All Forum Posts by: Peter Fennig

Wow...you live in an awesome market getting that kind of rent on a $60,000 house! Congratulations on #22

So this duplex is my third property that I purchased just by chance while doing repairs to my sfr thats right next door. I was working on my place when I saw a man on a ladder painting some bare wood on the duplex next door due to code violations. I started some small talk with him and found out he was the owner who lived 2 and a half hours away whos tenants skipped out on 3 months rent...then skipped outta town. I suddenly got very curious and asked him what he planned on doing with it. He said he wasn't sure, but knew he had to correct the code violations to avoid fines which is why he had to make the long trip to fort wayne from indy. I had listened to enough bp podcasts to know that he sounded like a potentially motivated seller... and that the worst thing he could say if I ask whether hes interested in selling is no. Thinking that, I casually asked if he'd be interested in selling, and he saif "Yes"!!! Literally within a few hours after asking that, we had agreed to a purchase price of $15,000 at 0% interest as long as I could repair the violations to avoid any fines for him. 24 hours later, we were notarizing a purchase agreement and the house was mine with only $2000 out of pocket. Within a month i had fixed all his violations, put a substantial amount of equity into the house with other repairs and upgrades, and as of 2 days ago paid off the remaining balance of the contract 16 months early using an unsecured loan. Its not done yet, but I really wanted to take title to give me more options on financing to finish repairs and to give me more leverage . Heres just a few before and afters so far. This project has given me much needed confidence and motivation to do more seller financing in the very near future! 

I'm down! I'm available anytime on the weekends. Anywhere is fine for me

Right now I'm paying $400 a month and prefer to not pay more than that. The upstairs 1 bed 1 bath unit is the closest to being ready and should bring in between 550-600 per month. My plan is to do just that jerry and finish one unit, rent it out, then finish the other unit. My problem though is the money to finish it. I would  love to get the money to get the house paid off and in my name also with enough to finish the rehab. I plan to start calling banks this week. If there's any institution someone can think of that they know might be open to this idea or strategy, please let me know

The refi option is immediately what I thought but wasn't sure either if I could do that and was hoping somebody might know of a bank specifically that would handle that sort of situation. Also wasn't sure if I'd want to do a refi so early when there's so much more equity to be put in the house still with repairs? This is a first for me given the situation and I just wanted to make sure I make the right choice

Hey Mike, I'm interested 

Hey jarod, welcome to bp.

You've definitely come to the right place for info and help. I to live and invest in fort wayne. Although I'm still very green to real estate investing, I'm pretty familiar with Fort Wayne and where you want to and don't want to invest. If you have any questions feel free to call or message me. Jeremy Tillotson who already posted on here and has a lot of knowledge regarding real Estate  has also been a huge help to me and would more than likely be to u also. 

So I bought a duplex in April  where the seller financed the deal. The purchase price is $15,000 at $400 per month, 0% interest, for 24 months at which point the remaining balance is due. On top of that I put $2,500 down that goes toward the purchase price. My question is what should I do to get the funds to finish this property? So far I've done all the repairs and upgrades myself which has saved me with labor cost, but with funds dwindling down to finish the house, I was wondering if anybody has adivise on what options I have with getting financing to finish sooner rather than later? I've already added a substantial amount of equity into the property with the repairs and upgrades I've made so far, but I'm not sure what approach I should take with a lending institution since I'm buying the house on contract and don't have the deed in my name yet? I'm in Fort wayne Indiana 

thanks everyone, looks like I'll just b doing the right thing and pulling the permits that he requests

I just got my second duplex in fort wayne Indiana  where the seller is financing the deal. I also own a sfh right next door to the duplex, and so out of convenience put a 30 yard roll off container in between the the two houses. Both places had a LOT of debris and junk inside of them that went into the dumpster. Apparently one of the neighbors had an issue with the dumpster being where it was for a few weeks and called neighborhood code who then came by and put a stop work order on the duplex only. I called and spoke with the inspector who told me that because of the kind of debris he saw inside the dumpster, id have to schedule a time for him to come by and do a walk through inspection of the duplex before he would remove the stop work order. My question is, do i have to let him do this simply for the fact that there was a dumpster in my yards that someone complained about? I do a lot of the work on these properties myself (minus electric, gas,etc) and I'm nervous about him coming in and dinging me for anything and everything that might b exposed right now inside. Any advice would be greatly appreciated