All Forum Posts by: Richard Moro

Can you send me the template as well? I will message you my email. Thanks!

I have always done things "The Hard Way". I don't take orders well, follow the beaten path or work well with structured/normal jobs. I wanted to be my own boss and do things my way, be in total control of my destiny. So I guess in short, my "why" was to be my own boss. My bigger "why", however, was to do what I want to do and when I want to do it.

I have been trying to research how to go about getting private money (not hard/bank). It only shows you how to ask people or the marketing behind it, but how do I write up a contract/do legal behind it? My grandpa and Mom want to invest with me but need legal documents. Do I put their name on the deed or do I need a lawyer or do I need to just notarize. I am about to do my first deal but need financing so I'm a noob. thanks guys!

This will be my first deal and I am in the final stages. I need to meet with the broker and owner and decide on a concrete price and it will be mine. I am nervous and exited and I am sure I will learn (good and bad) along the way. I will provide as much info as I can and please ask questions if you have any. The property is in a Duplex in a declining area in NWI, not drastic but slight. It is about a C area and the place is in decent shape and the upstairs is rented to a great tenant, but the down stairs in un-rented and needs a little to be rent ready. Downstairs is 600 a month, I might raise it, and upstairs is 700 a month, again I might raise it. The building is old (1910?) but in great shape minus a few odds and ends and I factored that into my analysis (link below). Depending on family I might not need a conventional loan, but if you have tips on how to get the best rates please feel free to share. The asking price is 69,000 but I am hoping for 60k when it is all said and done. Gas and electric are paid by tenant and sewage, water, trash is owner and is just under 1,100 a year. Property taxes are 2300 and insurance is 800. There is central and and duct work but no AC's, I do HVAC so I figured not a big deal but I factored that in as well. With what I figured and you will see in the link, it is about 400$ a month after all expenses and calculating repairs and misc or about 5,000 a year. Depending on price it will be a 9-11% Cash on Cash, and i believe that is good. If you read this whole post I appreciate it and am looking forward to hearing from you guys, thanks!

http://www.calculator.net/rental-property-calculator.html?cprice=65000&cuseloan=yes&cdownpayment=20&cinterest=4.5&cloanterm=30&cothercost=1500&cneedrepair=yes&crepaircost=5000&cafterrepairvalue=70000&ctax=2500&ctaxincrease=3&cinsurance=900&cinsuranceincrease=3&choa=0&choaincrease=3&cmaintenance=2400&cmaintenanceincrease=3&cother=1200&cotherincrease=3&crent=1200&crentincrease=3&cotherincome=0&cotherincomeincrease=3&cvacancy=8&cmanagement=10&cknowsellprice=no&cappreciation=3&csellprice=200000&cholding=50&csellcost=8&printit=0&ctype=&x=31&y=15

I am looking for a contractor in NWI to go and look at 4 properties (1 portfolio) with me and give me an itemized list on what all needs to be repaired. The first is a fourplex in Merrillville that looks to be in the worst shape. The next is a Duplex in South New Chicago/North Hobart and is over 100 years old but looks OK. The next two are in Valparaiso (Valpo) and one is a single family and the other is a duplex and both look to be fairly nice. I am going to offer on the whole portfolio and then depending on the numbers grab one or two of the properties. I would greatly appreciate all feedback and recommendations as this is my first time looking and do not want to get burned. Thank you! 

Hi guys,

I am looking at a deal in Merrillville IN, a 4 unit next to other multifamily properties. This is a quote from the broker, " He wants 250,00 for it. Has income of $2775.00 per month and expenses are trash bill of $800 per Year and sewer bill of $1050.00 per Year. Taxes are $5300 per Year and Insurance is approx. $1600 per Year. That's all the expenses." 

Here is some data I got from www.city-data.com on the specific neighborhood it is in (Turkey Creek Meadows), 46% white, 28% black, 26% Hispanic. Median family income is 58k, 13% unemployment,  Population density (people per square mile):1,361, Cost of living index:97.15, Median house or condo value ($):$125,560, Crime - City-data.com crime index:272, Owner occupied housing units (%):67.2%, Median gross rent ($):$1,223. 

That Information above is again, for the specific neighborhood, not the whole city. It is not on the border of Gary IN, but it seems to be closer then I would like it to be. I feel as if the proximity to the highway, shopping center(s), and golf course will help it out. I could be wrong but I am not afraid to admit that or ask questions. Current population of the whole town is 34,994 and it peaked in 2014 35,473 (was going up slightly until then). 

I hope I have added as much info as needed to give a "rough" estimate on the deal. Thank you guys :)

@Angela Przulj was talking the US but I hear ya haha! Thank you for your input :)

Hey guys! If you reset the clock to when you began your investing career, where would you want to be? This means don't think of where you were born or moved to, but where would you WISH you were born/moved to. I ask this now as I live in south Chicagoland and between the horrible taxes, laws, and high prices it is looking like I will move out sooner than later. This does not necessarily mean a metro area, but more then likely will. If you feel a rural or smaller metro (100k and less) is where you would want to be then voice your opinion! Thanks guys!

I was wondering how to figure out what areas are classified as what. I know my own local area but that is about it. I am looking into nwi (northwest indiana) and I know some areas but not others. I also feel like certain neighborhoods are drastically different depending on the city/town.  I feel as if i can see how much the average person makes, the crime, housing prices and schools, then I can really tell. I know without boots on the ground I can only know so much but that is alot of time to waste if i view every property I come across. Thank you guys :D

As the title states, I am looking into my first deal. It is a Duplex in New Chicago Indiana, Basically north Hobart. Here is the address, 3612 Michigan St, New Chicago, IN 46342. I am nervous, exited, and looking for help as I think I have a decent amount of knowledge but I know I will be missing things to ask the owner and what to look for. Here are some rough details the broker told me about the property/what I found out. It was built in the 30's and looks to have had the second story put on as an addition. It has 2 furnaces (one for upstairs and one for downstairs) but no AC's, they have wall units (renter acquires them). Each unit is about 900 square feet with the top unit having a balcony (more room?). The owner pays about 90$ a month on water/sewage/trash and the renter pays NIPSCO (gas and electric) and they do not have separate meters but I would like to put them in, if possible. From my understanding he has a decent turnover rate and places stay vacant for at least a month or two. He bought the property 10 years ago. It seems he is not managing it as efficient as he could be and the broker told me he was forced to by his now deceased father. He is in his mid 50's and has a 4 and 6 unit in Merriville IN on the same lot and another 4 unit close by, he just sold a single family in lake station IN as well. He is looking to unload one property a year until he is down to none. He works full time making good money and I understand he is not in it to win it. He is asking 69,900 and turned down an offer last year for 60,000. It is worth mentioning I originally came about this from a for rent ad on craigslist, so it is not for sale on any site(s) as I emailed him asking if he would like to sell. I live about an hour away in the south suburbs of chicago, is there anything I need to also know from managing a property "far" away. This is all i know, I am asking what more I should know and ask? I would be highly interested in picking someone's brain in person if you live around Orland Park IL or anywhere along I80 (joliet, minooka ext) as that is where I frequent. I am sorry for the long post but please read, look at google street view and use your vast knowledge to help an up and coming investor start on the path of success. I appreciate any and all help, thank you and have a wonderful day :)