All Forum Posts by: Michael R.

I think the price is fair. I do my rehabs (if you can call it that)real cheap but I usually do the work myself. I usually buy boarded up houses that have been empty for years. Also no permits required here unless you switch to pex or anything major electrical. My last rehab cost me about 3500, for a 5 bath 2 bed house. All new plumbing scraped and painted inside and out and new flooring. But I did all the work myself.

Ill add that my houses are low income rental so thats the cliental they are rehabbed to accommodate.

huh?

Chris I doubt that would fly here in NY. Tenant might actually take you to court and you would end up paying them.

All my properties are pretty much in war zones. I know some caution against it but I been doing it for years and am used to it. Cash flow is great and I own most free and clear. Tenant screening is the key - I have many long term tenants and it keeps headaches down. I also prefer 2+ unit properties in rough areas so if one side is empty the other side will still be occupied. This cuts down on the pipes and furnace walking off.

I agree with bryan. Sure you can get owner financing 100% but most of these houses are distressed- and will cost more than 50$ to get up to par. Plus you will have closing costs as well. Bought a few 0 down houses this year and even though it was 0 down it still cost me between 3-5k each to get everything up and running.

Sure you could work with a cash partner as rob suggested but in my experience it is hard to find someone to put up cash unless you have experience to show.

I really dont see how you will get far with 50$ though. I would have not waisted my time forming an entity and saved that money instead to put towards my first investment.

Opinions on an exit strategy? Kinda an open ended question no?

Only real solution I can offer is to find a part time job and save up a few thousand for something small to start. Sorry its not what you want to hear but 50$ isnt going far. I cant fill up my car for 50$ let alone buy an apartment complex.

Looking for a apartment complex in a c or d area might be a little much for a new investor. It would be even crazier to try to buy such a property with only 50$. If you are looking to get started with only 50$ you might have luck finding a single family property or similar and look for owner financing. Even then you will have closing costs and other fees and expenses that your 50$ wont cover. Sorry but it will take more than 50$ to start in this and any business and trying to buy an apartment complex with only 50$ must be a joke.

Well now that we have this new forum I figured I would ask this here!

I have been looking around at larger multi families the last few months. What requirements do lenders have for these properties? Will they consider income generated from the property when looking at the loan?

I have 13 houses and am considering selling off some and reinvesting in something larger. Problem is my income is not constant and I only make about 35k from work outside of RE.

The properties I am looking at are fully rented and pretty much turn key and in the range of 175-200k.

Hopefully some people on here that are knowing can provide some insight on what will be required for me to get a loan.
Thanks!

Is it a cash sale, conventional financing, or are you providing owner financing? You could sell now and place a lien for 10k on the property and collect on that in 5 years. Doubt a bank would allow that though. If you were to hold the paper then you can write in a 5yr ballon.

IMO if your working with 29K CASH then you can find much much better deals than this.

I dont know why some want to charge a fee. Some contractors here in NY try to charge but I will never pay to get an estimate. I would keep looking and you'll most likely find one who does not charge. Maybe look on craigslist.