All Forum Posts by: Curtis Hummel

Hello All!

I need some creative finance advice. I've got a seller who has a 2 bd 1 ba in the Beverly school district (43614) whose willing to do no money down, 10 year term with a $49,000 PP. ARV is somewhere between $65,000-$75,000 (seen 1 comp at 82k) the AS is value of the property is roughly $62,000. My game plan would be find a buyer whose willing to do $10,0000 down, $650 a month (maybe someone with bad a credit or wont qualify for a bank loan?). Therefore, I'd sell the property AS IS make 10k upfront and cashflow $150 a month without having to do anything.

Does my game plan make sense or would you do something different?

Thanks guys. 

@Andrew Johnson @Bjorn Ahlblad  

Thanks for the input guys the deal is solid all around and the numbers make sense, few vacancies, pretty much turnkey. Its actually in my home town so I know a lot about the property. Property management isn't an issue as well have a property manager in the family that has managed portfolios of 4000 units. 

This is a small farming community (2000 people total). Its a dead stagnant market that has virtually stayed the same for the last 60 years. Can I bank on the fact that there will always be at least 40 people that need a cheap place to live for the next 30 years? I think so.

Hello All,

What are your thoughts about investing in small towns. I was informed of a 45 unit apartment deal in a town I am very familiar with. Its section 8 and based on the numbers I have its definitely cash flow positive . Great building, great price but my only concern is do I wager a huge debt on a small town even if its a cash cow day one? 

Any input appreciated!

@Robert Ellis

Thanks for the input! Correct me if I am wrong, so your stating that perhaps there is just a lot of multifamily for sale do to the the large supply of them, and it is not a representation of a shortage tenants due to the oversupply, or perhaps the owners know something I don't and they want to sell for that reason?

I know this is a loaded question as it is a circumstantial, but if you have any advice on how I could answer this it would be appreciated. 

Thanks!

Curtis

@Andrew Fidler

I will pay for a steak dinner and a whole night a beers if you would be willing to sit down and give me some ideas on where I should go with this. I would be even willing to help you with your properties as well. I work on Jackman and  Laskey 6 days a week so I'm always in the area and could be very helpful and save you that drive from Monclova. Just let me know when and where. 

Thank you all for taking the time to respond and providing the helpful information. These will all be considered as I continue my real estate journey. 

@Andrew Fidler  I'm getting the idea that your stating that the real deals in Toledo are perhaps more in the C-class style MF that I personally would not want to live in?  BTW I just looked the PIN group and I see I just missed your most recent meet up two days ago. I will attend the next meeting you guys have available and perhaps Ill get to meet you, 

@Adam A. I follow Toledo REIA on FB and I never seen any new meet up postings, but perhaps this isn't the best platform to keep up with the group?

Adam,

Thanks, for the insight it will be considered. I would also appreciate the realtor/investor lead as well. I would like to start getting out there and analyzing deals as soon as possible. 

Thank you!

Hi John,

I live in Bowling Green right now, but I work in Toledo as an engineer so I'm really trying to find something  closer to my job, but still in a good location. I'm thinking anything around the Maumee, Holland, Perrysburg area would be more suitable, but anything closer to my job would be considered. I like BG, but I feel its has so much competition to really be worth it. I believe they just knocked down the old Pharm location to build more apartments.  

Hi Sharon,

Thanks for your interest in my post. I'm glad someone shares my same interest and concern. Another consideration I had is typically investors like to buy within there "farm area" so when an investor is ready to sell perhaps they are ready to sell the whole farm. Just a thought, but hopefully we can get some experience on the post and get set off in the right direction. 

Curtis

Hello Everyone,

I was hoping some experienced investors could shed a little insight to help with my first purchase. I live in NW Ohio and after years of renting and saving my wife and I have decided that we will be buying a residential multifamily before our next lease needs to be renewed we would like to "house hack". I have been casually searching and it seems like most of the products I am interested in such as duplex's or quads have several for sale nearby, as well, sometimes on the same street. When I see this it makes me think that there is an oversupply in this particular area.  

Is this a fair assumption to make or are there other factors to consider?

Any recommendations would be greatly appreciated.

Thank you!