All Forum Posts by: Jamael Reed

Basement unit rent-$415 a month-7+ year elderly tenants

1st Floor-$550 Rent

2nd Floor-$550 Rent

Total=$1515 a month/$18,180 per year-This will pretty much break even only with the basement rented.

Yearly taxes-$1344.82

Monthly Insurance-$85.00 Replacement cost value 2484 sq x $65 a foot

Grass-$30 a month

Water/Utilities/Garbage-Roughly $150 a month

Property is under professional management charging $500 for tenant placement first month and 10% per month to collect rent, manage, place tenants, do repairs and bookkeeping etc.

Property has had $4000 for tenant make ready when I got it last year

1 unit had new floors installed in the bathroom recently-around $1000

Property is free and clear

asking price is 30,000

should i buy this one and do the numbers seem good enough? 

@Roger Smart

Thanks for the reply. But yes, i have asked him about seller financing and he asked how much can i put down. 

Now would i be able to get a loan on downpayment? Like a transactional loan i believe its called?

I have a property in my target area that im looking to buy buy need funding. Its a 3 unit building in Gary, Indiana. All units are fully rented. One tenant has been living their for 7+years. Heres the numbers provided from seller. 

Basement unit rent-$415 a month-7+ year elderly tenants

1st Floor-$550 Rent 2nd Floor-$550 Rent Total=$1515 a month/$18,180 per year-This will pretty much break even only with the basement rented. 
Yearly taxes-$1344.82 Monthly Insurance-$85.00  Replacement cost value 2484 sq x $65 a foot Grass-$30 a month Water/Utilities/Garbage-Roughly $150 a month
Property is under professional management charging $500 for tenant placement first month and 10% per month to collect rent, manage, place tenants, do repairs and bookkeeping etc.  
Property has had $4000 for tenant make ready when purchased last year 1 unit had new floors installed in the bathroom recently-around $1000
Asking price is $30,000 Property is free and clear
Can anyone provide funding or help me figure out how i can purchase this property.?

I currently live close to those areas and know allot about the neighborhoods, so please do send list to me as well.. Im looking for both..

Thanks in advance..

[email protected]

Looking for homeowners or landlords that are willing to seller finance their house to me in the NWI area and maybe the Chicago land areas as well..

Im willing to give more then the asking price and take on a higher interest rate if its a good deal. 

contact me via email or text, prefer text.. lets negotiate a deal today!!

@Jassem A. thank you so much for your quick reply. im looking at getting started with real estate by trying to find some seller financing since my funds are limited but im also in the process of moving myself so this could be interesting..

buy im being very careful of the due on sale clause so i must make sure their is not existing mortgage out on the house, correct?? 

And can i tell if i'm getting a good deal on the house anyway, i don't just want to agree with the asking price, or do i?

what kind of numbers do i run when using seller financing??

Just a quick question, can you live in a house you just bought with seller financing?? or do you have to rent it out??

I'm looking for someone to invest $3,000,000 at 4%. This loan will be fully secured by real estate. The offer will be structured as follows: Payments will be made monthly. For the first 5 years the payments will be interest only in the amount of $10,000 each. Years 6-20 will be fully amortized and payments will be $18,179.41. I will privately escrow for taxes and insurance.

anybody interested? 

If i can find someone willing to take this offer, i could possibly buy my first property for $1.. 

 INFO OF THE PERSON LOOKING FOR PRIVATE INVESTOR--->> I bought my first rental property a month after turning 19 in January 2003. I've been investing in real estate since then and have been full time since 2005. I graduated form Indiana University Northwest with a degree in Accounting and Business Management so not only do I have a degree behind me, but I have even more real world experience to back it up.

On top of that, over the last year I became a General Contractor, Roofing Contractor, Electrical Contractor, and HVAC Contractor which keeps my repair and maintenance costs low and also provides another income stream for my company.

Hi, 

I'm new to real estate and i want to start out by wholesaling. I have read allot of post about people getting busted in Ohio. I currently live in Indiana and wasn't sure if wholesaling is illegal or not. Does anyone near the Gary, In area wholesale allot to know if it's illegal without brokerage licences? Or is Broker license required?

Hi,

I joined bigger pockets a while ago and i have learned a ton. Im just stuck in that faze of learning and not actually doing what i learn. I just dont want to get into something i cant get out of. Im looking for a expert in my local area(Gary,Indiana) that would be interested in mentoring me. Im willing to split profits but i dont have any out of the pocket money to pay up front. I work full time so i do have little funds but they're limited. If anyone could help id highly appreciate it..

Or if you have some actionable advice that would also help. Im always open to learn new ideas.