All Forum Posts by: Jeff Brace

Hey Brady!  
I’m still out here shopping for properties.    My buy and hold strategy is still in play.    I’ve been in touch with a couple lenders who have assured me they are still financing.    I’m looking to pick up one property in Q2 and hopefully find deep discounts  in Q4.   
Current tenants are still paying rent.   Things are pretty steady.   

I'm looking for some advice on how I might be able to structure a deal for a duplex.

I am brand new to real estate investing. I'm talking to a guy who wants to sell me a duplex

This is not a listed property. He wants 120K. Both units are currently rented. They are a 3BR/2Bath and 3BR/1bath. They rent for $650 and $550. This is a Class C property. There is room for improvement and rents can be raised some. He bought the property a year ago for around 75K and said he put 15K into it.

The owner said he doesn't have monthly financials to share with me.

This property also comes with the adjacent empty lots on main street, which will present nice opportunities in the future.

I'm looking for financing options.

I wanted to do a contract for deed. I offered him 15K up front, $800 per month for 60 months and a balloon payment of 57K at the end of the 60 months.

He said his lender would not allow that. He owes $71,700 to a local credit union.

I'm trying to avoid conventional loans where I have to put 25% down. I'm trying to keep as much cash on hand as possible for other deals.

Any advice you could offer would be great.

I'm looking for some advice on how I might be able to structure a deal for a duplex.

I am brand new to real estate investing.  I'm talking to a guy who wants to sell me a duplex 

This is not a listed property. He wants 120K. Both units are currently rented. They are a 3BR/2Bath and 3BR/1bath. They rent for $650 and $550. This is a Class C property.  There is room for improvement and rents can be raised some.  He bought the property a year ago for around 75K and said he put 15K into it.

The owner said he doesn't have monthly financials to share with me.   

This property also comes with the adjacent empty lots on main street, which will present nice opportunities in the future.

I'm looking for financing options.

I wanted to do a contract for deed.   I offered him 15K up front, $800 per month for 60 months and a balloon payment of 57K at the end of the 60 months.

He said his lender would not allow that. He owes $71,700 to a local credit union.

I'm trying to avoid conventional loans where I have to put 25% down.   I'm trying to keep as much cash on hand as possible for other deals.   

Any advice you could offer would be great.

Thanks for your help!

Hi everybody! I am brand new to REI and will be starting out with wholesaling. Focusing on the Sioux Falls, SD area with my first marketing campaigns. I am currently self employed as an insurance claims adjuster and have 20+ years experience in the building industry. I am planning on coming to the local Sioux Falls meet up on 7/21 but wanted to post here to make an introduction. Hopefully I can help out some investors in the area by bringing in some deals and maybe even help with estimating repair costs. That's a big part of what I do as an adjuster.

Anyhow, I'm very excited to meet some locals and get this thing started!

Thanks @Sarah Buchanan!    The event info doesn't show up on the iphone app.   Can you tell me if this is a regularly scheduled meet up?    I've been trying to make it to one of these for a few months but I seem to only catch a posting a day or two in advance and I always have other plans already in place.    Thanks!

Sounds great! When and where?

Neil you might want to avoid chasing houses in newer or more desirable neighborhoods. If you see block after block of split foyers, it's not going to be an easy or equitable buy. Too much competition. There are plenty of duplexes and 2/1's in older neighborhoods that you could put some sweat equity into in the next couple years and turn a nice profit.

Hi Neil, What town in SD are you looking for a property?