All Forum Posts by: Robert Gamblin

What is everyone's opinion on Double closing versus assignment? I was not 100% sure what documents to use for the double closing.

@Jonathan Greene  I am new to wholesaling so bare with me.  How do you go about showing the home to interested investors? Are they typically handing over keys to allow showing?

@Brad Clark  I just want to make sure I am correct.  I only have the first 10 days to be able to back out of the deal though, correct?

What is the specified time frame that you have sell the property I put under contract to an investor?

@Tim Herman@Miles Viant  May I ask what offer you would go in at to make this deal worth while?

So by these numbers are you thinking it's a bad investment?  The flooring is in great shape, but does have carpet in some rooms.  Even though it looks new, I know it still won't last long.

Miles,

One thing I forgot to mention is that this a FSBO and I wrote in the contract to have the seller pay for closing costs.

I will be stuck at the $750 rent for my first year owning since the tenants just sign a lease and believe I have to honor that. Correct? 

Since this is my first property, I was intending on managing myself to save some cost.

My goal is to obtain more properties as soon as possible and just really wanting to make sure this deal won't be working against me doing since my goal is to start building a passive income.

Any and all advice is greatly appreciated. 

Thanks so much for the quick response.   I would be doing bank financing.   The property tax is $3400 per year.  I believe I could raise rent to about $850 each after the first unit.   Currently it's the lowest rent on around there, but a great looking property. I just don't want to get upside down on my first deal and wasn't sure if there is a typical target rent for price of property eyc.

I need help analyzing my first property I put an offer on to make sure it makes financial sense.  Details are below:

Side By Side Suplex in Ilinois

each side is 2 bed 1 bath ( no basement)   Very nice clean property that backs up to local park on a Cul-de-sac.

Price $215,000

Current Tenants Rent = $1450.00

Property Taxes is $3400.00

Insurance is $1450.00

Please help me break this down to determine if its a worth while investment.

I originally believed it was, but starting to question it now.  What do you believe rents should be or is it good to go?

Thanks in advance!!

I am in the process of purchasing my first duplex with 4 friends.  Two of us will be carrying the loan.  I was wondering if this was a bad idea?  It is my personal intention to make sure I can obtain the 10 loans to maximize the number of rentals I can hold.

1. Bad idea to be going in with 4 friends?

2. What is the best way to ensure I can continue to get approved for future properties?

3. Any suggestions on getting started?

Thanks in advance!