All Forum Posts by: Chris Jurgens

Hello! I have the opportunity to buy a duplex in Cincinnati off market. I have everything completed from preapproval to home inspection. Is there anybody in Cincinnati or surrounding areas willing to sit down with me for one hour to help me analyze this deal? I’ll pay $100 for one hour of advice and analyzing. I can meet anywhere in the greater Cincinnati area. Thanks!

@Joseph Burell Thank you for your reply! That is interesting about LTV. I am doing this as a commercial deal and the bank never mentioned this method. I will definitely look into it!

Do you think this maybe a good house for BRRR?

Hey BP! So, I am starting the process for my first duplex. This will only be my second property so any input or recommendations are welcomed! Here are the details:

Duplex built in 1920 Purchase price is $75K taxes are moderate to low, Both are 1/1 units. ARV $100K conservatively. Separate furnaces both 15 years old. Roof 15 years old.

 Both currently rent for $500 each with the landlord paying water, $100 total/Month. I think this is low for the my market however the property has some deferred maintenance. Once I fix and up the curb appeal and freshen the interior (Total of $3k in reno) I feel $650 is 100% doable. The property features off the street 3 car garage I will include for $50/Mo. 

This is a private sale. I have be pre approved with a bank at 25% down. Next steps are to secure a purchase agreement. 

QUESTION: Is the paper work such that me and the seller can complete WITHOUT a realtor or should I consider using a flat rate realtor at $1000 to help with the paperwork?

Also, thoughts on deal in general? AND would you consider using another funding source or strategy besides tradition bank? Would love to be able to save the 25% down if possible. 

THANKS FOR ANY INPUT! 

Congrats! Please update with numbers, experiences, how you found your property etc! Would love to hear! 

I am working with Valley Central bank, Randy Davis, currently for the first time. I was given the recommendation from a co-worker who also does commercial REI. I will report back my experiences in a few weeks after closing!

Just a quick question. I have a partner for a deal, we are buying the deal for a buy and hold (3-5yrs). My questions is about dower rights with a partnership investment. Lets say he ends up getting a divorce does his wife have dower rights to my property or could she take any adverse action?

Thank you! What is his area of expertise? I am not a pro member (yet) so I can not search him or message him. Is there any other way I can contact him?

So update on my situation, this may need to be its own thread but ill try it as a reply.

I have found someone (close friend) who is willing to co sign the loan with me. He is really doing it has a favor and says he does not need to be compensated greatly. My offer to him was 10% of the rent (Not loan amount) for the duration the loan is in his name. He will not be responsible for any repairs or any legal fees if any arise. We will draw up a contract by a lawyer.

Am I over looking anything or does anyone have any advice?

Thanks everyone for your input!! Mike yes, Darrin and I spoke because he knows the neighborhood pretty well. He was able to give me some great numbers to go by! The seller states the tenants have been in there for 1 yr and wish to stay upon me purchasing the property. They have never missed a payment and have proven to her to be good tenants according to her. As for the inspection, I will defiantly be getting one and will insure my numbers including any foreseen repair cost for the next 5 years and yes this will be my first property and I am a "handyman" so I will do most repairs including a roof if needed.

 Thanks jay! I will be at the march meet up (My first) and will see him there, until then, I will send him a message!