All Forum Posts by: Dave Condict

Thanks @Rachel H. I've never really heard a clean answer on this topic. Should I have anything specific besides the VIN ready when I go to make this happen?

Thanks @Rachel H. I've never really heard a clean answer on this topic. Should I have anything specific besides the VIN ready when I go to make this happen?

I own a mobile home park in Tennessee that has recently had two owners abandon their homes. I talked to our local RE lawyer and couldn't get a clear answer as to what I needed to do. Have any of you gone through the process of obtaining a title for a mobile home that has been abandoned in your park? Tennessee specifically would be great, but any info to get me started would help. Thanks all!

Josh Compton thanks for the quick response! That's something I didn't even think of and it sounds like a really good idea. That should get me a better interest rate and I'm hoping to have it almost all the way paid down in about five years anyway. I'm not going to have a chance to check out anymore banks til Monday but I'll be sure to ask about that. Thanks again!

Hi there! I've had my eye on a fully occupied duplex near my work for the past few weeks. After running all the numbers several times, I decided to make a move on it. I talked to the mortgage broker who I used to purchase my home two years ago and he said that any loan amount below $75k would be a loss to him and the difference would come out if his own paycheck. He recommended a loan officer at a regional bank where I happen to do all my banking. I went in and talked to him today and he said that I would need 25% down and 6 months of reserves for the duplex AND my own home! Now I have the 25%, but PITI for 6 months on two properties would take at least 6-8 more months of saving and I hate to put off getting started for that much longer! Oh and he also quoted me over 5.5% APR which seemed high, but not sure. I've got excellent credit btw. So I'd love to hear any advice or tips for me. With excellent credit and 25% down should it be pretty easy to get financing with a better rate if I try a several more banks? Or, should I just suck it up, buckle down, and save for most all of 2014?

Hi everyone! I'm presently in search mode right now for my first buy and hold multifamily property. I live in Northwest Indiana and I just wanted to know which areas some of you landlords are having your most success. (within 20-30 min or so from Schererville) Not necessarily just financially, but overall with tenant quality also. Steger/Crete area seems pretty good but I'm new so I'd love to hear what's been working best for the pros. I look forward to hearing your opinions, advice, and tips! Thanks!

Hello BP Community! My name is Dave Condict, I'm 24 years old, and I've always had a strong interest in real estate (specifically buy and hold). I've been listening to the BP podcast and reading everything I could get my hands on for the past year while saving up a down payment for my first investment property. My initial goal is to be land lording my first cash-flowing property in 2014! I'd love to join a REI club in the area (I live in Schererville), but I work 12 hrs a day Mon-Thurs. and I haven't seen anything yet that isn't on a weekday. If you know of a meet up on Fridays or Saturdays I'd appreciate the heads up. I look forward to learning from you all. Thanks in advance!