All Forum Posts by: Stephen Watkins

Keep updating with progress I'd like to track you to see how it goes. I have something very similar in my pipeline. Any learning experiences you can share from your experience would be great!

Hello, I'm looking for private money lenders to help fund acquisitions for my buy and hold portfolio in 2014.

My portfolio currently consists of 3 SFR's and a Duplex.

I am currently working on projects in the $50,000-100,000 range.

I have strong credit and assets as well as full time employment.

Terms and interest would be negotiable on a per deal basis.

Lender would be 1st lienholder.

My situation can offer a great opportunity for smaller or new lending investors to step into the lending arena with smaller transactions or give the ability to diversify among several smaller deals.

If interested please message me and we can get together over current and future projects available.

Thanks

So is this example say the way you should set this up?

$1000 month lease agreement

$100,000 purchase price with 2 year option agreement.
$10,000 option fee paid in 3-4 payments through the 2 year option agreement.

I'm here in Joplin, curious what the rental environment is like there in Mt Vernon.

I have a property I'm looking at to buy and hold that has asbestos siding. I called to get an insurance qoute on it from my agent and she told me they cannot insure it because of the asbestos. Now I've done a bit of research on the siding itself and because it's in great condition I would rather leave it up as removing it or even just covering it up with vinyl is not an expense I want to have off the bat. Shelter is my current insurance company and recommendations on others that will be willing to work with me?

So I'm looking at two properties, one a triplex the other a duplex, with shared utilities between the units respectively. The current owners have been paying utilities. They are sending me the averages this week. I'll also do my due dillegence checking on them too of course. Is there any way I can insulate myself from spikes caused by tenants? I know I could separate meters but that would be last resort.

Sorry was writing it on my phone last night. The $103k included the $7500 in repairs. Gross rents are $2400 currently and I can get estimated $2800 after repairs. This area of the country is super low income. A nice 3 bed 2 bath house less than 5 years old in an upscale neighborhood rents for around $750 month if that gives you an idea.

Yes, but 103,000 with $7500 to get it all units to top market value. All but one are rented.

First I've been looking into small multi-family properties to hold that cash flow.

I found a fourplex and duplex adjacent to each other owned by the same elderly couple that listed at $119,900. Did some research found they wanted out and offered 80% cash they accepted.

I have private lending lined out for the full purchase price plus $7500 in rehab carried for 18 months and still have a decent cash flow. My figures say I should be able to refi out with a conventional loan at the end of the 18 months and not even have to dip into my positive cashflow reserves.

With that information is there anything I'm missing here?