All Forum Posts by: Jarred Black

@James Syed the property is in Granite City. 

Anyone play in that market for a small 4plex?

@Ronald Perich the seller wanted a quick cash sale. Iran he wanted us to close in 2 weeks. We didn't have the cash at the time so we tried to do a 60 day close with a deposit. The seller didn't go for it, so we told him we'd give him a call back in November to see if he still had property to sell. We'll be calling him back next month. I hope he hasn't sold it.

I know some landlords that manage their own properties and collect their rents personally. I know some that record this income on their taxes and some that don't. Should landlords file rental income on their taxes or not? I researched the IRS website and they say any rental income should be taxed at the landlords current income tax bracket.

I'll keep u guys posted. From the looks of the place it seems the owner started to rehab himself but ran outta money. Bathrooms already framed. Some plumbing already installed, plus there new windows, drywall, vanities, toilets, cabinets, insulation etc in the building that's included in the deal. The neighborhood is solid, not the best but definitely not the worst.

We have a contractor we've been working with for a while. He's done work on all our units and my partners personal residence. The units are only 650sf. We walked through the unit yesterday and that's the price he gave us.

FYI - my exit strategy is to build out 1 unit and wholesale to another investor for 30K. If that doesn't work we'll buildout the other 3 and collect the rent until we decide to sell.

I've been presented a 4plex deal by one of my business partners. Each unit is 1bedroom shotgun style around 650sf. The building is vacant and all 4 units will need to be built out. The building is around 85 years old so our contractor is planning on framing out each unit with new drywall, electrical, plumbing, and flooring. The roof is in good shape. We already have all the materials from past projects. Each unit will cost 2500-4K to update. It's in a C neighborhood with a blue collar, industrial economic base (steel mill, trucking , etc) Rents should be 350-400 per unit. Taxes are 1400/yr. Our purchase price is 9K. This is a 50/50 deal. What would you do?

Anyone know any good list sources for probate, back taxes, or eviction lists? I'm looking for very targeted leads since I have a small marketing budget. After listening to the last BP podcast this may be a good strategy to follow..

Hi Justin, Welcome to BP. I do a lot of wholesaling in Belleville and Fairview Heights. I'm always looking to meet investors in the area.

I think the straight sale is in order