All Forum Posts by: Thomas McKelvey

Thanks @Corey Liepelt . That sounds pretty cool. I will have to see if my parents don't mind baby sitting for a little bit.

@Justin B. I just started reading the Section 8 Bible, so far so good.

Great, thanks @J. Martin

Hi John,

The property is 120 N Hampton Rd. I paid 68,000 for it with the seller paying closing costs and making a few small repairs. The sellers balance sheet said the NOI is over 10,000 for the year. So the cap rate is around 15% I believe. If my numbers hold up, it should cash flow pretty well for me.

Currently 3 out of 4 units are filled. The seller almost had the last unit rented in December, but the potential tenant backed out. Actually the seller offered to help me fill the last unit, so that's nice.

The property is turnkey. It is really nice shape for an older property. Plumbing looks good, newer wiring etc.

I financed with Huntington bank, you can give them a try if you haven't already. I talked to Quicken Loan, and they told me they will not finance a fixer up, handman special, rehab, or a flip; what's up with that?

On a side not, if you have a chance to buy a property from Community Housing Network, you might want to take a look at it. They take pretty good care of their properties... They were the seller.

Great, thanks for the advice!

Hello, my name is Tom. I am a new memeber, but I have browsed BP before. I am new to real estate investing as well.

I just bought my first investment property on 12/31/2013, and if all goes well, I hope to buy another multi-unit by the end of the year.

My current investment strategy is buy and hold.

I used conventional financing, and it was no fun at all. There were multiple times where the deal just didn't seem like it would go through. I found out that some banks just aren't too excited about working with real estate investors right now, especially not new ones.

I am excited to be here and I hope to learn a lot from everyone.

Thanks!