All Forum Posts by: Jason D.

Can you send me the details?

Interested. PM sent

@Jeff Jansen hard to say for sure, I work with some investors who’d prefer the full vacancy and CF from the start. That said, you could have a larger buyer pool w/ a vacant unit and capture those who are looking to owner occupy and will typically pay a little more than an investor.

Welcome to the forums! I think your starting off where a lot of new investors do/did, myself included. Mindset shift is the biggest hurdle for people I think so it’s good you’ve made the jump already. Lots of great local investors and resources on here, jump in and educated yourself as much as you can! Best of luck! J

Hi James,

I’m an agent and active investor in Grand Rapids and would be happy to meet up and help you with your search or answer any questions you might have. Even with the how hot the market has become you can still find some good deals looking in the right places. Hope to hear from you.

J 

First off congrats! I was in a similar situation w/ 2 off market properties I bought a few years ago. Seller told me the two tenants that were all under market rent "just couldn't afford a rent increase." I kept rents the same for the first month, then sent an official notice of rent increase that was to take place in 60 days. Guess what happened? Never heard a thing. I try to think the best of people but I suspect these tenants knew they were getting away with their sob story with the previous owner and were ok with paying closer to market rent. Guess my advice would be to just do it as you've planned, gotta keep it and run it as your business. As long as your upfront and do it the right way everything will work out. Best of luck and congrats again.

Too many deals, great problem to have! If you are purchasing the 8 unit at a "discount" due to this relationship I would be less concerned about the balloon payment. I would assume you'll have enough equity in the deal to refi at the end of the loan term, depends on your risk tolerance and what you plan to do with your capital moving forward. Would he owner finance to you? That could be another option. 

Your in a great spot with both of these sellers it sounds like....I'd be trying my best to close them both if your comfortable with the numbers. 

Best of luck. 

Answer depends on several things. How much is your purchase? How much down? All cash? If you pay $12k all cash and get $1k a month in rent your return will likely look better than if you get the same rent on a $300k purchase. I'd look at another metric to determine what's a good investment. If your looking at just a percent you can "keep" a lot will say 50% rule, then minus your debt service is a good place to start. Of course there are other variables that go along with this as well.

Rich Dad Poor Dad is great depending on where your at on the learning spectrum. If your trying to decipher what's a good deal, what's not and what all the numbers mean then BP has several books that would help a lot. Maybe start there. Best of luck.

I second Dan...lots of ways to put your money to use rather than pay off your existing mortgage. As for your st loans, depending on the interest rate think about buying a property, and paying off the loans with your cash flow or some combination of that. Using a bunch of money to pay off a 4% loan when that same money could make you 15%+ return is not a wise choice. Stop listening to Dave unless you have a large amount of consumer debt. Best of luck.