All Forum Posts by: Abou C.

@Brandon Ingegneri  Yes it is!. Can I give you a call tomorrow around 6pm to discuss?.  I a interested with 4 partners, but I feel like we are missing something or don't have all the pieces to the puzzle.  Owners reasons and story and price doesn't make sense!. Would like to hear your thoughts on this. 

I toured the property today, the agent said the reason for the price base on the state/city assed price. In other words so has no basis for it, that is why they stated " Buy as is" but they wont work with me.  The wife husband owned it for 40 years and its free and clear, so she is sitting on it and the ball is in her court not ours but I WONT GIVE UP! this is mine ha. 

 Current rent base on centimeter is $850 for two bed and $650 for 1 bed unit which the property only as one.  The units need some work, carpets, new counter tops for some and other can be touched up. Bathroom from look of thins just nasty and dirty looking but could probable be saved. But have not taken an inspector to do the heavy inspection just me. 

Thursday I am heading there with a mentor who is experienced to tour the property with me, but the second property would be financing such a deal, bank wont touch this how would I go about this? 

Questions: 

1. Since its listed, and not in agents interest is owner financing still doable? 

2. How to go about financing such a deal, where bank may not touch?

3. How do I get this deal long term with?, can I speak to owner with out agent?

@Robert Nason    I toured the property today, the agent said the reason for the price base on the state/city assed price. In other words so has no basis for it, that is why they stated " Buy as is" but they wont work with me.  The wife husband owned it for 40 years and its free and clear, so she is sitting on it and the ball is in her court not ours but I WONT GIVE UP! this is mine ha. 

 Current rent base on centimeter is $850 for two bed and $650 for 1 bed unit which the property only as one.  The units need some work, carpets, new counter tops for some and other can be touched up. Bathroom from look of thins just nasty and dirty looking but could probable be saved. But have not taken an inspector to do the heavy inspection just me. 

Thursday I am heading there with a mentor who is experienced to tour the property with me, but the second property would be financing such a deal, bank wont touch this how would I go about this? 

* agent said owner wants to sell "As is" for $225k per building. 6 units each building.  All gas, owner pays for hot water and heat.  Build in 1968 State of Rhode Island, Providence appraisal was $256,200 I believe this is where she got $225k from because I don't see any other metrics they would use to come up with $225k with current conditions and only 2 tenants out of 12 units, reasons being current owners wife doesn't care or interest her she just wants $225k. Since its paid off ball in her court, and property been on market for 1 year. ANY SOLUTIONS? 

Questions: 

1. Since its listed, and not in agents interest is owner financing still                                                

l doable? 

2. How to go about financing such a deal, where bank may not touch?

3. How do I get this deal long term with?, can I speak to owner with out agent?

4. How would I value property with only two tenants?

@Mike Campbell     @Sarah Seaton

Hello

Touring a 12 units tomorrow at 10am with a agent, property been on the market for 1 year, currently just two tenants. From what the agent told me a family owns it, but I discuss they never cared to update units or get more tenants overt he year.  two buildings 6 units each  priced at 225k each totaling $450k.

I am wondering where that $22k would come from, if there is only two tenants now, landscape need some tlc, looked through window units need updated from what i can see. 

What things should I asked or look for when meeting with agent tomorrow?

Hello

Finished community college and heading to state four year which cost 8k a year to attend, pell giving me 5.5K=free money will finance the pretty much for free (2.5k) out of pockets. And if I continue to improve and earn a great GPA/Scholarships it the 2.5k out of pocket will be paid for.  

Question, be sides my partner and I savings and day job, would it be smart to borrow 10-12k from fed loans for school which I will get, to invest in a profitable 3-4 unit in my area.  The loan would not have to be paid on until 6 month of graduation and I will be there for two years and each year I plan on taking 10-12k as well as doing well and scholarships to buy more properties. At some point goal is to refinance and pay most off and reinvest rest. 

Just trying to make sense of this, and if so what is the best way of doing it smart.  

@Antonio Coleman I agree with you on having a clear system to capture the leads.  Where should I start and how should I market or go about it. Partner and I using buy and hold

Hello @Christy Barton My business partner and I are doing buy and hold and long term turning this company into a private equity to raise money to invest. Yes I will be going through BP and see old post on this. 

Hello

Want to start sending yellow letters to an area I been studying and understanding. I would like to use List source to weed out absentee owners in state or out. I would like to know how to use this service effectly and send letters this month. 

Using it to find 3-4 units absentee owners or currently owned to see if the owner willing to sell. 

P.S please advise on what marketing works best and how to go about marketing for leads. 

@Anthony Thompson wow, great information Anthony.  Question I would some great but in need of TLC or updated form outside and I am assuming inside as well. Like you told us we want want something that we would have to guy out as our first property but something that needs some lip stick. 

Using RIliving and MLS we could not have 4 units only 3, but found some off market and not for sale four units around an area we are interested in. How should Luis and I go about contacting once we figure out all the details and price of the property?. Using the providence assessors website we were able to see owner and home address as well, but have no way of figuring out how to acquire it from them!.

@Carolina E. hello Carolina, not yet found like 10 fourplex around my area in providence, and so far just looked at assessor website. But tomorrow will start looking at like comps properties.  Properties I viewed are in a great location but they need some tlc from the outside and I will assume as well as inside. 

question: Can you search up mortgage on the property or taxes of the property?