All Forum Posts by: Nick Bleser

Hi @Gregory Flores, Jr. thanks for your response. The asking price is probably pretty far off. The city's tax assessment is saying it's worth $86,000 and zillow is saying $99,000. I know those two numbers might not be the most accurate portrayal of the area but could be used as ballpark numbers.

I haven't figured out what might be the best asking price yet. I'm mostly interested in how others structure financing privately between seller and buyer.

By the way taxes are included in my monthly expenses.

Thanks again!

Kevin C. Sorry just saw this reply. They continued to pay the landlord during the foreclosure process. When we won the bid we actually still had to wait 30 days before the deed was transferred. During that time we were in contact with the tenants and they then stopped paying and essentially got a free months rent. On a side note we learned after the purchase we had to bring the entire years tax bill to the closing. If the previous owner had any money in escrow we were not able to collect it. So in the future it might be better to buy foreclosures at the beginning of the year.

What are a few ways seller financing can be structured? There is a tri-plex being sold by the owner and am wondering if I could propose seller financing. The property is an older home but is in excellent shape in a great area. I would love to get into this property with little to no money down. 

I'd like to share the details below and if anyone would be willing to use my numbers to show me how it works would be greatly appreciated.

Asking price: $149,900

Taxes: $2,120.67/year

Rents: $1,650/month

Expenses: $750

The asking price is probably too high but as an exercise how could I structure the financing to make both parties happy?

Thanks!!

Nick

@Thomas S. I think we'll have them sign a new M2M lease with us without including a security deposit.They will have to understand that unless they get something from the past landlord they will not get their deposit from us.

Is that a good way to handle it? 

Hello BP community! We recently bought a foreclosure and have inherited tenants. They have good rental history so we don't want to get rid of them. They do not have a lease with the old landlord but do have a security deposit. I'm pretty sure they're not getting it back. 

How should I handle their security deposit? Do I make them pay me a new one or when I have them sign the new lease I just don't ask for one? Since they didn't sign a lease they don't have a move in checklist either. 

Any feedback on how to handle this situation is appreciated!

Nick

Thanks for the feedback! I'm happy to hear some are getting in the $100-$150 range. I feel like I'm starting to find deals but harder to charge higher rents in this county. @Mason Tackmier we hope to invest in GB at some point but still getting our feet wet in Shawano.

For those of you investing in smaller towns, what do you try to get for cash flow per door on either a SFH or duplex? I'm analyzing a deal write now for a fix and rent we want to purchase. When I run my numbers for this property and most others in my area I'm lucky to get $100-150 in cash flow after my debt service, insurance, vacancy rate, repairs and capex. 

What amount of cash flow do you all try to get per door or property?

Thanks for your feedback!!

For those of you investing in smaller towns, what do you try to get for cash flow per door on either a SFH or duplex? I'm analyzing a deal write now for a fix and rent we want to purchase. When I run my numbers for this property and most others in my area I'm lucky to get $100-150 in cash flow after my debt service, insurance, vacancy rate, repairs and capex.

Thanks for your feedback!!

Thanks for the feedback everyone. 

@Scott Schultz thanks for the PM referral. I have a info packet on its way.

This may just be a question for the Post Office but it's 7:30 on Friday night and being a millennial I want to know now. Is there a type of forwarding process that can be put in place instead of a physical PO Box? I'd be willing to pay for an address that I can give all my tenants but my mail gets delivered to my personal residence. 

Does this exist in any way, shape or form?

Thanks!