All Forum Posts by: Jon Mccarthy

I will be there. Thanks for the invite

WOW that is a complete tear down. That is across the street from my house and if I had more experience I would go for it but that is a little out of my league.

Okay my dream is to improve my neighborhood. There is a APT complex across the street and by complex I mean a 3 to 5 unit building with a house on the lot. I want to buy it and fix it up and improve my neighborhood. BUT its not for sale and they have lived there since day one. Now the 2014 market value is 238,796 for it all. I was thinking of offering 239,000. My question is would this be a bad move or good move. I don't know what rent is there but I think gross profit would be 36000 a year and probably need a loan at no more than 10%. How should I proceed with this and do you think this is too far out of my reach for me. I would love all types of takes on this. Thanks Jon

Well here is what I think but please forgive I am a newbie. First thing that comes to mind is talk to a lawyer to find out rights for you and her. That being said I mean what is the holding period on your behalf so if she is on a lease and passes how long can you hold her stuff in a storage unit locked before you half to trash it or send to next of kin.

Next thing if she is on a month to month there probably is no holding period and its up to you on what to do next. I would go above and beyond in this situation. I would check on her in the hospital if she is definitely not coming back I would try to talk to her relative see if she wants to stay in her place to make sure her stuff is kept safe. That will get them thinking oh I need to figure out what am I going to do with her stuff it is also going to look good on you. 

You want to look sympathetic but not week so if she pulls through she will know you were there for her at a stand point. And here relative will know that you will be there but you also have a business to run. We are all human and we all need someone to watch out for us. But most important CYA for you (cover your ***) talk to a lawyer find out laws for situations in this. Does she have a will is he a donor does she have a church etc. A lot of people that I know that have passed leave their stuff to friends and churches. I hope this helps. Jon.

Wow great response from everyone thank you all so much I am going to walk away from this one it just does not feel right. I do appreciate the insight and help with this. Thank you all.

I found a house I want to buy and flip it is going for 79,900 I want to offer 70 for it. I think if i can dump about 30 into it I could get about 130 to 140 for it. Here is the problem the seller does not want to sell for anything less and wants all cash now this place has been on the market for awhile. Now to me that is a big red flag. That tells me there is more wrong with it than meets the eye. But again I am a beginner and can be looking at this with too much caution. What do you all think I want as much input as possible. Thanks Jon

Welcome to BP this is a great place to find out almost any information you need. And loaded with great people. I am new to BP but I also have been studying multi units have not touch them yet but this is what I have learned from various people.

Here's the thing that I learned be careful who you tell you have money. People are always willing to take your money for you. With that being said study your current market find out what units are going to give you the best AROI and stay away from government housing.

Thanks @Mark Brogan  I do plan on it. It seems I can learn a lot from him.

@Bill S. I am looking for single family projects price from 50k to 130k looking at rehab cost around 50k (rough estimate) obviously. I am also looking at buy and hold properties something around 100k. I would love to talk more. Let me know when is a good time. I do need some help up here to at least get started if you know of anyone. I appreciate it thanks.

Has anyone ever heard of the website groundfloor? I am very interested in this site. It almost sounds to good to be true type of thing. Please if anyone has any info on it please let me know.