All Forum Posts by: Michael J Scanlon

Yes, I just had a friend identify a duplex in the northwest Indiana area. Good rent to price ratios, lower taxes but still some good, safe areas. Happy to help if you need anything-feel free to message me. 

It's probably best to not start with an FHA. I'll message you.

As an agent that works with a lot of investors, I feel it is my job to analyze every deal as if I were going to buy it. I use all of my resources from wholesaler connections to on market properties to other agents to try to present as many options as possible. Relationships will go wrong if you aren't conservative enough with your numbers. I always shy away from optimistic numbers in favor of conservative numbers to protect somewhat against downside risk. 

So if there are tenants in place when buying a property, you are bound to the agreements of the prior lease unless there is a clause that allows a lease to break upon sale. You can screen them of your own accord if you plan to renew them but inherited tenants are just part of buying a property that is occupied. There is the upside of having a tenant already and the downside of not knowing much about them. 

@Janelle Carlson

Decent, we got outbid but I guess someone saw more value add than we did because our numbers didn’t work beyond our offer and someone came in higher.

That is a huge discrepancy. 

A lender will not lend beyond the appraised price, so you would have to make up the difference. If it appraises again for $93k and you have it under contract for $165k, they will only lend on $93k as a basis (so if you're putting 3.5% down, they will only lend you $89,745). You would need to make up the difference. 

Where are you located? You will need a high school diploma and then you will need to complete the required education for your state and sit for the state exam. Feel free to message me with any questions. 

Hi Hazel! I am also in Chicago. I know a great lender here in Chicago but who is licensed in Wisconsin. I also have a top producing realtor friend up in Milwaukee. Happy to help if I can!

Signs out front will help. One should be fine if its big enough but you're definitely best off listing with a realtor to open up to a much wider audience via the MLS. I know losing a few percent to a realtor feels like its going to cut into your profits but a good realtor will bring so much demand that you will get more than 5-6% extra in your selling price and offset the cost of using a realtor.

If you can get approved for a loan somehow, house hacking is always my suggestion. Low down payment, ability to earn great cash on cash returns and recycle the remaining money into future investments. Look into a home possible loan and see what they can approve you for with that.