All Forum Posts by: Account Closed

@Jason Bott I'm looking into a duplex or triplex with the typical age of 40 or 50 years for the cash flow. Targets renters would be families.  When I get insurance, I would like to get coverage that replace items damage, to 100 % working order, with little risk. 25k is allot out of pocket and would seek something in a lower deductible. 

Apologies for writing back so late. 

Thanks again 

Jared 

@Stephen Solum 

Welcome to BP! Start here

http://www.biggerpockets.com/real-estate-investing

Listen to the podcasts and get involved in the forum discussions by searching your preferred subject. You found a great resource for your rental buying!

Good luck,

Jared

@Brian J Peterson hello and welcome to BP! Lots of great info here, which can be overwhelming so I suggest going to http://www.biggerpockets.com/real-estate-investing. 

Also listen to the podcasts and get involved in the forums. There are no stupid questions so ask away. 

good luck on your endeavor! 

Jared 

Hello, I've been practicing with numbers on the rental analyzer and need help with a closer number to use for insurance on a duplex, tri or quad. Sq ft has been between 3400 to 5000. Areas is Park Ridge, Des Plaines, Harwood Heights. 

Also if you invest in these areas please let me know, I have a few questions about your experience with cash flow, cap rates and property managers. 

Thanks 

Jared 

Hello everyone, today I continued my action plan to find out about how much I can borrow, which will lead me to what kind of multi family to buy. I called my credit union and asked about what they could offer. I came up with $400,000 for a quadplex as a starting number. They told me I could get as low as 3 % down +PMI/insur est $2677 per mo. + they wanted 3 months reserves not including rents I would receive. Which comes to around $20,000. This brings me to my limit which I feel is to much, no cushion. This was they only bank I called, So questions:

1) do I call more lenders to see if better terms? 

2) should I just start with a duplex and consider halving the numbers which I was given?

3) do most banks require 3 months reserve?

Goal is to purchase in May of 16 and live in 1 unit

Sorry so long but thanks for your advice

Jared

Good morning, I'm just finishing up reading Ken McElroys book, The ABCs of REI and he suggested to get on a pro forma mailing list to practice with the numbers. I googled subject but to no avail. Any info on how to accomplish this is appreciated. Thank you in advance

Jared 

@Scott Steffek well this all started when I was trying to develop a business plan, taking breaks from it to listen to podcasts. I found a great one podcast 17 with Jeff brown, that really made rethink what I was doing with my 401k retirement money from my current employer Also writing my plan do I need to be a LLC, and according to podcast 109, with Scott Smith I do. So it looks like I needed to restructure my retirement plan and begin a LLC. And develop a strategy moving forward. And to answer your question, I want to buy and hold multi family properties, with the end goal of building a cash flow of 500000 a year and depart from my current job and doing this full time.

Also I agree were I'm at the prices are less than favorable, it's very difficult to find a prop over 1% let alone the 2% rule. However for me, I work out of ohare, so my strategy for my first property, is to house hack using a FHA loan, within a hour drive from there. So, from now till May of next year I'm saving money for my down payment and structuring my team/ business, and continuing my education (May was chosen because current lease is up then) thank you Scott for you'relp

Jared

@Bill Gulley thank you very much for your insight. Looking from my perspective it's difficult to find out who to seek out first. I have it in my mind what I want and were to go it's who can fill the gaps that has me stuck. I'm still several months away from doing my first deal, but from what you said it's a attorney that should be first. Thanks again Bill for taking the time to help me out.

Jared

Hello, I'm writing to find a REI investment/ financial planner in my area of Schaumburg Illinois. I'm brand new and need to professional help with my real estate and retirement goals. Reading past posts leads me to believe this individual needs to have real estate investments themselves so to better understand what exactly I'm trying to accomplish. Thank very much in advance for your help and consideration.

Jared 

@Henry J. thanks Henry, I'll be sure to bring    the info you mentioned and be sure to get a check list, to well prepared. I want start relationship with my lender with a good impression. So thanks for info ! 

Jared