All Forum Posts by: Darren Flater

thanks Marshall. From what I see after all exspenses and T&I I would cash flow $500 Thats after 50% towards reserves for long term like roof and furnace. I talked with my banker and it looks like I could buy this property with very little out of pocket because of equity I have built up. The building has separated meeters for elrectric which the current owners pay for. That would save me almost $400 per month.

I live Ramsey for my personal life and all Kiyosaki when it comes to my real estate. what you need to remember is to have a good amount of reserves set up. I like to have a year to two years worth of expenses set aside in savings. then you have enough money to handle a lot of things that will come your way. I even hold some of that money in Gold and Silver because i enjoy those markets. my wife and I still live in a payed off mobile home while we buy and fix houses. I get a lot of crap for that but its also why I can buy 12 units in three years with almost 30% equity. PS Im only 30.

there is a mixed use building in my hometown that has been open for three years. I found out threw two friends of mine that there is two businesses that have asked to lease it but the current owner wont lease. they asked me if i would consider buying it and leasing it back to them. It has four apartments upstairs and a 4000 sq ft store front. it has not been updated in over 20 yrs. that's right up my ally and i really enjoy that building. here is the stats

Asking price $85000

Electrical update to code, bid for $23000 owner says she would pay $10000

Apartments would take around $10000 each to update

Need a new roof and furnace in 5-10 years

current rents with new tenant will be around $2400 all updated could bring around $3000.

Water, electricity, gas run about $600/m

Id love to get it at $60000 and plan to update apartments as tenants move out with a goal of being fully renovated in 5 years. ARV would be around $155,000

what other things should i think about with a mixed use building? I think this deal would be a great long term hold.

@Dustan Marshall I remember doing my first rehab hold. Things didnt go as planned for me but it all worked out and became a good deal. plus the amount of knowlege you gain is helpful as you go. as far as giving info to the bank. If you continue to do buisness with them and are succesful its a huge asset to have on your side. Ive done about 5 deals with my banker and two years later he works with us to find ways to get things finnanced. My post is to let you know that no matter what things might not go as planned, but if you learn to go with it and hang in there you will deffinatly reach your goal. good luck

I receive text from people interested in my units. I love when you start to answer questions then you get 500 text back about why there life is crazy and they just tell it like they see it, oh yeah and how honest they are, and how there are going to make the best tenants. If you get over 10 texts it might become a dis qualifier.

Had a guy look at a house one time. I told him rent was $750 and he started giving me the stare down and telling me how the rent was way to high, nobody would rent a house for that much. asked him what his current rent was. it was $800.

thanks Brandon Turner Im defentaly on the get in and get started side of the debate. Bigger Pockets has been a great source for lot of my questions. Thanks for the podcast. It the reason I went to a pro membership.

thanks. I'm looking at a mixed use building that has 4 apartments and 4000 sq feet of store front.

Hey Guys just wanted to introduce myself as I plan on getting connected threw the forums. I am a buy and hold investor in very rural area in Iowa. Most of my rentals are in a town with a population of about 3500. bought our first house three years ago and now own 12 units. 4 houses and 2 fourplexes. I got started with $20,000 401k loan and used construction financing to rehab 2 houses and a 4 unit in my first year. from then on we have refinanced those properties and bought two houses with nothing out of pocket. my last purchase was another 4 unit which i purchased with a partner who asked me if they could invest with us. Our plan is to continue to purchase rehab holds and build our equity and income. looking forward to getting to know you all better.

Darren