All Forum Posts by: Jo Amick

I am looking at a small multifamily, in generally local area that includes some owner financing and the investor structured a master lease agreement with option to buy. It is positively cash flowing now, by about $1800/mo, and has 2 vacant units that can be rehabbed and filled. There is a mortgage, a second investor loan and monthly payments to the city (demo lien-?) and owner lives out of state, poor/no management. Can get in for '$40k' down. I like: positive cash flow, upside, potential to sell in couple years. Want to: get facts from owner vs. investor who structured the deal. Owner won't give rent rolls (may not have them). I like this deal for ability to get in and turn it around, but I have not personally owned a multifamily before. What do you suggest?

I am looking at a small multifamily, in generally local area that includes some owner financing and the investor structured a master lease agreement with option to buy. It is positively cash flowing now, by about $1800/mo, and has 2 vacant units that can be rehabbed and filled. There is a mortgage, a second investor loan and monthly payments to the city (demo lien-?) and owner lives out of state, poor/no management. Can get in for '$40k' down. I like: positive cash flow, upside, potential to sell in couple years. Want to: get facts from owner vs. investor who structured the deal. Owner won't give rent rolls (may not have them). I like this deal for ability to get in and turn it around, but I have not personally owned a multifamily before. What do you suggest?

I am getting a house from an out of state landlord, transferring deed and making mortgage payments (no money down) $56k purchase price. I have a lease-option buyer who put cash down, 3 year option, $63,500 pp after the deposit. There is about a $200/mo spread between mortgage payment (taxes and ins. etc) and lease payment, and of course the backend profit margin will grow over time as mortgage is paid down. What do you think about me selling my position in this deal? How much would I ask? Think I have discovered I LOVE structuring deals. 

Mike- do you have a deal ready with a plan, and you are now needing financing? Just write it up with repairs needed, market value plus holding costs etc. and ARV, then you have something to present to a private money partner or hard money lender. You can take it to your local REIA also and see who is interested.

Absentee owner, bought 10+ years ago, properties built after 1950 or so

I have had good response with Listsource, and have used other people's lists with little or no response. I like Listsource because I control what is pulled and know it's what I was looking for.

Just texted you 

No, taxes seem to be unrelated to market since SC does not have a high population. Is just where the cities and counties think they can get money from. I really liked Orlando, FL because their tax rate was so much lower on property. In SC, can get very cheap properties, just have to factor in the taxes

Good to do your own research when you have the time. I like Listsource since it can pull a list based on data I choose, vs. buying a list from someone. Also have gone to courthouse to research pre-foreclosures (been a while though) and have gotten tax delinquent lists from agents. Is always good to know your own market anyway! Hope it goes well for you.

Thats SC and it can be higher. Its enough to affect cash flow and has to be figured in. The highest tax is on non owner occupied properties. You also need to check on it by county. Richland County is very high, and a lot of landlords will go to court to contest their tax rates and sometimes win when they are not in line with the actual property condition.