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All Forum Posts by: Richard Appleby

Richard Appleby has started 3 posts and replied 19 times.

Post: Contract For Deed

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

Grant - did you end up doing a deal with a contract for deed? I'm currently debating as to whether I accept one from a seller up here in Hutchinson, MN. Anything you learned and can share would be awesome!

Post: 4plex In MN Analysis

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@John Cassel thanks John! I have financing at 3.625% for a 25 year loan. Over the phone the said 3.5 but I got my paperwork back this morning and it's up a tiny bit. Another reason I want to get a deal done!

I think that makes sense for vacancy and I'll do my initially calculations going forward with those 10% starting points!

Post: 4plex In MN Analysis

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@James Hamling Thanks for those points James! The garbage is included with my water/sewer number, but I'll add snow & lawn expenses and verify how that is currently handled, as well as bumping the vacancy up to 6%. I'll also be sure to document the ages of the mechanicals so I can work backwards and adjust my capEx number before putting in an offer. All great points!

Post: 4plex In MN Analysis

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

Hello Everyone!

I've been running numbers on properties for about a month and finally found a 4plex for sale by owner that seems to be a great deal in my area. I've called the city to verify utility costs and have the rent/tax numbers given by the owner. I go to see the property in 2 days. Does anyone see in my analysis any red flags? Obviously I will have to verify current rents and leases, but I am super excited about this possibility.

Thanks for your time and help!

With paying management:https://www.biggerpockets.com/...

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Post: Can owner financing be combined with bank financing

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@Todd Dexheimer

Thanks for replying and offering that advice Todd!

Post: Can owner financing be combined with bank financing

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@James Hamling thanks James!

Post: Can owner financing be combined with bank financing

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@James Hamling

Thanks James.

I agree with your words of caution. I am planning on using my local bank and they can see my financials are very strong to cover the 20% down payment almost 3x over. My interest in the seller carry back portion is because I wanted to submit 2 offers: I could offer my main offer with a low purchase price or an offer that included partial carry back of a portion by the seller for closer to asking price. All of this is to increase the chances of getting 1 offer accepted. Just thought I would include a clearer picture in my response.

Post: Can owner financing be combined with bank financing

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@Todd Dexheimer

Hey Todd, I'm over in Hutchinson MN and am looking at offering on a duplex. 1 offer I would like to make is having the seller carry $10k of the purchase price (this would significantly increase my cash on cash return). Can you expand upon how that would look for structuring with a bank loan. Currently my local bank is 20% down payment, 3.5% interest. This would be my first rental property.

Post: Hard Time Selling Manufactured Home

Richard Appleby
Pro Member
Posted
  • Investor
  • Hutchinson, MN
  • Posts 19
  • Votes 4

@Christopher Hamlett

Did you get this sold? I would be interested in hearing how it played out and what you learned from the process. I'm looking at a manufactured home in Hutchinson, MN and would like to use your information on the buying side to make sure I don't over pay, and keep it in mind when I sell it in the future.

Thanks!