All Forum Posts by: Account Closed

I would make a low-ball offer at 50%-70% of the retail price. The fact that she has 7 properties and is trying to liquidate her husbands property must mean she is in a desperate situation. These are situations wholesalers take advantage of. If you pay retail price or even put these under contract, no investor is going to want them and you are going to lose your deposit. If she did not accept my low-ball offer I would simply walk away and move to the next prospect.

Bill,

If you're from an industrial area maybe expand your criteria to Semi-trucks/Straight-trucks as well. An owner of a large parking lot just a town over from mine has at least 50 trucks parked on his land. I know a few of the truck drivers and they each pay $500 every 3 months. Truck owners are always looking for a cheaper price to park their truck safely, if you keep the price lower than others you won't need an agreement with someone else. They'll come to you. This might not concern you but just a thought. Good Luck!

Thanks Elizabeth! @Elizabeth C.

The tenants pay utilities as of right now and one tenant is under lease contract until 2015. My real estate broker mentioned the rent they are paying right now is fairly low and could be raised without issue although this is my first deal with her and I'm not sure if she's looking out for me other than herself just yet. The units are in good condition (new rugs and paint at the most). Luckily, I have security funds put away just in case as well as a partner who does also. I have looked into FHA programs but reading other forum posts I saw the PMI never goes away which pushed me away from that strategy. Am I putting myself at high potential risk financing through the seller carrying the mortgage?

Hi everyone,

This is my first post on this forum. I'm fairly new to real estate investing and I am going to look at my first possible investment property in a few days and could use some advice from experienced investors please.

The property is a 3 unit triplex priced at 299,000 in the chicago area. Since I have minimal credit the owner has agreed to carry the mortgage with a down payment. The problem is he is charging his tenants fairly low rent (less than $1,000) for each unit so I do not know if I will be profit enough each month. I am attempting to crunch numbers right now but I am not sure what to include beside mortgage, taxes, and insurance. So, my question is what else should I include?

Thanks for reading,

-Z