All Forum Posts by: Paul Latendresse

I doubt they except 120,000 for both, but if they don’t it’s going to sit empty for a while

So a property went up for sale in a really hot area as a foreclosure. Someone recently bought it at a Sheriff’s sale, but paid way too much for it. They got in over their head and lost it. It’s two apartment complexes with 4 units each. They want 140,000 per complex, but they need completely renovated. There is mold in a couple and they gutted a couple. In this area with the amount of work they should be priced at 60 each. If I did everything myself I’m looking at around 100,000 in renovating costs for all 8 apartments. Let’s say they except an offer may 120,000 for both. Is there a way to get a 220,000 loan so I can have renovation money?

Yes I am interested in talking about this further. How do I find these sponsors? How do I get in with them? How do I find investors willing to deal with me? I’m definitely more for a passive income, and that’s ultimately my goal. I also don’t have a problem with managing my own property as I do now with my duplex. However I do understand jumping into a large apartment building would be stressful. Thank you for your response!

Just a little about myself and my situation.  My name is Paul, and I am an electrician.  It’s always been my dream to own real estate.  I finally bought my first 4 years ago(duplex), and lived on one side.  I bought this as a fixer upper and it is complete.  I met my wife and we bought a house for 200,000 on acreage.  Sometimes I wish I wouldn’t have done this and bought another investment instead, but here I am.  Anyway I owe 70,000 on my duplex, but since the rehab and market increase the value has gone to about 160,000.  So 90,000 equity give or take.  I have 40,000 in liquid cash also.  As of right now after the mortgage is payed my duplex generates 900 a month cash flow.  I want to move forward and I’m very interested in larger apartment buildings.  I’d be interested in partnerships if that’s what it takes.  Anyway my question for you is where do I go from here?  Do I sell for a larger down payment?  Do I hold onto my duplex?  The market where I am in Indianapolis is really high, and there isn’t a lot of deals right now outside of the hood.  Do I expand my search area for property?  My goal is to be 100% out of the construction/electrical field, and into real estate full time. I just want to make all the right decisions so this can happen.  Thanks for reading!