All Forum Posts by: Jeremy Phillips

Yes, this property needs a lot of work, but it has an upside.  Yes, she is trying to dump the property because she has inherited many properties because her husband died.  She know nothing about being a landlord and chooses not to know either. 

I will be offering 65% of the asking price since I know she is antious on selling the property. 

I do not have enough for the entire project because they are asking $240 for the apartment building. I will be asking to purchase it at 65% LTV. We know everything is negotiable plus this is a person who inherited the property and just want to get rid of all the properties that she inherited.

 The $90K - $120K is total renovation of this small apartment building. The total property need a new roof, total rehab to the plumbing and the apartments that are not rented needs a total makeover.  The total property is worth in the neighborhood of $325K.  If I can purchase it at the right price it will already have equity in the property even after renovations.  

The property is currently 56% rented.  

Yes, I was hoping for owner financing because the wife inherited the property because the husband died and was a horrible landlord.  But, I was hoping owner financing even though she may not do it because she just want to unload all of the properties the husband had previously.  Any other suggestions?? How could I find a private lender for this deal because this is actually a good deal.  Yes, it does need some work but it will have alot of appreciation after it is finished. 

We have estimations on the renovations.   The $66,300 profit is before debt services.

I have an apartment building that I want to purchase its annually cash flow is $66,300.  If we raise the rents to the average rents in the area it could possibly net annually $85,000.  It needs somewhere in the neighborhood of $ 95K - $120K in renovations.  How should I get the funds for renovations if I want to do owner financing?  Do you think I should approach a private lender because there will be $100K in equity once the project is finished?  It also have a duplex on the property that could be renovated and a building for a laundry mat that is not in use.   Just trying to figure out the best way to approach this deal because of the upside. 

I am looking for other investor who has been investing in real estate for a while.  Looking for other real estate investor in the Kentucky area and surrounding cities.  I am interested in a network of other like minded investor if there any in the area.  Must be investor who can think outside the box and know the difference between starting from scratch and having a rich relative lending them money.