written business plan

Can PG the funds if needed

Our personal income is 70k-100%debt free

Wow.. I never meant for it to come off like that. I saw that they keep going into pre-foreclosure so I was planning on starting at 50-55 to see where he was at and also getting him out of a property he is having trouble with maintaining. The property is in rough condition (only viewed outside as I drove by) but my offer was to feel out where he is at on his loan. But in theory I could close on it at about 80-95 and might still be okay. Thank you for your respectable replies. I will do some deeper reading so I don’t do anything Immoral or illegal. 

Thank you for the heads up Ron. But from my current knowledge. Equity stripping is the act of me buying the property from them and renting the property to them. Is this what you are concerned with what I could accidentally do and not know?

@Stephen Johnson ask for copies of bank statements too.

Compare rent rolls with bank statements and also with lease agreements.

Watch inspection and you could call the numbers on furnace and water heater to see who installed them and ask them if there was any recent maintenance on them.. and if so did the owner do the bare minimums.

@Ryan Jenkins 100,000 divided by 5.. 20,000.... 5 20k downpayments... 5 rentals..

I am looking at this pre-foreclosure in my neighborhood. I have not done one yet.

SFH 1008sqft

FMV is $142,000

Home was bought in 2012 for 68k

I ran a report on it and estimated that they owe about 45k on the home still.

I am considering trying to buy it for 50-55,000 cash offer.

Can I trust the report I did on bigger pockets that they only owe between 41-43k?

I would like to solve their problem and help myself too.

What do you think? What have you done before? Has anything backfired?

Hello!

I have gained a very deep understanding of how to play the game of 1-4 units through reading and listening to books and trial and error.

Here is a list of books I have read

Real estate books

“tax strategies for the savvy real estate investor”

“Rich dad poor dad”

“The millionaire real estate investor”

"BRRRR"

“The book on investing with low or no money down”

“Crushing it in apartments”

“The book on rental property”

Mindset books bc so much negative energy around me about the path I have chosen.

“The courage to be disliked”

“The power of self compassion”

“Art of war”

I want leads on how to do commercial property.

From all the different routes for loans to analyzing the properties.

Thank you. Much love!

@Michael Ealy

I like that you include condition age of the property.

How do you use that in your cost analysis?

I understand the common sense part. Older the building.. More capex cost.

Do you use (ABCDEF) for just keeping track of how old it is?

Hello! I am searching for another new investor(s) to partner up with on a 4 plex in or near Michigan.

Let’s be aggressive but smart.