All Forum Posts by: Account Closed

Thanks, @Bill Gulley ! Ah see, our purchase contract is for 90k, but our lender is willing to loan us 100k to cover rehab costs. That's where my confusion lies. It wasn't going to be a separate transaction. 

@JT Spangler  Thanks! Your "signature" at the bottom of your post made me laugh.

Thanks, @Wayne Brooks ! I suppose i was reading too much into it. Thanks again :)

Anyone run across this? I'm purchasing a foreclosure, but ran across this paragraph in the addendum. 

So, how do i get additional funds for renovations?

I hope you can read the small print!!

@Landon Elscott Good story! We see things the same way, however we do always set aside funds for vacations. That's the one fruit of our labors we allow ourselves. We're spending a month exploring Central America in January (roughly a 5k vacation), but it'll be a memory that lasts a life time :).

We were just looking at the TV on our wall the other day thinking "this is way too big for us, we should sell it and put it in the business account." Actually, we plan on selling our house (that i love) in the spring and moving into one of our rentals to allow more cash for investing... 

Congrats on the first deal!!!

Thanks, @Jedd Braunwarth ! Ha, yes I did just post about not finding good deals!! I found the 4-plex on realtor.com. It was listed at 145, which I thought was too much. I offered 135 and they countered with no way, it's worth at least 142. So I said forget it. They came back a week later saying they'd now take the 135. The numbers are looking good for it... I won't go into the specifics, but the mortgage will be for about 115. The units are renting for 525, 495, 580, and 560. Home inspection came back with no major issues.

Taxes are outrageous, but I'm gong to co-op it to ease the pain.

I have a realtor friend and she sometimes will send out an inquiry to other realtors asking if they know someone who has a 4-plex or duplex that might be interested in selling in the near future. Couple of leads, but nothing that was of interest to me at the time. Just another idea!

I agree with @Dev Horn on the sign. I can't tell you how many times I've driven past a clearly vacant house and thought "hmm, I wonder if that's for sale? I wonder who owns it?" 

Good luck!!

Good morning everyone! We purchased our first 4-plex in late August and are now set to close on the second 3 week from now! I love 4-plexes, they're my little go-to money-makers. My husband, however, is more into the fixer-uppers... so we're also set to close on a foreclosure on the same day! 

It's a little scary to have 2 deals happening at exactly the same time. 

"What if one falls through? What if they both fall through? Oh God, what if neither of them fall through?"

But I suppose that's why we do what we do; the reward usually greatly outweighs the risk others see as too large.

Anyway, both properties are in the Cedar Rapids area here in Iowa. The 4-plex was listed for 145, picked it up for 135. We actually got that deal because we walked away when they countered. The foreclosure is in a nice little area with similar properties that typically sell for 135-140. We snagged the foreclosure for 90 (thinking upgrades/rehab will total around 10).

On a side note, has anyone had any experience with the Flat Fee MLS by FSBO? I noticed you can set your own buyer's agent commission percentage. Just wondering if anyone has chosen to go this route. How do those of you that typically flip list/sell your houses? I refuse to use a realtor and pay the 7% that's standard here in Iowa.

We plan to list the foreclosure in early spring along with our current personal residence. At that point, we plan to find a duplex/4-plex that we can move into.

Happy investing!!

@Andrew D.  welcome!! Good luck with your plan. Maybe reach out to non-local churches that are looking for housing for their missionaries. We've been renting to one for a while, and they're model tenants :).

That's awesome, @Tyler Smiarowski!!! Congratulations! Sale pending in 1 day is encouraging, right!