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All Forum Posts by: Eric Jackson

Eric Jackson has started 7 posts and replied 14 times.

Post: 5-Plex Near The Falls

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $285,000
Cash invested: $75,000

Seller accepted our offer of $285,000. This is a 5 unit property with the following attributes:

Unit 1: 3B1B - occupied - Current rent $675 > Increased to $750
Unit 2: 2B1B - occupied - Current rent $595 > Increased to $750
Unit 3: 2B1B - unoccupied - Rehab Estimate $5,000 > Potential rent $800
Unit 4: 2B1B - occupied - Current rent $425 > Increased to $700
Unit 5: 2B1B - unoccupied > Potential rent $800

What made you interested in investing in this type of deal?

Team up to get part of a great deal and a little extra monthly income for managing it ourselves.

How did you find this deal and how did you negotiate it?

MLS listing that was not showing up on Realtor and Zillow.

How did you finance this deal?

Commercial Loan with 20 year amortization and a
10 year balloon pmt.
4.62% interest rate.
5 year rate reset.
Monthly PMT: $1,373.81

How did you add value to the deal?

Raised rents closer to market rents.
Rehab 2 vacant units.

Lessons learned? Challenges?

Have multiple financing options open to you and don't be afraid to switch to another financial institution if yours is dragging its feet.

Post: 5-Plex Near The Falls

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $285,000
Cash invested: $75,000

My wife and I partnered with two other couples to purchase this diamond in the rough. We found it on the MLS. It was listed in such a way that it didn't show up on Realtor or Zillow. Instead, my wife found in through her work as an assistant appraiser. Originally listed for $300,000, we offered $275,000 and they countered at $300,000. We countered and the seller accepted our second offer of $285,000. This is a 5 unit property with the following attributes:

Unit 1: 3B1B - occupied - Current rent $675 >>> Increased to $750
Unit 2: 2B1B - occupied - Current rent $595 >>> Increased to $750
Unit 3: 2B1B - unoccupied - Rehab Estimate $5,000 >>> Potential rent $800
Unit 4: 2B1B - occupied - Current rent $425 >>> Increased to $700
Unit 5: 2B1B - unoccupied - Waiting for previous maintenance guy to complete rehab >>> Potential rent $800

Total potential rent: $3800

Unit 5 was recently vacated and is in the process of getting flooring through the previous maintenance guy. It should be ready to rent within two weeks. We plan to renovate Unit 3 for around $5,000. It will be ready mid-February. We are raising past rents up to market rent and we intend hold it forever. When tenants move out, we plan to upgrade the windows, appliances, electric heaters, and kitchens as needed.

What made you interested in investing in this type of deal?

Team up to get part of a great deal and a little extra monthly income for managing it ourselves.

How did you find this deal and how did you negotiate it?

MLS listing that was not showing up on Realtor and Zillow.

How did you finance this deal?

Commercial Loan with 20 year amortization and a
10 year balloon pmt.
4.62% interest rate.
5 year rate reset.
Monthly PMT: $1,373.81

How did you add value to the deal?

Raised rents closer to market rents.
Rehab 2 vacant units.

Lessons learned? Challenges?

Have multiple financing options open to you and don't be afraid to switch to another financial institution if yours is dragging its feet.

Post: Newbies - Idaho Falls area

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Welcome to Bigger Pockets! My wife and I just purchased our first two rental properties in the Idaho Falls area in January. We found a great deal by talking to everyone we know about real estate investing. As it turned out, our next door neighbor had two properties that they had paid off that they didn't have the time/desire to deal with anymore. So we purchased a lot with a SFH on it and a lot with a SFH, a 1B1B unit and a duplex with two 1B1B units as well for $100K total. My advice is to talk with everyone you can about what you want to do and someone will know somebody who has a property that will work for you. Good luck!

Post: Idaho LLC requirements

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Thanks Ryan!

Post: Idaho LLC requirements

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

I want to start a LLC with my wife to hold the multi-family properties we purchase and manage. Can someone recommend legal counsel in the Idaho Falls area who can assist me? Or is it as easy as filling out the Certificate of Limited Liability Company form and sending it into the Idaho Secretary of State's office?

Post: New To Bigger Pockets from Rexburg, ID

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Welcome to BP Rory. I recommend checking out the podcasts and the ultimate beginners guide to real estate investing.

Post: What to do with 5K?

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

My father-in-law may be open to a REIT investment. He is not a hands on kind of guy for real estate investing. He and his wife are also in process of selling a rental property they own in Las Vegas for around $100K. (bought for $55K 4 years ago) I will try to convince them to put the proceeds from the sale plus the $5K into a passive investment plan to supplement their retirement income going forward. Thanks again BP!

Post: What to do with 5K?

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

My father-in-law is 61 years old and just received $5,000 from his father.  He is planning to retire in December this year and wants to know what he should do with his little windfall.  He lives in Idaho. Any suggestions from the BP community?

Post: I just wanted to say Hi!

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Fantastic! So glad to hear about your success in the Idaho Falls area.  I am also newish to the area. I am building a new primary residence this year and I plan to purchase my first rental property in the spring/summer of 2016.  We'll have to get together sometime and talk about the area.

Post: Dallas financing options

Eric JacksonPosted
  • Rental Property Investor
  • Idaho Falls, ID
  • Posts 14
  • Votes 5

Hello  everyone,  I spoke to a loan officer on the east side of Dallas and she said that some investors are getting loans with as little as 15% down. Has anyone else in the DFW area seen this? Anyone have a better option? Thank you in advance.