All Forum Posts by: Rob Jones

Thanks everyone.  

So I got some more information today regarding the units.  These are all section 8(I was aware of that) and are all rented.  The catch it, 2 of the 10 tenants are delinquent on their rent.  

I am trying to find out more information on this and will keep you all updated but I'd like to get everyone's input as to whether this should sway my decision on purchasing?  The very last thing I want to do is to purchase a place then have to evict/get into a legal battle.  All I see is dollar signs when it comes to that, and not good dollar signs!

Any insights??

Thanks for the heads up @Cliff Harrison

Thank you @Karen Barber.  I will definitely try them out!

Thanks again @Andrew Doolittle.  Much appreciated!

@Andrew Doolittle,

Thanks for the insight.  I'm feeling really great about the seller and the fact that he has very solid financials.  He took great care of the properties and checked in on them regularly.

If you don't mind, could you give me some names of the banks you are dealing with? Specifically the ones you referred to in the previous post?  I'd love to reach out to them to see if they would be interested in financing this deal.

Thanks in advance for the help!

Thanks @Andrew Doolittle!  The units and houses are in Kansas City.  

I've been reading that most lenders are going to want me to put additional money down(in addition to the seller's 25%) so I can have "skin in the game."  With that being said I will be paying all closing costs, inspections, appraisals, taxes, insurance, etc.  Is that enough for lenders or will I need to add more to the seller's 25% he is financing to me in order to secure the rest from the lender?

Hello Fellow BP'ers!

My wife and I have been negotiating with the owner of an 8-unit multi family and 2 SFH's in Missouri. Asking price for all is $299,900. At the moment, my wife and I are in the midst of closing on a condo in our home town so 25% down on $299,900 will be pretty much impossible. Because of this, we have asked if the seller could provide the 25% down at 7%, interest only, for 2 years with a balloon at the end. The seller has accepted. Now we are in the process of seeking a lender for the remaining 75% so I wanted to reach out to the community to see if anyone had some recommendations. The owner took pride in recording every single expense and has detailed reports for the past 3 years, maybe more. He is selling because he wants to invest in a new area that he feels is up and coming. All units are occupied and are month to month with long term tenants. Property management is also in place.

Financials are as follows:

Gross Profit for 2015--$68450

Gross Expenses for 2015--$34693.56

Net Income for 2015--$33756.44

Gross Profit for 2014--$70295

Gross Expenses for 2014--$43686.64

Net Income for 2014--$26608.36

Gross Profit for 2013--$70264

Gross Expenses for 2013--$25479.23

Net Income for 2013--$44784.77

Any and all insight from you all would be much appreciated!  Thank you in advance for the valuable insight :) 

Hahaha guys I literally laughed out loud when I read your comments! The property is a SFR, looks to be in very good condition, just small.

I figured I'd add a more searchable term on the thread. Mosby is north west of Kansas City, Missouri.

Just checking in with everyone on BP to see if anyone is familiar with this area when it comes to rentals. I'm looking to buy some SFH's that are priced right but I want to get a better idea of the rental market. Can anyone provide any insight?