All Forum Posts by: Kevin D.

Just sent a 5* rating.

@Joe Villeneuve  Nice, I've never heard of loopnet.  I think I may have just found my next property.  Thanks!

Awesome and inspiring.  Great work!

@Rafael Norat  What towns near Scranton?

Thanks @Jennifer Lee .  I've been searching on homepath, but I'm going to keep an eye on hubsu now too.  Thank you!

I'm looking for property #2, and wanted to see if anyone had any info on the best websites to search foreclosure listings? Any and all input will be appreciated.

Thanks!

@Enis Shehu 

 Thanks for mentioning the Black Diamond networking group.  I do a lot of work in Boston/Newton, so I'm in MA quite a bit.  I'm going to try to make it to the next event.

7-Plex Analysis.  Please let me know what you guys/ladies think.  My biggest reservation is that the building it out of state.  I have family in the area, so I know the neighborhood is 'OK', but not being local is a concern of mine.

Listed at $119,000

Potential Offer Price: $109,000

Down Payment (20%): $21,800

Rate: 4.5%

Term: 5/15

Closing Costs: $8000 estimated

Improvements: $18,000. Code enforcement requires the flooring on the deck on each level to be replaced. Needs new flashing around the chimney. Much of the rest is cosmetic (according to the agent). I'm going to look at the property this week. Based on these numbers, some are estimates and some were given by the listing agent, I'm projecting a ROI of 26.8%.

Heat is gas and is paid for by the tenants.  Electric is paid for by tenants as well.  Roof and windows are "new-ish".

Only two of the units are rented now.  Allegedly, all were rented at one point, but the owner has been working on them as the leases ran out.

4x 1BR: $425, 425, 500, 500

2x 2BR: $600

1x 3BR: $750

Total Rental Income: $3800

Revenue: $3800

less Vacancy (10%): $380

less Electric: $40 (Common Area)

less Snow Removal: $80

less Gas: $40 (Common Area)

less Fire/Liability Insurance: $227

less Water: $260

less Sewer: $67

less R/E Taxes: $533

less MGMT Fees (8%): $274

NOI/mo: $1900

Debt Service: $831

Cash Flow: $1069

Welcome and thank you both for your service!

I walked through a property over the weekend.  It's in a nice little neighborhood; I actually have 3 friends that live within a block of this house.  The realtor told me that the owner died and the estate listed the house.  There is a mortgage of roughly $15k or so on the property.  I told her that I was an investor and that I couldn't offer close to full asking and would likely be below the amount that the estate owes on the mortgage.  Does anyone know if the estate is able to sell the property for less than the note on the property?

Pro's in my favor:  the house needs a lot of work.  Most is cosmetic, but the owner tried to redo the bathroom and botched the job, so its a complete gut job.  That said, it means a bank will not finance the property and they need a cash buyer.

Con's: The previous owner got the property subdivided and basically built a house in the backyard, so the house I'm looking at has absolutely no yard which would severely limit resale value in this market.  This HAS to be a buy/fix/hold deal..

Any savvy vets out there want to offer some advice?