All Forum Posts by: Adam Demchik

I'm currently looking at investing in my home state of Michigan but I am also considering multi family rentals in Las Vegas or Fort Myers/Naples. Can anyone comment on the availability of properties in these markets and the rental demand?

Thanks!

James...I am conflicted on this issue as well. Personally I believe in having no debt so that is the way I have run a couple of my businesses however if he/you are comfortable with having the debt and committed to paying the payments even if you don't have a tenant then using the bank's money (OtherPeoplesMoney) will allow you to grow faster. See Brandon Turners excellent post below:

http://www.biggerpockets.com/renewsblog/2012/12/12/make-a-million-dollars/

Jon...I was wondering about the 10 property limit as my wifes cousin is a mortgage broker and told me that would hold me back. Can you give me some names of national portfolio lenders?
Thanks.

Everything is on one meter so the realtor gave me combined numbers for all units. Definitely need an inspection. Thanks!

Hi everyone. I would appreciate any feedback anyone can provide on my first rental deal. To me it looks like it satisfies the 2% rule.

The details are as follows:

-Purchase Price: 100,000
-Yearly Income: 29,500
-Yearly Expenses: 9,500 (this came from the realtor so I will need to confirm these numbers)
-4 Units - all 1 bed 1 bath
-All units are rented with one a Section 8
-The house is about 100 years old, but has a 2 year old roof and windows. Its on a main street about 4 blocks from the downtown area of a city of 50,000 people.
-The house needs a full paint job but otherwise is cosmetically appealling.
-There are a lot of other apartments in the are and most are full
-Rentometer shows that the rent is comparable to others in the area
-I am putting 20k down and will take a loan for the remaining 80k
-This is a short sale.
-The seller is paying for a 1 year warranty

Thanks in advance for any help you can provide.

Hey BP. Great site. I look forward to learning and networking on the site. I'm new to real estate investing, but I live in a foreclosure I purchased 5 years ago which was about 70% complete. Looking to start with fix and flips and purchase long term rentals for passive income.