All Forum Posts by: Mike Baldwin

I figure it's going to cost me near 100k to acquire the property if we agree to 350k.  25% plus CC.    once I have the property, I would refi into 3 smaller residential loans with lower down payment.  The property is being sold as 1 package but actually is 3 parcels/properties and if split up, would fall under the 4 unit limit for a residential loan(3 unit/3 unit/1sfh).    Idealy least out of pocket as possible so I can keep cash to make other investments like small buy & flips to build up $ again.

I am looking to take a leap of faith into a property.  Does it sound like a solid choice to be a long term hold.  It's in a class C neighborhood at best.

Property has 7 units all rented with good history.  Property is 3 parcels that has 3 sfh's and 2 backyard duplexes.  

Current rent income is estimated at $4,000/mo.  Taxes for year are $5500 and insurance is still unknown but figure 2-3000.  Maintenance cost I'm aware of is lawn and that will probly be 100-120/mo.

Asking $350,000 for whole package.  I have $100,000 to put down and can get hard money loan for balance with intent to refinance within 12-16 months.

Buildings are all 60-80 yrs old but in good shape.  Has been maintained.  Tennents have been in place for 10-25 years and would like to stay.  Rent rates are below market 20-25%.

Does this add up to a decent property worth investing in.  I don't see the property itself appreciating much over the next 10-20 years so it would strictly be for rental income.

I appreciate all and any input.

So many great ppl on here and everyone is very willing to help.  That is what makes communities like this great.  I plan to if all you locals to reach out and build my networking locally.  Thanks everyone.  

Laura, are you mainly a Investor or a Attorney, I bet you see alot of crazy and/or nightmares out there in the investment world.  Would love to learn about what not to do.

 I am going to try to do some investing in the Sanford area due to my uncle is joining me in the adventure and he resides in sanford.   Maybe I can look up the Local club and meet some more great people.

Mike

Joseph, I also went to the FB 3 day seminar last weekend.  I agree, overwhelming amount of information and really got me ramped up to do some investing.  I feel we have alot of common goals and both in Palm Coast.  Feel free to reach out to me.  I wouldn't mind trying to tackle the first hurdle(flip) with someone in the same boat.  I am sure we could help eachother out.

The credit card idea they were promoting I think was more of an approach to jack up the CC so we could buy the mastery course.  Not a fan of the misleading direction.

Crush It!!! 

Mike Baldwin

Thank you Jeremy and Jon for the welcome.  

Jeremy, Fremont isn't too far from what I knew in NE.  My rental is in Bellevue very close to the base.   I have a property manager there taking care of it but I have been very much on the fence if I should sell the house or keep it( PM not communicating or answering my calls).  I do have a profit from it but if anything major repair happened it would sink me.  Maybe we could chat if it is something you want to take a look into.  Its a great rental, pulls 1100mo and in the 8 years, Might have been vacant for at most 2 weeks combined, always had someone else right after move in.

Jon, this is a great online community to be a part of.  Thanks.  its going to take a while before I can catch up on all the info.

Hello,  My name is Mike,

I am really new into the real estate investing sector.  I do own some property but nothing has been stickly for buy/fix/sell purposes.  

Currently own 2 homes and 1 Condo.  One property is a primary residence and the other is our prior Home in Nebraska that we have been renting consistently for the last 8 years.  We also have a condo in Florida that we own outright but my MIL, uses that for her primary residence so I cant really touch it.

My wife is my foundation and everything in the family.  She is a amazing woman and is extremely hard working.  So much so I think its unhealthy for her.  She works as a retail store manager for a really big retail company and works long hours and many days/holidays.  On top of that, she commutes 160 miles a day for work.  My Goad is for her to be able to leave her high demand and high stress job and be my Partner in Real Estate.  She is extremely smart and want to get her real estate agent license also.

My current Job is a good and secure one working with the city.  Unfortunately city jobs are very political and budget oriented.  There is no incentive or reward system to promote growth or moral.  I feel like if i don't make a change before I know it I will be much older and not that much wiser.  I want to take what I know and apply it to the market and start investing.

I recently have attended a trial seminar from the Armondo Montaleage(sp?) Flip this house guy and honestly was extremely Disappointed.  It was really basic and not informative.

Chose to give another one a try and went to Fortune Builders Than Millers seminar and also his 3 day crash course into Investing.  What a difference.  I want to loo into the mastery program but the cost are huge(20-35K).  I feel that I can learn from the experience on this website just as much as I can from the Mastery Program.  I will have to learn from my mistake and improve from there.   I will say the 3 day program kicked my energy and excitement into another gear. 

I am looking at using equity from the Condo to secure funding for our first Flip.  I would like to use private investors but I don't know any yet or how to get in-touch with any.  

My House searches has been strickly looking into local foreclosure auctions and also Tax Deed Sales at the court house. Once I secure some funding or HELOC I am wanting to move on my first property.

Havent mentioned it before but, I am a big DIYer and have several friends and family that are willing to help out.  I know this business strives on finding the right ppl to do the job the right way and do it fast.  So there will be some adjustments for me there.

So I have now really went off the beaten path and introduced myself and my goals.  I hope to meet some other with like interest in the Palm Coast/Daytona/Sanford Florida area.  Connect with me and I will take you out for lunch, I am a firm beleiver that networking and being neighborly to others always works out better for everyone.  

Thanks for reading, now I am gonna go explore the forums and learn.

Mike B