All Forum Posts by: Jessica Sheppard

Daniel,

Thank you for your response. I agree I definitely have a lot to learn in REI. I feel like there is never a lack of information. I also agree I do not want to jump right in and make mistake that could hinder a career I haven't even encountered yet.

Again I appreciate your response, if you were in this position would you get some actual numbers and go from there? Or say no outright?

I am a beginner in the REI field. I have so, many questions that I know it is impossible to answer with one subject. Literally, I really just created an account for this site 9-10 days ago. I have read some forums, but mainly listening to podcast, which I think are awesome and just a wealth of information. Long story short, I do not know if this is coincidence or not, but just odd that this seemed to have happened now. I currently rent a property from a couple through a company that deals with rent etc, but the owner and I have communication through text. We were talking back and forth and it looks like he wants to sell and break even...

The property is very nice, ready to rent now, built 1999 new paint, laminate etc. This home was only on the market a week before I got it, so I know it is very rentable. I am not in the position to get a loan, but was thinking "subject to". The only problem is the home is probably worth about $130-135k (just on a comparison I did online, not an appraisal or from an agent) and the mortgage is for $148,400. I am looking to buy and hold to produce long-term wealth, I am not looking for a quick dollar or to make any money upfront. I work full-time in another field to support my family.

What are your thoughts? What could or should I offer the owner that he could possibly not refuse or what could make it a better deal? Is this thing a bad idea entirely? Why should the owner offer me "subject to" terms?

I did do a brief analysis on the investment calculator for wholesale and it still showed cash flow, not much only like $2700 per year. I put the vacancy rate at 10%, repairs at 6%, and cap 6%. Again I do not the absolute numbers I was guesstimating. It may cash flow more if the taxes and insurance are already included in his monthly mortgage payment.

Again, I really got into this less than 2 weeks ago and really would like some solid advice.

Thanks in advance for your help. I really appreciate it. 

I am in Michigan - Westland MI area closer to Canton, but Westland school district.  

@Eric Diem

Thank you for the welcome and the information. I have been listening to the BP podcasts and getting some useful tips and education. I will definitely look into Brie Schmidt as well. I see that you are an investor in Michigan, are you new to the game too or how many deals have you completed? What type of investing do you do? Do you have any helpful tips for a newbie? Are you a realtor as well? If you have done some deals what are some preferred lenders, title companies, et al to use?

Thanks again.

I am looking into multi-family rental properties. Preferably smaller to start duplex, four-plex and go from there since I really have no experience. I am in no rush and plan to spend the rest of this year learning and researching what I an before I purchase anything.

Thanks Mark!

My name is Jessica Sheppard, I am a 31 year old wife and mother of 2...I currently work full-time in a completely opposite field - healthcare. I really have no experience at all in real-estate or investing. I joined to get helpful information, education, and research in hopes to achieve some goals in the future. My first goal is to be able to purchase my first rental unit for positive cash flow in 2016. From there continue to grow my portfolio.