All Forum Posts by: Charlie Bones

Im trying everyday

I have under contract a 8unit apt building with 2200 sq ft of store front and two duplexes. 10/12 units are rented and the store front is unused. All 3 properties are located in indiana.

Purchase price is 175000

Local bank wants 43750 down, and 1035/mo p/i

appraisal is 1900

closing 2200

10/12 units generate 3700/mo

last year utilities,insurance, maintenance,vacancy,cap ex were 16200

Ive met with the vice president of the bank, twice now and keeps telling me this is a really good deal.

i have good credit and about 15000 cash, 1 rental that gets 550, and low dti

Im looking to get creative with the down payment. Are there any hard money lenders that will loan 43750 for 3 months or less? The seller is willing to write me a check for that amount after the close on the proprties and give me a 3 year intrest only ballon payment. So i can pay the hard money lender off plus his fees/points

 I certainly will, thanks

 im not currently looking in the Hamilton co area but I appreciate the offer. Perhaps, in the future I could contact you regarding your services?

@Jonathan Nolan

Ok, your not to far from me I stay 10mins from downtown indy.

Thanks alot, I plan to digest everything

hello BP, Ive been researching real estate in my free time for a few years now, and it's led me to bigger pockets. I couldn't believe how much knowledge from active people doing what I desire to be doing that were here. I've found useful strategies and documents but now's it's time to leave the shadows and mingle.                             Im intrested in buy and hold properties and hard money lenders. If you know of any in the indiana area please let me know. I have a deal in the works using tips I learned from watching a podcast. More details soon