All Forum Posts by: Chris Jackson

I found a triplex and a duplex on the MLS for sale by the same owner. Is there some sort of financing out there that I could use to buy both of those products from the seller at the same time? I was thinking I might be able to get a better price from the seller if I can buy both properties at once.

Does anybody who has commented on this thread know if the 50% rule applies for commercial (14-units) properties as well? 

@Eugene Beard - I have some small change - enough to get me through appraisals and stuff like that - just not enough for a 20% down deposit.  I might try to get some money from my younger brother, perhaps, and make him a silent partner in the deal.  But my first attack I think is going to be owner financing.  Of course I still need to see this place and what condition it's in and all that good stuff.  I'm just glad you and @Megan Greathouse were willing to crunch some numbers with me to help get the ball rolling to see if this was even worth pursuing or not.  And to your other questions/comments - I just bought a personal residence so I wouldn't be living in this one. I am a hubby and father of 3.  So this little thing just wouldn't work for me!  haha.

@Megan Greathouse - thanks for crunching those numbers and reminding me of the 50% rule. I forgot all about that, but I remember hearing about it as a good starting point.  I don't have $30K to put into this property (again, assuming I pay full price), so my monthly income would be a bit lower than what you estimated - of course I hadn't said that initially so you obviously didn't know.  PS - what a great last name for a real estate investor!!

@Eugene Beard - I appreciate your feedback! Thanks so much for running things through the BPcalculator and adding in CapEx also. I am eager to see how that all pans out. Like I said to Megan, you probably have me down as paying 20% down, but I just don't have that in savings right now, so we'll have to see about owner financing I guess... unless I can get a partner involved or something. The triplex has a 2/1, a 1/1 and an efficiency. That's why those rents are a bit different.

Hello BP world. I am crunching some numbers and wanted to throw some stuff out there to see what more seasoned investors think.  I am looking at a tri-plex.  What I have so far is this:

Asking Price $120,000

Rents = $575/$650/$500 ($1725/month), if tenants pay their own water/trash/electric/gas, otherwise I would probably increase all three by $75 and make the apartments 'all inclusive'.

Taxes & Insurance = $2600/yr (tax) + $1000/yr (insur)

The building couldn't get sold after being on the market for a while and was taken off the market and I've since contacted the owner. Hoping he'll either be willing to owner-finance to help me get in, or he'll take a lower offer price than $120.  I know this isn't a ton to go off of (I still consider myself a newbie investor), and there is more information that would help you guys make a good decision - but I'm just asking around to see if this looks like a deal even worth pursuing?  What would your ball-park offer be on this triplex?  $100K?  Less?  I know they say if you're not embarrassed, you're offering too much...

will there be a rewatch link?  I signed up but don't be able to watch it

@Kevin Moen could you please PM me with any partials you have to offer under $10K (if you have any of those at this time). I am looking to get into Note investing and am just looking for a good way to get started.

Thanks!

I am looking for single notes also. 1st position liens; performing and non-performing. If you guys have notes to sell I'd love to see them. Thanks!

Okay - so I've found a NPN, 1st position, and they're asking a sub $10K price (which I can afford). The crime rate is low. UPB is $60K; this note doesn't list a BPO - eppraisal, zillow and homfacts are spreading it's value from $33K-$53K. Looking on GoogleMaps, I can't get down the narrow street that the property is located on, but the general area doesn't look like a drug-gang cartel area. So say I was interested in this place. What is my next step? Call the court house on Monday and see if there are any other liens against the property? Get a title search done? I know a 'blighted property' is another deal-killer... but how do I determine that if I'm not willing to fly out to OH? Higher a servicing company to send somebody to the property to take a look-see??

As I'm investigating more... it appears that all of Dayton OH has high crime and sex offenders galore!  Is this where all of the registered sex offenders go?  Some sort of vacation-area for them, perhaps?  =)