All Forum Posts by: Account Closed

Thanks Jon! Your advice is great! I believe the apartments could rent for $900ish and $1100ish respectively. Once I can determine the value of the commercial unit, and expenses I can see if it'll cash flow. I have to believe it will even if its just a little bit.

It's not really a thriving business. It's really just her by herself doing a few haircuts for friends and relatives these days. How do you determine fair market value for rent for the business unit?

@Mary Ann  Thanks Mary I appreciate it!

Hello everyone. I'm new to real estate investing. I might have stumbled on to my first investment. My brother-in-law's mom owns a hair salon with two apartment units on top. She owns the building free and clear. Her husband has cancer, so she's looking to sell the building to be able to retire, and spend more time with him. I'm interested in doing a seller financing deal with her. Right now I just need help with evaluating the property to determine a sale price. Currently the owner uses that salon for her business, and she rents the two apartments to relatives, who she charges far under market value for. When she sells the building, the salon will be empty and also be another revenue stream. If anyone has some advice for helping me determine the value of this property, I'd appreciate it. Thanks!

Thanks everyone! @Keira Ingram I sent you a message.

@Jeremy Tillotson Thank you, this helps.

@Jeremy Tillotson Yeah I get the gist, just not to sure about the details. Do you do two separate escrows, or do do a double closing? What was your marketing plan, when you did your first wholesale?

Yeah I've considered do that as well. I haven't done my homework on wholesaling like other investment strategies though. Thanks @Jeremy Tillotson 

I just recently changed jobs. I make about $60,000 a year at my job, and have solid credit. I rolled my 401k into an IRA with my credit union. Theres about $6,000 there. My intentions have been to use that money for my first investment. My dad, has also stated that he has always been interested in investing as well. He has a full time job, and his credit is excellent (750+). He said he currently has about $4,000 in cash available. I've been studying for a few months now. I've been listening to the BP podcasts everyday. I'm confident that I know enough to at least get started. I'm currently evaluating potential investment properties. I'm still having a tough time deciding my first investment strategy. I want to get into real estate investing, to be a buy and hold investor. However, I don't feel that I would be able to financially handle vacancies and large repairs at this time in my life. So that has me leaning towards looking for property to buy and flip. I'm just looking for some of your thoughts on my situation. If anyone started out similar to me. I would really prefer to buy and hold. Thanks in advanced everyone!

I curious as to if there are any seminars on creative financing in the Philadelphia area. I'm looking to also meet investors experienced in creative financing, or even the lenders themselves. I'm basically just trying to learn the ins and outs. If anyone has any information on anything related to creative financing in the Philadelphia are that would be much appreciated.