All Forum Posts by: Dustin Barr

$30k, there letting me put all deposits and 1st months rent at the deposit out out of pocket about 18K

What option would you take? Contract for deed for 9 units of rental properties.

1) 455,000 after down payment at 7% intrest for 20 years
2) 455,000 after down payment at 6% amortized out over 20 year. Balloon payment after 8 years. Re-fi with bank at 5% with approx 20k? in closing costs, bank fees, appraisal etc...

The seller will let me put all current deposits towards the down as well as the 1st months rent, so out of pocket i'm in for $19,000

Here is where I'm at on this deal.

4 duplex's, 3 SFH (11 units total-8 duplex units & 3 SFH) All houses are in great shape, no repairs needed. Seller will sell on contract at 6% for 15 years. $530,000 with $30,000 down. Rents are also a little low for the area. They have many long term tenants Monthly Income $6900 Monthly Expense $5790 (Payment, water, insurance, taxes, lawn care)

So i should contact the bank and see if they are open to a short sale?

I found a home in my neighborhood that is vacant. I found the seller and have been talking with him. He has moved out of state and is getting a divorce. I would guess its close to the foreclosure state. He says he will sell the home for what he owes on it 98,000. He claims its in good condition with newer roof decking and siding. Claims it needs just a good cleaning. I'm obviously going to look at it first but I'm unsure how to continue.

He says the bank maybe willing to negotiate a lower price. I would buy the house for $70,000ish based on what I know now.

Should I deal with the bank? The seller? What can I do to help him? I doubt he can sell for $70 if he owes $98. I've never dealt with buying private. All my deals have come from the MLS.

Just searching for some ideas. I am able to get my own financing from my bank, with a 30% down payment. 

I currently have 6 SFH as investment properties. I have been approached by a real estate agent that has a client want to get rid of 4 duplexes and 3 SFH's. Doing drive bys all look to be in great neighborhoods and in great exterior condition, except for 1. All are currently rented and cash flowing (Per my agent) I have used all my available funds to make the down payments necessary to acquire my 1st 6 purchases. I am looking to bring in an investor to help make this deal work. I have a few people that I think would be interested in helping with this deal.

How is a deal like this laid out? I am looking for the downpayment money of 30% and the bank is willing to loan the rest. If the investor put down the 30 (not sure if it would be cash or if they would finance the 30% against some property) I was thinking a straight split on the profits for the first 5? years and then I would re-finance? Do i offer to pay them X% on the money they put in? This part of the deal is new to me and I want to have as much info as possible before I approach them and meet with my banker

Most are family members that know what I am doing and that I am successful doing it. Help me out please!

Just purchased our 5th investment property to be used as a rental. I have put down the 30% from a line of credit on these previous properties but that is now maxed out. 70% has been banked financed. I'm looking at ways to come up with the 30% to purchase this next property. Purchase price is 36,250 Needs $3,000 worth of drywall repairs in basement otherwise its rent ready. I would guess ARV would be $60,000/65,000.

Hard money?

Investors?

Other?

Ill take the list

When I first started out my Realtor was working with me and maybe 2 other investors. He now has about 6 that he deals with. Is this a good or bad thing. My concern is the deals he is sending me he is also sending to 6 others, driving the prices up. Am I wrong to think this is not a good thing? He has also said he will not tell me or any other of his clients that he is showing this same house to multiple investors. I've bought 4 properties in 2014 from him. Thoughts?