All Forum Posts by: Willie Cook

Thank you all!!! I am a newer investor but I have construction/inspection knowledge. I am trying to find ways to build my seed fund. I am also rebuilding my credit so I can one day land a solid line of credit to invest so traditional sources are going to be tough right now and I don't know a lot of folk with private money that I can ask to invest.

I am primarily looking at duplexes, 2 income streams, one mortgage which usually means a faster pay off. Thank you for the inflow of knowledge folks!

Hey folks, 

I started a discussion a while back concerning a land contract deal in a neighboring suburb: Duplex 3/1 on each side, $159,000 sale price, 4% interest, just under $1250/mo mortgage, cashflowing $200/mo, 2 tenants currently, good shape...long story short, I closed on that. I have been putting a few hundred in reserves for repairs since then. 

On to today's subject. I have about $12k that I want to invest in an additional duplex to grow my portfolio. There are a number of duplexes around a local university and the city of Akron going for $15k-$24k, would a hard money loan now and convert to the BRRR method in a year be a workable option here? What would be your move with $12k to invest?

Hey Biggerpockets folks, 

My name is Will. I am a new investor in Akron, Ohio. With a potential investment opportunity on the line and I want to make sure I handle this the right way. 

Background: I am not new to real estate exactly...I am a notary closing agent, I am a home inspector, and I work for a large commercial CM. 

Situation: Attempting to House Hack (see im down with the people/lingo) in Stow, Ohio. The property is a side by side duplex, price is $159,000, 4% interest rate, owner financing/land contract, no money down (yeah I know). One unit rents for $850 the other for $780, one of the tenants may move out in January, which is when my family and I will move in. After mortgage, insurance, taxes im looking at $1543. 

I want to do this deal but I am currently working my way out of some financial difficulties and rebuilding credit. How can I get this property and safe guard myself from huge detrimental repairs? Property is in good shape, good neighborhood...the rent is actually below market value. According to relator.com, zillow...duplexes with 3+bedrooms with the square footage this property has is around $1100/mo per unit. 

Let me know what you guys think. 

Will