All Forum Posts by: Jack Gibson

Based on all the ads I've seen on BP, I imagine these will go pretty quick at 14% CAP and completely rehabbed in the last 90 days, 1 year leases in place! Returns will likely be higher with small chance of vacancy and maintenance issues the 1st year.

Property management company has historical 6% vacancy rate across over 150 properties.  In the event of a vacancy, it's only a $150 lease up fee and units typically fill within 30 days.  Evictions are very low % as tenants are screened.  In the unlikely event of an eviction, PM will not charge lease up fee in the middle of a lease.  

I have 55 Units in Indy, all with the same property management, and they are stellar.  

Click on the link for all the financials and pictures.  Both duplexes are listed, click on the link on the bottom of the excel sheet to see the other listing.  

All utilities are paid by tenants.

If you're serious about these properties, call me, I don't have time to email back and forth with a bunch of curiosity seekers or other turnkeys trying to figure out why I'm way under their pricing.  Sorry to be so blunt, but I run a multi-million dollar nutrition business.  I'm under their pricing  because I am also an investor and I want to feel good about the value I'm offering, and I don't do this for a living and I want to move it quickly.  

Cell:  269-369-9654

https://www.dropbox.com/s/nqncy828kbxyd7n/Colorado...

@David Thompson they are all MF except 4.  I'd like to hear more about what you're doing for sure.  I understand the basics of syndication, but I haven't looked too far into it yet.    I need to close on my current deal, after that I'm open to listening.  let's touch base in 3 weeks.  

@Erick Michael Ford I wish I had started real estate when I was 18, but I don't have too many regrets, I started building a passive income business when I was 19 which is why I was able to go to 60 units quickly once I made the decision.  Just out of curiosity, why single family instead of multi?  At your age you could buy a 2-4 plex and live in one unit and rent the rest!

@Erick Michael Ford I see you're 18 with two SFH's already. Nice work!! that is awesome! Read my blog post and grab the book I recommend, it's what I did when I was 19 and has produced huge amounts of passive cash flow.

@Erick Michael Ford I'm 38....  getting too close to 40!  you must be a young investor?

@Shivam Patel I personally would find a solid turnkey multi-family property that is well over the 1% rule.  The 1% rule means that if the rent was $1,000/mo. then the purchase price would be no more than $100,000.  Typically you can cash flow the property on that, but I much prefer 2%.  Harder to find, but I've got 55 units like that, so it is doable.  That way if you have unexpected things go wrong, which they typically will, you'll have enough cash flow coming in to cover everything.  And, don't be afraid to go out of state if your area doesn't have the right price to rent ratios.  If you want to talk to my source in Indianapolis, I'd be happy to refer you to him.  

thanks Michael!  I appreciate the warm welcome.  I still feel very much like a rookie and have a LOT to learn, so any and all advice is appreciated!  what types of investing do you do?

I'm new to the Bigger Pockets forum but not new to real estate.  I have acquired 60 units and constantly adding more, by goal is 100 by the end of 2016.  I am only interested in buy and holds that produce excellent cash flow with little to zero involvement on my part, so I can stay focused on growing my nutrition distribution business and do what I'm best at.  

I love all things passive income, I currently have 5 sources of passive income, some big some not, but I am constantly focused on converting earned income into passive income as quickly as possible!  

I love networking and learning from other investors and developing new profitable partnerships whether that is properties I have available or new markets to invest into.  

Here's the low down on this and the 4 other duplexes I have available. I am a buy and hold passive income investor, I have purchased $800,000 of multi-family in Indianapolis from the same company and have been amazed by their service in property management. All my units have been filled within 30 days except for one efficiency unit. I am seeing better than 17% CAP and have not received one maintenance call. I can offer a high CAP because I don't do this for a living, I simply want to receive a referral credit towards additional units to build my portfolio. I have 4 other duplexes available with similar pricing, rent rolls and returns. The numbers:

Purchase price:  $60,000

Yearly rent:  $14,400

Management (10%) $1400

Vacancy:  $1200

Taxes:  $300 (1st year, will go up to $600)

Insurance: $650

Maintenance: $500

Lease up fee: $150

Total Expenses: $4300

Net income: $10,200

$10,200/$60,000 = 17% CAP (Obviously with financing you can significantly increase your cash on cash return to 50% plus)

For additional information, property pics,  and questions you can PM me, email me at [email protected], or my cell is (269) 369-9654.  SERIOUS inquiries only please - I have a large nutrition business that keeps me busy.