All Forum Posts by: Lonniel Ingram

Congratulations! I'm sure it was a very rewarding feeling. Good luck on the next one!

I would agree with George, many investors look for different benefits, cash flow, appreciation, depreciation for tax purposes.....etc. I think its a matter of how to adjust strategy to turn bad terms into good terms for your situation. 

Since cash flow (cf) is most important to you, you have to decide based on the propertys' financials at what price will it cf for you and  based on what terms. If the seller won't budge on price but is willing to seller finance....there has to be some motivating factors that will help with price or terms and if not then move on. (Including referring lead/deal to another investor that may be a better fit for their strategy or situation.)

hi George, I'm not sure you can erase a post without contacting one of the moderators or help desk. However you can edit within ten minutes of posting.

After adding a post to the forums, you'll have 10 minutes to edit your posts. To the right of your post for that 10 minute period, you'll see an EDIT POST link. Clicking that link will let you edit. After the 10 minutes expires, you will not be able to edit your post anymore.

Hope this helps.

Hi @Nicholas Duncan welcome to BP. I would also try to find motivated sellers that are tired of landlording but don't need a lot of cash right now. They may be willing to be the bank for you and seller finance/land contract the deal. You make a down payment and agree to terms for monthly payment. You won't have to worry about qualifying for a bank loan initially. That's how I did my first (and only) multifamily deal. Just search seller financing or land contract in bigger pockets to research the strategy with its pros and cons.

I'm also looking fof multifamily properties in Michigan. Hope this helps! 

Lonniel

Amr I agree with Darrell those are pretty good terms for a primary residence. 

Hi @amr Omar. Are you considering buying the condo so you don't have to move? What do you plan on doing with the condo? Are you contemplating renting a room like the current owner? What are you paying in rent now for the room? From the numbers you would be paying about $1000 per month for expenses. So if your renting a room for $400-500 to cut your expenses then that is ideal. However, since the HOA doesn't allow rentals w/o owner occupied what's your ultimate exit strategy? If those are actual comps for the property, I don't see where you're getting value from this deal; you would be buying to high and you make your money when you buy not when you sell.

Lonniel

A lot of great info on this thread. This is why I love BP. 

@Alexander Lang thanks for sharing your story, it truly helps to motivate those still on the fence scared to hop over to the other side. I also upgraded to pro after listening to @Brandon Turner on a webinar and started analyzing properties. 

My experience was similar but I didn't show it to a lender. I analyzed the numbers on my childhood home (which mother still owns but lives out of state, so their are renters living there.) It's not working out with the renters and the place needs work. I ran the numbers with the BP tools and emailed her the report. She called me back surprised at how professional the report was and was interested in my thoughts of what she should do with the property. 

It's probably not going to be a deal where I make money but I benefit in other ways;

1. Gives me confidence to do other deals.

2. Allows family to view me in a more professional light.

3. Most importantly helps my mother into a better financial position.

Win win situation in my book. Thanks to BP!!

Good preparation meeting opportunities going forward Alexander. Can't wait to share our next stories about even better deals.

Lonniel Ingram 

welcome to bp mike! 

Congratulations on taking the first step in your RE journey. Education is the foundation and I have learned so much from BP nation. You will find answers to questions you haven't even thought of yet. This is a great community full of people willing to help as much as possible. I'm also in the macomb area and would love to help out in any way I can.

Make sure you check out the ultimate beginners guide to investing. ....great info.

Lonniel

@dave demarco congratulations on your first deal, way to take action and get in the game.