All Forum Posts by: Kyle Pepple

@Sarang Bhutada I actually did not end up finishing the appraisal school. I searched for someone willing to train me, but the only guy that said he would wanted me to pay him 70% of each appraisal I did plus other fees. Just couldn’t afford that. I may pursue it in the future, but not now

I really want to purchase this 20 unit apartment building. It’s in a small town a half hour away from me. It’s so tempting because the seller is financing a huge portion of it. 25,000 down with a 475,000 purchase price, he would finance at 7% on a long term note. This would be great for me because I haven’t had a chance to build up a long credit history yet and couldn’t get a loan from a bank for that amount.

The building has 1,2, and 3 bedroom units. The 3 beds rent for 650 a month and the 1 beds go for 450

I have a few reservations about it. The property is a former hotel. Because of this, 3 of the units have to share a bathroom, and each floor (3 floors) has a shared kitchen.

I know a huge part of this is the numbers of the building: vacancy, cash flow, and things like that, which I’ll find out soon when the seller gets me the financials. I just wanted to know if anyone had any experience with a project like this. Is it more advantageous to try to put a small kitchenette in each unit, or should I just use the building as it is currently? Is it a huge, expensive undertaking to try to put a small kitchen in each unit or is there a way to do it efficiently? And would it even get me a much better tennant?

Any advice from someone with experience in something like this would be greatly appreciated!

Hi Everyone, I'm in the process of becoming a residential appraiser in Fort Wayne, Indiana. I'm getting all of my education figured out and I'll be starting my online classes this week. I have a family friend who is an appraiser who trained another friend of mine, but the trainer is retiring soon and not taking on any more trainees. Does anyone happen to know an appraiser in or near Fort Wayne who is willing to take on trainees? Or if anyone has advice on how to find a trainer, that would be appreciated as well. Thanks in advance!

So there’s a farm for sale here in the Midwest for around 230,000. It’s 160 acres and comes with a well kept 3 bed 1 bath farmhouse, a large old fashioned barn, 2 pole barns built within the last 30 years, and a few silos. I spoke with the man selling it, and he says it was his brother’s farm who passed away recently, and the family just wants to get all of the affairs settled, so they listed everything for the tax assessed value. I’ve done a little research and it seems that the average acre of land in the area is worth around $2500, and at very least it’s worth $1700. To me this seems like a good deal and It seems lIke I would have options. I’m thinking I could either wholesale it to another investor who’s worked with farmland before, or I could try to sell the whole thing myself, or sell a chunk of it and rent the other chunk to nearby farmers for around 200 per acre per month. Is this deal a home run or am I missing something? Is it hard or does it take a long time to find a buyer for farmland? Would nearby farmers even want to rent land if it was renting for the right price? Is there any way this farmland could be worth way less than my research would indicate? Anyone with agricultural real estate experience, any advice you can give me would be extremely helpful!

So I have a really interesting opportunity and I’m not sure if it would be smart to take it. There’s an apartment complex for sale about 30 minutes from my home. It’s going for 200,000, it’s 12 units that rent for 400 a month and it also comes with a house on the property. The owner is also willing to do an owner finance deal for 20,000 down with 7% interest on a long term note. Here’s where it’s pretty interesting: the apartments are very small and don’t have kitchens. The complex used to be a low end motel until it was converted into a kind of short term apartment complex. I thought it sounded like a property management nightmare until I learned that the current property manager just gets to live in the house for free, and in exchange he keeps the units filled and does most of the needed repairs. Any advice on whether or not to do this deal? Each unit needs a little fix up, but should I attempt to put small stove/ovens and small fridges in so each unit has somewhat of a kitchen?