All Forum Posts by: Mike Lightcap

Need help doing numbers on a potential deal. Seller is asking 180k. Said he could possibly seller finance or seller finance a portion. Rents are $750 for a one bedroom first floor and $650 for one bedroom second floor unit. Insurance $900 per year Taxes $2450 per year Can anyone recommend and feedback on what I should offer and also a few ways that I can creatively structure the deal with putting minimal cash down. Side note This duplex is in the port Richmond section of Philadelphia which is on the rise and has a lot of new construction going up and hip bars and restaurants and it's around 2-3 miles from the heart of the city. Both units are rented and both renters intend to stay. One until has a little old polish couple whose son pays their rent and the other is a single 36 yo male with a dog and I'm pretty sure the owner pays for water

@Camillia W. do you have any wholesale properties available in 19125 or 19134? 

Patsy Waldron and Craig Garrow, yes this is what I was thinking of to go to then with, some sort of way they could carry a portion of it but me finance most through the bank. Craig Garrow this property also needs some work to it in order to update so that I can get higher rents so I want to put the minimum down that I can. Would you be able to talk me through the process you are using? I understand a sellers concession is a seller assist but did you increase the asking price so that the seller is still getting what he wants or are you getting it for under asking with the seller concession, also how does that play into the mrtgage, are you allowed to get the seller concession to apply toward the down payment... please inform me as best you can. Thanks so much. Mike

Hey guys, I am currently trying to buy a duplex and wanted some advice on how I might be able to structure a deal. The property is a duplex and both units are 2 bedrooms 1 bath. The current owner is renting out the 1st floor unit for $700 and the 2nd floor for $600, he said both units will go up $50 in April. He is asking 170k and said other investors are asking for seller financing but his wife isn't to excited about doing that. I would love to get the property but don't want to put out all the money for the 20% down, are there any ways to structure the deal in order for me to put less money down? Maybe I could finance half of it through the bank to give him a chunk of money upfront to appease the wife and then finance the rest from him? Any ideas and details on how to do so will be very appreciated since I am new into the game. Also if I update the units I'm sure I can get 900-1000 for the units. Thanks in advance, Mike

Greg S. that makes total sense. They are actually friends but I am picking up what you are putting down. Thanks for the advice

Thank you for the valuable info everyone.

Sorry guys, I was just re reading what I have written and my phone must have been autocorrecting things on me. I'll have to re read everything before I post next time lol.

Hi everyone, wasn't sure where to post this question so I put it in here. I have a neighbor whose mother was just recently hospitalized for a broken hip at age 90. She is rehabbing now and doing pretty good. This incident has made them realize that mom won't be around for long and they came to me asking if when the time came I'd be interested in buying the house. (Of course I am). The fact that they came to me and asked, I feel obligated to help them out in anyway I can. The one thing I thought they should do is divide the deed between the three sisters and the mother so that when the time comes, they would only have to pay a quarter of inheritance tax instead of the whole thing. So my question is, what type of deed transfer would facilitate this? Thanks in advance, Mike

I am trying to stay away from paying him upfront for labor costs so that I only have to incur the down deposit and material costs. He can get side work at any given time so I want to make it attractive enough to him that he is willing to forego being paid until the property sells/rented. (Most likely going with a flip in this situation). I like the idea of maybe him proving out the job and us agreeing on a flat fee for labor and material and then giving a agreed upon bonus based on profit.

Hey guys I'm looking to buy my second property and would like to get a fixer upper so I can either 1) put some equity into it by fixing it up and then renting it out and refinancing to get another property or 2) flipping it. My situation is that my brother in law is looking to get into investing in real estate but he doesn't have any cash to get started. However he is handy, in fact he used to work for an investor and he was the sole guy doing the carpenters work (he's not too savvy with plumbing). So the question I pose is: since I can handle the financial side as far as down payment and acquiring the loan and he can supply the sweat equity as I will to buy more as a helper and demo guy... what would be a decent and fair split if we did a flip and if I use him but only decide to rent it, what kind of payment should I give him or equity share. Thanks in advance, Mike