All Forum Posts by: Brett Welschmeyer

@Chris Seveney

Thank you for the response. 

Yes, I have seen the property, and everything looks on the up and up could use some sprucing up about 5k worth but its not necessary. I did calculate 5% for vacancy and 5% for expenditures for unknown expenses. 

First off, I am learning so much from this website and podcast so thank you all! 

I am looking at putting an offer in on a property in my town, it's a triplex that was originally a home converted into 3 units, built in 1920, with new roof, siding, water heaters, electrical and Plumbing. 

The property is a quarter of an acre in a decent area, and appraised at 96,000 according to GIS. The current owner had a partnership in it, which dissolved and is why they are selling. They pay Trash, water, sewer and the tenants pay electric and other needs (cable etc). The gross income on the total property is 1300, and he is asking for 109k. 

Looking into the calculator on here (thank you its awesome) If i can get in the deal around 85-90k I can be cash flowing around 450 a month. Which to me isn't to bad. 

One thing I want to negotiate in the deal is a small concrete building used for storage that is owned by an adjacent land owner that the current owner knows they are willing to sell. I figure I can get an extra 150 a month rending storage units to the tenants. 

I am wanting to put an offer in for 85,000 and they negotiate the shed units into the deal so we can title everything as one. 

Is that too much to ask? What is some things I should look out for? 

Thank you all for the awesome welcome! 

Hello everyone,

My name is Brett and attempting to learn all I can so I can start investing with in the next 6 months. There is a lot of great content here and I am very happy that someone recommend this place to me. I have been in technology for about 5 years now and starting to venture out into passive income and wealth building, it has been interesting and just now starting to really ramp up and get serious.

I would like to start building a portfolio of rental property with several properties over the next year utilize creative financing.  

Thank you all for your contributions!