All Forum Posts by: Michael Haynes

Hi Lilla, I am interested in checking out the financials on this opportunity.  

Can you email or call me please? 

[email protected]

708.567.6371

Thanks, Mike

Hi Matt, I am interested in this opportunity.  Please email or call me when you get a chance. 

[email protected]

708.567.6371

Thanks, 
Mike

Originally posted by @Michael Haynes:

@rick I'm fairly certain the current owner is terminally ill and selling because his wife doesn't want to manage properties.  They just want out is what I've gathered.

House hacking isn't an option in anything over 4 units since its forced into commercial loan terms.

@rick I'm fairly certain the current owner is terminally I'll and selling because his wife doesn't want to manage properties.  They just want out is what I've gathered.

House hacking isn't an option in anything over 4 units since its forced into commercial loan terms.

I found a 10 unit building in NW Indiana.  I have run the numbers, and it is definitely a decent property.  18% cash on cash, 10.5% cap rate.  It needs about $10k of work, but I already have a contractor lined up for that.  
My hurdle right now is that I do not have the money to fund this deal.  I have talked to people in my personal network, and they either do not have the required funds, or do not want to jump right into a 10 unit.  

I would love to find someone who wants to partner up on this.  I can share my research on it with anyone interested.  

I'd also like tips on alternative ways to buy this, seller financing is not possible on this (I already asked).  I have heard of fundingforflips.com as a possible source of funds, but I am not sure how I feel about that program.  I'm willing to put in as much cash as I have on hand for this, but I am afraid it wouldnt make a dent in what I need.  
Any help is greatly appreciated.  Thanks,  Mike

Everyone's criteria is different, so whats good for me may not be good for them. 

But they are out there, if I had the funds to move on deals, I would have several right now.

I know this is an old thread, but as someone looking to jump into investing in the Chicago area, I can relate. It seems like you're expecting sellers to be willing to drop their asking prices due to a likely raise in future taxes, and that is a far fetched way to look at it.  

What I've found is that there are still good properties in the right areas, and that Lake County Indiana is pretty good as well.  

So I have read and researched for close to a year, and I finally found something I want to move forward with.  I have no idea what to do next.

I found a 10 unit building for $250k, not in terrible shape.  I walked it with my GC, it needs windows, and some basic repairs (patching and paint).  The roof was done in 2014, and the foundation looks good.  

I have one financial partner to help, but we probably need one more party involved.  

Is this the point where I form an LLC, do I put it under contract now, do I bring the numbers to a lender? I know I want to do this deal, but I need help figuring out what to do next.

Any tips are welcome.  Or if someone experienced would like to get in on it with me, its in NW Indiana.

Thanks!

this still available?

you are essentially gambling on speculation