All Forum Posts by: Mike King

Hi, I am looking for someone to help me with a down payment on 2 properties. The total being $18,000. These two are SFRs and they are currently rented. I can make structured payments plus interest. I'm in desperate need as I do not feel comfortable using essentially most  or all of my cash reserves. I will be financing the properties through a mortgage that I am already pre approved for. 

Thank you,

Mike

hey there! I am getting very discouraged because I'm having trouble jumping through the hoops of the banks (I just went part time at my place of employment to focus on investing (my job was costing me money) and my wife just went full time. I have an excellent credit score. Of course I know it's going to be virtually impossible to get a bank loan but I wanted to try.

I am now going to focus my attention on owner financing, lease options, etc. Or if there is anyone out there wanting to do private lending. I'm ready to get in this game I just need help getting started. If anyone in the South Bend, Indiana area wants to team up or have any properties they are willing to do owner financing or lease options with then let me know! Thanks!

Mike King

There is a property here in Mishawaka, IN that is listed for $63,000, the seller is willing to do a lease option for 90 days for 59,000 with a 15,000 down payment. I don't have the capital for this down payment nor do I can I qualify for a conventional loan because my income is low. My debt to income is low too, around 40% and my credit score is around 770. So I can make payments and what not, it's just that I work for a non profit. 

So would anyway out there be interested in teaming up for my first deal? The property is rent ready right down the street from downtown Mishawaka, IN which is really up and coming right now. The house across the street is listed in the 90s and other houses in this area are going between 75-90 some near 100. It is a wholesaler who is wanting to sell it to me. Also it's a 3 bed 2 bath house. 1134 sq ft.

If you want more information then let me know! I am very new to all this. I have been doing my research and learning as much as I can but now it's time to take that knowledge and turn it into action. Thanks!

Mike King

I just connected with our local REIA. That will be my next question! Thanks!

Mike King

Hi, I am looking for some local hard money lenders in the south bend/Michiana area if anyone has any recommendations. 

Across the street from the DMV. I can't recall the exact name of the neighorhood.

Hey there, 

I am new to investing and have not done any deals yet. There is a 28 unit apartment complex near me in South Bend that is asking for $650,000. I believe that is a bit overpriced (it includes a couple of multi-family houses next door which brings the total to 35-36 units altogether). But it is in a rougher area, though it is an up and coming area (a lot of renovations are being done in the city). 

I do not have the money whatsoever to purchase this apartment. I have been educating myself and learning about the different ways to invest but my mind is going blank now that there is a deal. The seller mentioned that they would not be interested in any sort of land contract though I did want to mention a MLO since it seems slightly different but they pretty much said they wanted cash. I don't know if receiving hard money would be a good idea nor do I know if I could even get hard money for anywhere near that much without experience or anything. 

This apartment also rents to what was described as veterans, and maybe past homeless veterans. They apparently are good tenants and haven't had any issues. Though I do not know the expenses, they said their monthly income is $15,500. So if I could just get some feedback then that would be great!

Mike