All Forum Posts by: Ian Ray

BiggerPockets, The BP signal is going up in the sky!  I need help!

I have a few questions for you.  I was approached today by a friend who told me about a 12 unit apartment/town-home mix that is up for sale by a highly motivated seller for 299,999.  I also have been made aware that that pricepoint is very flexible.   My only issue is that the seller wants proof of funds up front before any serious discussion occurs.

So I ask myself, do I try and talk myself past that and get the property under contract anyway? 

Or do I try and shop the deal to the investor previous to it being under contract?  I am not sure the best way to go into this.

The proforma numbers look decent (I will post them below), but I am unsure how to proceed at this juncture.  Any advice or ideas?

Pro forma Report
Two Bedrooms(2) 750
Three Bed rooms(4) 1900
Four Bedrooms(6) 3450
Total Income Monthly 6100
Total Gross scheduled Income($/per Year) 73,200

Yearly Expenses
Tax =3840
Insurance:2900
Operating Expense: 12,575


Net Income 53,885.00
Unit Price 24,999
Asking Price 299,999
Cap Rate 17.9

Hey BP,  

One thing I have realized about this entire process is the need for accountability. As I poke around the edges of the REI world, and start to assimilate a lot of the information that I have absorbed on the site through the great resources, as well as my own educational pursuit, I have come to this point:

I want to start now.  Like RIGHT now. 

Once I put the polish on my Business Plan, I am going to post it here for review. Feel free to rip it to shreds, and criticize to your hearts content. I am inviting the scrutiny.  And the reason why is due to the fact that I know that the sum of the knowledge present on this site will always outweigh my own.  I will never know "enough" to go this route alone.  

I have zero capital to begin with, and that is ok. I say this because I know the channels to tap in order to secure the financing, i just have to do it. 

I have identified my personal weak points, and that is great.  Because I know what members I need to recruit to my team to help me work on them, I just have to do it.

I have identified the area(s) I want to operate in, I just have to do it.

I realize that this is a journey; that this is a process.  I just have to begin.  

I plan to update regularly on my progress.  I plan to ask for advice and share my victories and failures so others may be able to learn from my mistakes.  I want this community to keep me accountable.  I want to do the same for the community.  I want to start this path so I can give back even a sixteenth of the value to this community that has been given to me.  

I want this.  For my family, for my community, and for myself.  

I am posting this because it will serve as one more thing to keep me accountable to myself, and others.  

I thank anyone who has read this, and I thank anyone who encourages me on this path.  I will do the same for you.

Ian

 I am from Wintersville.  Most of my family still resides in that area.

 No way!  What part?  That is too funny. 

 I come home regularly!  Maybe we can connect the next time I am up that way!

I appreciate the welcome thus far from this community!

@Mark Nolan,  

      I am on it, good sir! Thank you for the welcome

Hello BP!

How are you all doing on this fine day? I hope everyone is well and prospering. Or planning to prosper! My name is Ian, I am currently residing in Charlotte but I am a transplant from up north; Ohio by way of Maryland to be specific. I have joined BiggerPockets to network and increase my knowledge base as I begin to pursue REI. I am new to investing, but I am not new to the construction side of the industry. I have spent years as a residential carpenter, and also spent a year as an Assistant Superintendent for a MultiFamliy general contractor. Currently I am doing Business Analysis.

Personally, I am interested in (ethical) wholesaling and generating cash flow via buy and hold strategies.    These are the niches that I have found I seem to be the most interested in initially.  

I would welcome any and all advice, and would be humbled to network with anyone in my local area, as well as in my interest areas.  

Nice to meet you all!

Hello BP!

How are you all doing on this fine day? I hope everyone is well and prospering. Or planning to prosper! My name is Ian, I am currently residing in Charlotte but I am a transplant from up north; Ohio by way of Maryland to be specific. I have joined BiggerPockets to network and increase my knowledge base as I begin to pursue REI. I am new to investing, but I am not new to the construction side of the industry. I have spent years as a residential carpenter, and also spent a year as an Assistant Superintendent for a MultiFamliy general contractor. Currently I am doing Business Analysis.

Personally, I am interested in (ethical) wholesaling and generating cash flow via buy and hold strategies.    These are the niches that I have found I seem to be the most interested in initially.  

I would welcome any and all advice, and would be humbled to network with anyone in my local area, as well as in my interest areas.  

Nice to meet you all!