All Forum Posts by: CJ S.

@Robert Shortsleeves awesome please do!! I'd appreciate it. DM sent

I am looking to connect with Wholesalers in Moore County, Cumberland County, Hoke County, Lee County, Wake County, Durham County, Mecklenburg County....  ANY COUNTY

@Shiloh Lundahl awesome advice. I will definitely look for investors in my area that will be willing to go that route. I appreciate it. 

TONS of great advice and recommendations. I appreciate all the feedback. I definitely do not want to spend it on education. I feel there is plenty of information & knowledge on this site, books, podcasts, youtube, and the local REIA.

I think looking for a partner will be my best bang for the buck. I would be able to gain experience, earn a little more, and possibly use that property as proof to the bank & lenders that I am reliable. 

Thanks to all. Much appreciated. That's what makes this place great. 

I am interested to hear how people would invest their first $10,000 if they were starting out from the beginning again. 

I am just getting started in REI and have saved up just over $10,000 and would like to hear what some more experienced people would do.

Property management will be held by the current owner, who has self-managed since they bought the property back in 1987. I do need to update my number to reflect those additional charges. 

Thank you for the input

Thank You all for the input. I will look a little more into the numbers as well as talk tot he owner about a little more creative way to finance this deal. I appreciate it. 

I was presented with this offer and would like some input. It is my first property and will help me jumpstart my investing career.

It's a duplex in Stockton, CA.

The property is valued at $280k

The owner is willing to selling it to me for $250k

The owner wants $100k and will carry the paper on the remaining $150k @ 3% for 15years with interests only payments ($375)

       Current Expenses:

Property Taxes $1330 Yearly San Joaquin County

Dwelling Insurance $976 Yearly

Water $130 - $160 Monthly California Water

Sewer & Garbage $130 Monthly City of Stockton

Self Cert Mnt Insptn $205 Every 5 yrs City of Stockton

Front Yard Mowing $45 Monthly Parra Landscaping

Total Yearly Expenses $6,126 Yearly

Monthly ($515)

Total Income $19,200 Yearly

Monthly ($1600)

Rents are $800 per unit, both units have long term tenants in place, but the market in that area is $1100 for a 2Bd/2Bath.

I would like to know from some people who have more experience if this sounds like a good deal as well as ways to come up with funding.

What are some ways I could get the $100k?

My plan is to get it cashed out refinanced within a year or year and a half and hopefully have money left over to BRRRR into another property and continue the train.

Thanks for any input and recommendations. I appreciate it.

I was presented with this offer and would like some input. It is my first property and will help me jumpstart my investing career.

It's a duplex in Stockton, CA.

The property is valued at $280k

They are selling it to me for $250k

They want $100k and will carry the paper on the remaining $150k @ 3% for 15years with interests only payments ($375).

Current Expenses:

Property Taxes    $1330           Yearly    San Joaquin County

Dwelling Insurance    $976    Yearly       

Water            $130 - $160        Monthly    California Water

Sewer & Garbage    $130        Monthly    City of Stockton

Self Cert Mnt Insptn    $205    Every 5 yrs    City of Stockton

Front Yard Mowing    $45        Monthly    Parra Landscaping

Total Yrly Expenses    $6,126   Yearly       

Monthly ($515)

Total Income        $19,200  Yearly       

Rents are $800 per unit, but the market in that area is $1100 for a 2Bd/2Bath.

I would like to know from some people who have more experience if this sounds like a good deal as well as ways to come up with funding.

What are some ways I could get the $100k?

My plan is to get it cashed out refinanced within a year or year and a half and hopefully have money left over to BRRRR into another property and continue the train.

Thanks for any input and recommendations. I appreciate it.

Monthly ($1600)

@Joseph Druther Sweet! I'll definitely be there.