All Forum Posts by: Julie Daniels

Thanks Adam! I originally ran at full price too, just to see if it would be worth going to look at. Sadly, I have no connection to the military, so I'm out of luck on the USAA.  I'm hoping that after having some success on this property, I can have some history and look better to folks offering creative financing. And yes, I'm already out enough cash up front without having vacant apartments (though I've planned for both of them to remain vacant for 2 months for financial planning, but of course I really hope they don't!  I do have reserves beyond that in "just in case" land, but you know...will be trying very hard not to spend them!) 

Also, I see you're in Fredericksburg - I'm there a few times a year for work. I couldn't hate the traffic more. :) I hope you don't have to deal with rush hour much. :)

Brad,

Yeah, they are 2 bedroom, 1 bath in a nice part of Collinsville, so $650 is about right with W/S/T included. Nothing in the area is under $600 for 2 bedrooms, even run down a bit, and I ran the numbers with $625. :) 

I'm going to send you a connection request - I like finding like minded people in the area, and I'm in Richmond Heights area quite often.

Yes, tenants pay utilities other than water/sewer/trash.  The identical building with a few minor updates next door goes for $700 a month rent (and is full), so I'm pretty sure the rent is reasonable to expect. Currently, one the of the tenants does all lawncare for a $25 a month discount on rent (not much lawn), so we will likely stick with that plan, or my partner will do lawn care and snow removal as needed. 

I basically figured that with all 4 units rented, after taking out mortgage/insurance/RE taxes, water/sewer/trash, etc...that we would still spend 50% of the remaining income on expnses - repairs, vacancy allowance...and still pretty happy with the cashflow.

Thanks for the feedback!

There's a 4 unit multifamily listed at $180k. Each unit rents for $650, though 2 are currently vacant (though ready to rent), due to the owner getting a new full time job and not showing after the other people moved out, and his wife is "tired of rental properties." :) He's also semi-recently separated from the military and free to move, so he and his wife are looking to move out of the area...so...motivated seller in some ways. 

Needs a new roof, fascia, soffits - likely about $20k. (No interior damage or leaking yet, just some bowing of the decking and older shingles.) 

RE taxes $3900

Water/Sewer $2000/yr

I'm offering low - $120k, with hopes of ending around $140-$150...

I am financing it, putting 25% down and planning to pay cash for the roof, so mortgage payment of under $700 a month, (plus ~$500 for taxes and insurance - though I don't have insurance quotes...need to dig deeper on rates...that's including about ~$175/mo).

Seems like a good one to me...I'm doing property management myself (with my partner), and my partner is the maintenance guy, so we don't currently have those costs, though we're planning for them in expenses anyway. My biggest concern is the large cash payment for new roof and recovering those costs...and I don't really have that worked into my numbers...though I figured I'd consider it part of purchase price, even though I'm paying for it separately.

Thoughts? It's a B- ish area I think...suburb of St. Louis on the Illinois side. I'd live there as a single mom with my kids and feel safe, which is basically my barometer.

Or...maybe I didn't. Sorry, I could create a colleague request, but I didn't see any other way to contact you...

@Brandon M. 

Thanks! I sent you a private message.

I'm a total newbie, and I'm finding a lot of information...but I'm having trouble figuring out what it means...

For example, 

There's a SFR in Madison County, IL, that Foreclosure.com says is in Pre-forclosure

• Market Value: $124,000

  Published: 2/11/2014

  Loan Amount: $66,326
  Loan Date: 12/18/2002

and Zillow also has that it is in Pre-foreclosure status.(today 1/8/2015)

The county assessors office gives me the name of the current owner (for Tax Year 2014!), which I look up on at the County Records office to find

I also find a newspaper listing of foreclosures 

Dec 12, 2013

• Midfirst Bank V. (owners) $50,549.23, address of SFR, 13-CH-949

So my questions are...Do these people still own this house? If so, what's with the foreclosure??  And why is the newspaper foreclosure date before the Lis Pendens even? And what does the amount listed in the newspaper foreclosure listing represent?

Obviously this is historical data and not a house I'm currently looking at, but I just want to be sure of what I'm looking at...

What I'm looking for is a SFR that is in Pre-Forclosure with a decent amount of equity to be able to buy under market value and rent or flip, depending on the house.

I appreciate anyone who took the time to read this, and appreciate even more anyone who can help me out. 

Thanks!!

Julie