All Forum Posts by: Tyler Carpenter

-3 bedroom 2 story place. Plus full basement
-About total 1800sq ft
-Within 5 years new:
-water heater
-roof
-electrical
-windows
-bathroom
-kitchen less appliances
-carpet
*Rehabbed and rent ready as sitting

Asking 45k
brought 800/month for rent in past

The way Im looking at it is that it is cash flowing about 100/month after everything. Sound like a good deal? I was really wanting to get into more rehabbing, but I know I can afford this place real quick probably little or no money down. Do you think its better to have a property than wait for a nice rehab project?

My original plan was to live in Peoria and start my business slowly in Chicago. I ultimately want to live in Chicago in about a year or two. Should I buy a few places in Peoria while Im here to get started and learn the business or save and wait? Im just scared to own property where Im not ultimately going to be living. Or should I be fine with owning them and using a good property management when I move?

Yea I was a little bumbed out when I saw it was that much.

Very awesome amount of information in this forum. I just have one question. If you are the buyer of an owner financing deal, and they foreclose on you due to lack of funds on you: does the foreclosure act as a normal foreclosure on a bank. Say for example they foreclose on me, do I have to worry about my credit being wiped out just like I would if a bank foreclosed on me?

Thank you. I am getting it now.

I dont plan on getting into notes for quite awhile, but just curious about them. I am starting to see why people are interested in them. So do most investors invest in notes so that way they get an income stream in hopes that the person on the property defaults and they get the property as well? Isnt this a safe way of gambling. You already win by getting payments and income but if they default you also get a property?

Or should I be looking at it in a different manner?

In regards to Tom, if you buy notes are you basically just replacing a bank. So say I buy a note from someone, I pay a lump sum of money for it, and in return I get a monthly payment + INTEREST?

So my next question is if you buy a note you are just buying it to get an income stream? Not to purchase an actual property. What if you buy a note and pay it all out or receive the last of the streaming payments, what happens then?

Are notes basically the same as rent to own? Correct if Im wrong because Im still a little lost in this area. If I buy a note from someone, this means I am buying the property from that person and they are basically owner financing the property to me?

Another question Im still a little hazy on are points. I hear people from time to time explaining that a purchase will cost them a few points. Can anyone explain both of these in a little bit of detail to help clarify any misunderstandings. Thanks

Also Jon so you can understand my throughts. I have a good paying job right now as an engineer so Im more worried about everything that I make from any refi in the next 2 years will be funneled right back into my real estate business (investment properties). I make enough to cover my current lifestyle. I am comfortable at staying right where I am now to set myself up for a successful real estate life. My whole goal for the next two years is buy a place, refi, take profits and buy another place if not two. Get about 5 or so places and enough to carry my current lifestyle and focus on real estate full time. I have big dreams, but have to have something for me to surpass.

Im with Jon on this, I really have no desire to do wholesaling. I am fortunate that I have a good mentor. Every weekend I am in Chicago with him at his properties learning what happened throughout the week and what got done and needed to get done. I have been through 2 full rehabs with my mentor. One is a 2 unit and the other a 15 unit. There is a lot of work to keep track of, but since I have witnessed it, I feel confident that I can manage everything smoothly. I know there will be little hickups along the way, but want to stick to this type of real estate as it really gets me excited.