All Forum Posts by: Jayden Hamilton

There's no way I need to partner with someone to get more deals done. I have a property paid off in full worth 160k, and I have 100k liquid cash in my savings account. I have a duplex producing rent, but I owe 115k on the mortgage. I'm not sure how I'm that great of risk in the lender's eyes. There has to be a way around this, the rich get richer, and their debt to income ratios have to be way higher than mine, but they're still getting loans? How does that work?

I have tenants moving out the end of July and I’d like to have my property re-rented by August 1st and have someone moved in and sign the lease. So far I’ve been having no luck on finding good potential tenants, most of them are from a not so demographic and my property is in a very nice area. You can check it out online, 111 Virginia Ave, O’Fallon, IL 62269. Why am I having difficulty finding decent potential renters when I’m asking below what the market rent is for the home and I have it listed on several sites online and I have a for rent sign posted in the yard.. it’s been about 2.5 weeks with no true luck. Any advice? I don’t want to lose a months rent or just be gullible and let anyone move in. I want good tenants that treat the home like it’s their own.

Just a quick question, I'm an investor that knows how to run the numbers on homes pretty well and determine if a home will make money based on its curb appeal, comps in the area, and what the home would potentially rent for. Also, including expenses, insurance, property tax, etc., I understand how to "run the numbers" or do the due diligence on a property, but I don't know much about how a home is structured and built. This is an issue for me because when I look inside a home, I don't really know what I'm looking for besides making sure the HVAC isn't too old, and the roof isn't too bad. Other than that, I don't know what else to look for when deciding to purchase a potential buy and hold real estate investment.

Hello, so currently, I own one single-family home that's completely paid off; I would say it's worth 150-160k market value. I also own a duplex that I purchased for 144,000, and I put 29k down on the home. I owe the bank 115k for the loan on the duplex. Currently, I have 100k liquid cash in my bank that is just sitting there. I'm receiving income from all these properties. I want to sell my single-family home and purchase an apartment complex with the money I make from the sale. Still, lenders keep saying my "debt to income ratio is too high." I don't understand this because some millionaires and billionaires still get loans. Their debt-to-income ratios have to be way higher than mine! How do I get past this roadblock? I want to do what's most advantageous and make the most money and take on the least risk. Any suggestions? I really want to get into owning multifamily properties such as an apartment complex, I just don't know how to get my debt to income ratio down to get lenders to lend money to me. In my mind, I'm not a big risk at all. I own a home free and clear and owe 115k on a duplex, I have 100k liquid cash in my bank... This is very mind-boggling for me.  

Currently, I own 3 rental properties that are completely occupied. I own a single-family home and a duplex. I guess my question is that now I'm in school full time and managing 3 properties on my own, which I don't know about. When I'm not doing school work, I'm consuming as much information as possible on managing rental properties and understanding every aspect of real estate overall. I've been extremely exhausted and fatigued recently because I'm only one brain consuming all this information, and it's been very stressful. None of my family understands my vision, and they're not willing to help at all. I don't think managing rental property is complicated, but I don't have much experience yet, and I don't want to do something that could cause me to go to court or potentially get sued due to my lack of knowledge. Really, I want to be out looking to buy more properties; I love running the numbers and determining if a property will cash flow or not. I don't enjoy the management side, though, while I'm in school. Although I also don't just have a ton of money to fork out to pay a company to manage my properties for me, I'm trying to increase income and decrease expenses. Any advice, fellow investors? Thanks so much.

Thank you Dmitriy!

I'm trying to do a background on prospective tenants, I can't seem to find a site that will allow me to see if they have ever filed bankruptcy or ever been evicted...

Hi guys, I wanted to do a random inspection on my rental home in Illinois without giving the tenants any notice. I want to surprise them at the front door. I'm suspicious that they had animals in the home when they signed the lease that they would not have any. Am I able to pop up to my house any time during reasonable hours and do random inspections? Does anyone know of any good sites to use to keep me up to date on landlord-tenant laws. Thanks. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Freeburg.

Purchase price: $144,000
Cash invested: $29,000

Purchased this duplex with 20% down, 25-year term, and 4.250% Interest. Both Units have tenants paying rent.

What made you interested in investing in this type of deal?

Cashflow, nice property, 2 units paying rent, nice area, grow my network.

How did you find this deal and how did you negotiate it?

The agent contacted me. Negotiated through the dual agency agreement with the agent I was using.

How did you finance this deal?

20% down using liquid cash I had in my savings account

How did you add value to the deal?

I just purchased property not long ago, haven't done much to it yet. I did increase the rents, which would increase the value of the property.

What was the outcome?

Great, closed in 30 days and tenants paid their first month's rent to me correctly and on time. Hopefully, it stays that way.

Lessons learned? Challenges?

N/A

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $114,100
Cash invested: $114,100

I purchased this as my first investment when I was 18, almost 19. I had over 6 figures in my bank account and was encouraged by my grandfather to put it in real estate. I bought the property with cash outright.

What made you interested in investing in this type of deal?

Nice curb appeal. I bought it from a doctor who sold it for less than it was truly worth. Also, I wanted to make my money grow and not just sit in a bank account.

How did you find this deal and how did you negotiate it?

Found this deal online, I worked with an agent to close this deal. There was no negotiation, I gave an offer, and the seller accepted the first offer.

How did you finance this deal?

All cash in my savings account

How did you add value to the deal?

I added value by putting in new windows, adding landscaping, put in new flooring, added new paint.

What was the outcome?

Great!

Lessons learned? Challenges?

No issues with this property! The tenant always paid rent on time. In four years, the only expense I had was the water heater going out.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, absolutley!