All Forum Posts by: Dan Graney

Here is the Craigslist post link, trusting that nobody from BP will try to get to it before I get a chance.

http://detroit.craigslist.org/okl/reo/5191181038.html

Note that it is an older house with what we call a Michigan basement. Accessible from the outside only. Bit of a drag in the winter time but I am used to it.

More answers to the questions that you provided

What are the rents? Assumption, based on area rents and the listing I would guess about $525/month

How many are rented? Assumption Since they mentioned living in it I would guess 2 out of 3 are rented, there were 3 cars in the parking lot at 6am

What's the condition/repair? Assumption from the photos it looks like it was a very professional job of converting to a multi family.

How are you financing? Not sure yet. Was thinking about looking for a private lender for the downpayment.

How did you find it? Craigslist (Right after listening to a podcast that suggested looking there)

What's your exit? Buy and hold for cashflow

Thanks for the replies so far, really appreciate it.

The details I know so far.

Found it on Craigslist

Land contract with $15k down 4 yr balloon or conventional 
Live here for free with the rents !!! Just need a down payment 
Must see 3 unit 2 bdrm ea. investment rental Income property is $1525.00 + per month and stable! To many updates to list! Must see . For example newer steel roof, plumbing, water-heaters, three baths updated,appliances, flooring, some electrical updates ect.. Newer on-site laundry. Excellent location. Walking distance to everything! 
Purchase price is $121,000k

Drove by this morning, very clean and well maintained on the outside. Excellent location near downtown yet surrounded by trees and across from a park.

Right now I do not have the $15k down payment so I would have to finance that also.

Will call for a showing today. Do not know whether to involve the agent that has been looking for places for me to buy to live in or not. Any advice?

Is a land contract considered the same as seller financing?

I am trying to do two things at once here. Learn about real estate investing and also find a new home to live in. Currently renting but would like to find a multifamily to serve my dual purpose.

A nice looking 6BR/3BA home popped up in my target market with land contract terms, it may be a great deal but I only know how to fill out a tiny bit of what the Analyzer is asking for.

I can make an appointment to go look at it but could sure use some help analyzing it. Any assistance would be greatly appreciated.

Brand new to BiggerPockets, loving everything so far. Also brand new to Real Estate investing.

I want to learn what to do before I jump in so after reading several Rich Dad Poor Dad company books I thought it would be a good idea to sign up for their Rich Dad Coaching.

Since I started the process, I have seen several not so good reviews of the coaching.

I have my coaching on hold due to a financing delay and I need to make a decision quickly on how to proceed.

I originally signed of for the Real Estate Course for $4,400 and then got "talked into" the more generic "Choose to Be Rich" program when the financing looked like it was not going to happen.

I have a way to pay for it now but am not sure whether I should try to back out or not. Has anyone had any recent experience with the coaching? All of the post I could find are several years old.