All Forum Posts by: Robert Murphy

I am still new to Bigger Pockets. I have been reading up on the articles and post and listening to all the podcast, but I have not joined in on all the discussions because of lack of time I work a 55-60 hour a week and i am looking at properties in spare time. So I feel funny asking for help when I have not contributed here on Bigger Pockets . That being said ,here is my situation I have found a house in Springfield Ma. The Owner is willing to finance at 10% balloon in 6 . 10% down price 69,900 ARV 120-130,000 Needs electrical up date New furnace and wet cellar, not sure were water is coming form, light mold in cellar none through out house. House on inside needs painting new appliances I have till next Saturday to make offer and can get inside at any time to inspect . Should I contact a home inspector or contractor to find out all the problems and cost of them and can some one suggest a good contractor or inspector in Springfield Ma Any help on how to pursue this would be Helpful Can not respond until tonight because I am heading out to work Thank You

@Darrie W. Bennett Welcome aboard I've been a member for just a few weeks a lot of info and help here check out the podcasts there great .It looks like you have this all planed out keep your vision and enjoy BP I"m from Ct. and I"m a Giants and Raiders fan Its time to get back to the glory days of the Raiders Best of luck

@Jay Hinrichs Thanks for your comment I am hoping that they are high.Just want to be safe in calculations

I have a agreement on a single family house in walking distance to major university in Ct. Here s the deal

purchase price 143000

down payment 28 600

mortgage 114 400

P +I 5% 614

tax 280 month

insurance 90 month

property mgmt 156 month

property mant 250 Month

Oil 250 month

water sewer 83 month

cap impro 2% 52 month

vacancy 6% 156 month

Total 1,93100 month

rents 2,600

net oper income 669 month

Student Housing students pay between 500-600 month per room plus electric cable internet

Description of property

Ranch 1000 sq ft 3 bd 1 bth main floor 2 bd 1 bth fished cellar all bedrooms rent able New up dated kitchen all paint in side an out less than 2 years old Boiler and hot water heater less than 2 years old ready to move in

I am going tomorrow to approach a interest person in ether a private money loan for down payment or partnership in property I have Never done this before, how would I present this to him He has stated he would be interested in ether or depending on the deal Thank you,I would appreciate input on this mater. I just struck deal last night need to meet potential private lender /partner tomorrow Bob Murphy

@Jon Holdman John, I think its a land contract I will talk to a attorney Monday morning. If it is . Is there any real problem with this I would like to discuss the no money deal on the next one Am going to look at it tomorrow not going to do any thing till I now all this is ok Thank You

@Mike Hurney We are having the parents sign leases and we want to attract Junior and seniors upper classmen they seem to be quieter more responsible and mature I have 2000 sq ft for five students Thanks for the responce

@Ann Bellamy Thank You For the article That does seem to clear it up, I have over 2000 sq feet of living space I shouldnt have a problem there . I do believe it is a land contract . I have to make sure I make all payments on time and refinance as soon as possible Thank You very much

I am a new member this week and I have a 2 part question . I bought my first rental using owner financing I am looking for other property's using owner financing as well as working with a bank Interesting subjects have come up ..One bank said they could give me a loan for single family home that I am going to rent to college students they are going to give me a conventional loan with 20 down and qualify me using the potential rents that a am going to receive another bank told me they could not because they could not give a mortgage were there are more than 3 people renting they call this a boarding house and said it is against the law to rent out to more than 3 college student at a time without getting approval from the town . I know this goes on all the time could this be a potential problem . also the person that gave me the owner financing Has another property using owner financing I have sighed a agreement that if I do not Make my payments he can go down to the court house and take back the house which I believe is fair In that I only put 10 % down. I believe this is called a land contract he wants to do this again .I want to ask for no money down and pay the 10% down in monthly payments for a year or so . But I would need to rent out to 5 more college students to make this happen I am waiting on my attorney for for his answer I have talked to a person who is active in Springfield ma. were I am buying and said the police have more problems to worry about than counting how many people are in these houses and not worry Is there a flaw in my business model or Am I over thinking this. love your in put Thank you

Thanks for the welcome @Karin Crompton I was a member ctrea for a few years and took the coaching program I got a lot out of it. Im planning on going back sometime this year Will touch base soon

Welcome@Account Closed I a new as well I think were going to love this sight and its going to be very help full . Just bought first property in Spingfield Ma and renting it out to college students Always looking to hook up with people in the area good luck Robert Murphy