All Forum Posts by: Erik Schilling

Thanks Dave Foster ! I see what you are saying. I'll see if the property is worth moving forward on (probably another post for feedback from BP community) and go from there. I appreciate the feedback!

Hey BP, I have an interesting opportunity in the near future and was looking for some knowledge. I currently own a rental property that I am considering selling. Net profit would be in the 15k range. I am seeing a property tomorrow where the seller is open to seller financing. Here is my question: If I move forward with the new property (seller financed) and sell my rental property, let's say in 3-4 months and put profits into a 1031, am I able to put those profits into the newly acquired property (seller financed) tax free? I hope this is not too confusing. If this is not allowed, can you suggest another strategy? Thanks in advance!

@Chuck Stagliano Thanks for responding so quickly.  The neighborhoods of Cincinnati are very interesting to me and seem to change dynamics very quickly.  What are your thoughts on East Walnut Hills?  The city looks to be doing some investing in that area, but its hard to tell this early.  What neighborhoods do you like?

Looking to network with fellow REI in the area and build a successful portfolio.

What interesting is that they offered to do the windows on another property he is selling.  I dont know if it would be in the form of a credit or if they would actually replace them before closing.  It almost seems they own / work for a window company or have a connection since that seems to be their icing on the cake.  

I asked about seller financing and they dont want to do it; nor do they own the property outright.

@John Cohen Thanks for the quick reply.  The numbers make sense for me when I used 115K purchase price, but that was before I knew may banks limit.  This would be a buy and hold.

Hey guys,

So I made an offer on a 4 family this morning.  Asking price was 119K (124K last week) and I offered 95K.  Some numbers on the property:

About 500 per unit (fully occupied) and could be raised to maybe 550 or so.

Taxes 3000 per year

C Class area

Tenant pays electric and water

About 200 a month in other utility expenses per month for me

The property does a need a little rehab, but its fully functional as is.  

SO

They countered at 117K and will replace all windows (between 25-30).  However I am at the upper limit with my bank and can only purchase a property for 110K with 30% down.  Anything higher would be additional down payment.  I was planning on using a 401k Loan for down payment as Im closing on a different property in a few weeks.

I have until 5:00p today and they claim to have received another offer by email, but its not an official one.

Any help would be great.

Hey guys,

I am in the process of buying my first multi-family property (4 family) and was wondering if you guys could share your experiences and give some recommendations / tips for success.  I currently have a couple of single family condos, but am expanding my portfolio.  Any insight would be very appreciated.

Thanks in advance!

Hey guys,

I was wondering if I get an inspection done on a potential investment property, but dont end up purchasing the property, is the inspection cost still tax deductible?

Thanks

Hey guys,

My buddy and I are about to start flipping some properties. He is a GC and would be doing/ subbing the work. My question is what would be a good split for investment and ROI? I would be covering more / all of the down payment, while he would be buying materials and covering labor costs. I was thinking about a few different scenarios.

After house is ready to sell, what are some good ROI options for me?

Initial investment paid back + ROI% + % of profits?

Initial investment paid back + % of profits?

Initial investment paid back + ROI%?

Initial investment paid back + flat rate?

Depending on the scenario, I could make more on some properties and he could make more on others (while I get my payback too).

My idea behind this is that I have more cash into the property, but he would pay for materials and labor, so we would both have a decent stake in the investment.  I will have more hard cash into the property.

Any suggestions would be greatly appreciated.

Thanks!