All Forum Posts by: Nick Stoddard

@James W.the 12 unit is not currently for sale, it's just a property I have my eye on. The owner is a 75 year old investor with deferred maintenance. I went to see the commercial lender on a referral from a friend. I mainly wanted to talk long term financing and he said they don't do that for single family and I asked about terms on multi. I guess they don't just look at the cash flow only, they want a significant personal guarantee and 100k wasn't enough.They do a lot of construction loans for commercial. Then he offered six months at 6.5 for flips which is way better than hard money. I'm going to talk to another lender about single family buy and hold. It will be good to have several options

awesome @Joel Florek. I just met with a vp of commercial lending today. 20 year amortization, five year balloon. I'm not interested in multi family right now but I still asked him about it. Although I have six figures cash, he said I needed more to step up to a 12 unit .

He did tell me he would do 6.5% for six months for a flip on single family!

my main issue is that I can't get a call back from the phone number on the fsbo sign in the yard. I've left two messages. That's why I think it's going in to foreclosue.

mosby.... I got a traffic ticket there a few years ago by Barney fife! Lol

It's really not a bad little town north and east of Kc. Pool of tenants might be limited but I'm sure you can buy cheap there.

I found out who the owners are, a young couple that bought the house in 2011 but I don't know how to see if the phone number on the fsbo sign is actually their's.

Bummer, I thought I actually found one driving for dollars, lol. Have cash ready and nothing

I was out driving for dollars yesterday, had some time to kill. I found a great little house in a b area that was vacant. It had a fsbo sign in the yard. I've left two messages and no response. There were signs in the window from the city saying this house appears to be vacant, let us know if it's not. Could this be a pre forclosure?

I remodel home exteriors for a living. What kind of siding and Windows do you have on the building? I would say it's not the furnace that's the problem, it's the air infiltration and insulation.

I agree Laura, patrolling police can't make people pay their rent. A lot of those areas I would never be in at night.

are you sure the roof is only 12 sq's? That would be a really small 2bdr house.

Also 220 a sq for tear off and replacement is pretty low, in Kc it's going to run

$300 a sq.

purchase 70k.               7% ins.        

Arv 120k.                      12% tax

Mortgage 56k.              8% maintenance 

Dp 18.75k.                   8% vac

Improvements 10k.      28% op exp

All in 30.25k

Cap rate 11.9

Coc.        16.9

Cash flow  427

Rent 1,100

Looks like I can get all my cash out on refi?