All Forum Posts by: Juaneka Brim

So, I went after this lead looking to do a Subject to deal. His situation is that he has a SFH for sale and a business. He is offering to sell 1) just the house, 2) just the business or 3) both. I am looking at all angles.

-If I just buy the house, 1) he would like to rent it for 36 months. The list price is $325K.

-If I buy the business, it costs $25K and it needs $45K in work to receive a new certification that will allow 3 more tenants to live there (an additional $9,000 in revenue). (This is TMI, but it's a residential care home) There are 3 tenants currently. They generate $7400 monthly for the business)

Again, I can just buy the house, just the business or both. I'm trying to determine if I want either, both or neither. 

As an investor, two of my exit strategies are to purchase homes subject to and buy and sell mortgage notes. This is why I am posing this question here.

I want to buy a house subject to and have the owner rent it from me. (He's willing) I then want to have him re-fi immediately, as he does not have a fixed rate mortgage. He would sign a 3 year lease for $2500/monthly. His current mortgage is $2300. I also want to offer him a mortgage note of $50K for his business at 6-8% interest. He needs to complete a project to make the facility compliant a (This SFH is a residential care facility for him with paying tenants). Let me know if there is additional information you need.

@David Boatman I think you’re a very wise man. You realized your dream and clearly learned a lesson. There are some things that are more important. Think of how much you can do with the funds you made from that sale.

I have decided to go for my first multifamily purchase. Considering 2-4 units. I had started this process back in March, but put it on pause. I have now decided to move forward. My questions have to do with funding it. 

I am looking to get a cash out refinance for a down payment. I am looking to got $100K, but my monthly payment will go up by about $285 and I don't want it to go up at all. I will then get a 30 year conventional loan to purchase the property. Should I just reduce the amount that I pull out or not get caught up with the $285? Also, what other info do you need, if any to answer my question? Is there something else here I should be more concerned about? Thanks in advance for your feedback.

I did. I guess, that part did not post. I'm in Naperville, IL.

Thanks!

Hi friends,

I was just getting started in early March, around March 10th, to invest in multifamily properties. Once the shelter in place orders started, I put everything on hold. I would like purchase my first multifamily property, but I am doing due diligence to find out if there are enough actual renters in the area in which I am looking to invest before I move forward. I also know that some investors are advising to wait, that the market will continue to drop over the next 6 months. I know that no one has a crystal ball. I see mixed responses here. What are your thoughts as an experienced investor? Would you advise a newbie to go for it or wait?

Hi friends,

I am a new investor in the area and I looking to connect with other investors in the area. Are any groups in the area conducting Meet ups via Zoom or that would like to start?

@John Morgan thanks John. I appreciate the input.

Hi experienced investors,

One day before the president said to stay home, I was about to look for my first deal. Would you wait to do your 1st deal or go ahead now?  I had spoken to a bank about pulling equity in my home and a lender about financing as well. I was about to start looking for my first deal. Right now, I’m concerned about finding contractors after I find a place and navigating possible tenants etc. to get the place rented. What are your thoughts? What are you doing right now? I think that once we are free to move again, I’ll be ready to move full speed ahead.

What are your best tips for finding investor friendly realtors? I thought I had one, but now I'm not so sure. I have friend who's a realtor, but I would rather keep the friendship. What are your thoughts?