All Forum Posts by: Jeremy Collins

Hey everyone, I haven't posted on here for awhile.  I have been trying to focus on my life and bring myself to my center where I am happy with the job I have.  I am wanting to find someone to help me get into Real Estate Investing.  I do not want to quit my job, I do not have the money to do this myself and neither does my family.  My credit isn't the greatest, however, I would like to get into Real Estate investing because the inevitable has happened my other half is off work and has been for around a year.  This is making things very tough on us financially.  We have talked about it and we are willing to do what it takes to put sweat equity into a home that we would like to rent out until such time we find it is time to sell or (flip) as investors call it.  Please Help I am desperate.  I am great with computers, and I am a great networking person, I know of people that are looking to rent, but can't seem to find the right place at the right price, I also have plenty of connections in the real estate agency market for when I go to sell the home.

Most of the time if you go inside the hotel on the walls there should be a plaque that says "This property is managed/owned by ______" And it should give the city and state they are from or you can look it up on google and it should give you some type of information on the company.

I am in need of some advice from the biggerpocket nation. I am looking at a property that is about $80,000 to purchase, it can bring in around $1,100/ month rent. I am trying to find some creative ways to finance this property as I do not have any cash on hand to do it. This would be my first rental. The home has comparable sales of around $70,000-$120,000 in the area. This is a great property 4bd 1ba with some other potential. I am not asking for money, or for a JV partner on this deal (unless your interested lol just kidding) the house sits right next to me, so it would be easy for me to maintain. My partner is on board with helping me as I work overnights at a hospital full time. This property would simply help with my income so I may buy other properties down the road. Any advice would be greatly appreciated.

Thank you for reading.

Hello,

   Quick question a friend of mine and I are looking at a couple foreclosure properties in Iowa that we are interested in, rentometer.com rates them at between $800-$1200 a month rent, if we do a mortgage we are looking at $400 for the monthly payment.  My question in, if we wanted to buy the note from the bank, or use creative financing is there a way to do that?  We live in Des Moines, we would be using a management company to run these and screen the tenants, the properties are in great condition, just some general painting and cleaning and they are good to go.  Any suggestions?

the best I could do at this point and time is I would offer to manage the whole place for as long as I need to. And of course the payment each month. The loan would be for 5 years at that point we would refinance the property.

I am currently looking at a Strip Center that has 6 units (Retail, Restaurant, and a bar) They are asking $875,000, however the property needs some work so I only want to pay around $700,000 for it.  Some of the repairs are a concrete floor and floor covering in 2 units, wall and ceiling in one of those two.  Restrooms in most if not all. and just a few cosmetic.  I am needing some help finding alternative financing options, I know my credit will not allow me to purchase the property conventionally so that option is out of the question.  I have posted a few ads in our local craigslist to find investors with no help.  I have ran the numbers and it looks like with the current rent the property would be making around $57,600 a month so around $116,000 per year of course that is before all the other expenses.  I am looking for someone who can help me with 100% financing as I do not have enough in savings to put down.  If anyone can think of any other creative ways of doing this that would be great.  Thank you for reading. Any comments will be greatly appreciated.

I am looking at a 4 plex that could possibly be a 5 plex.  Two units are currently being rented one for $600 one for $750.  The other units need to be completed.  The repairs that need to be done would be around $2000 to finish the other units.  The owners realtor is asking $280,000 for the property which would be what it could potentially sell for or higher once it is completed.  The owner is willing to negotiate with us on us buying it at a lower price.  She still has a mortgage on the property and I cannot get a traditional loan right now.  Her payments are currently $800 per month.  I need some advice for creative financing on this property, I currently live in Iowa so anything I would do needs to comply with our laws here.  I have heard about a land contract, would this potentially work or am I thinking about that wrong?

For my partners company we do have our own agent, however I need to find one for my business of real estate.  I have been talking with one from Remax Solutions.  She is doing great.  I have found a property downtown that I am extremely interested in, it has 42 apartments, 6 retail storefronts, 8 office suites, it comes with a cell tower and a billboard on top as well, so the potential for extra income.  I am waiting on documents to sign so I can see more on the property, once I see the numbers I will decide whether or not to continue.  I would need a cash or credit investor to go in and help me with this property, as it is more than I expected, but it is in a great location and lots of room to grow with improvements I'm sure.

Ok so here it is, I am looking at a Commercial property that has retail space along the first floor and apartments on the top floors, the building comes with a billboard on top along with a cell tower so there is extra income. My question is, could I set up an S Corp entity and put each property I buy from here on out as its own LLC but under the S Corp umbrella? What are the upsides and downfalls to doing this? I have spoken with Legalzoom and they cannot answer my questions all they want to do is sell me on buying their premium gold package. Before I pay for doing anything like that I need the answers because I don't want to do something now that will ruin me later if something were to go wrong. Also, the building is 99% rented right now the only space left is a 600 sq ft office space that was just recently vacated. The building looks really good, I have my realtor emailing me a confidentiality agreement to sign and then I can get the numbers on the property, so I know what kind of income I am looking at with this property. What are your thoughts, what should I be looking at that I am not seeing at this time?

I am currently working with an Apartment Complex owner who has told me she is ready to leave the REI world. She is around 88 years old has an apartment house she has managed with 7 units all by herself for some years now. I am looking at doing a possible Master Lease Option. Could anyone help me in finding a good PDF that I can tweak to put our information into and that makes sense. Also, What does anyone else think of these, have you ever used them? If so have they worked well, or could they have been better? What are some downfalls? What are some great things about it. I have read online a lot about this and have a pretty good understanding of it, would just like to get your opinions.