All Forum Posts by: Tyler Hull

Originally posted by @Anthony Dooley:

@Tyler Hull Step one is to get it under contract to purchase with a quick closing date. Step two, take it to a lender to underwrite the deal. Step three get a home inspection. The bank will also request an appraisal. Step five, close on the property. Your friend will lose their equity, but avoid foreclosure. I would consider leasing them the property. This way they don't have to move, you don't have to do a renovation project, and your deal cash flows immediately.

 They are losing the house now because they can't make payments. For it to cash flow they would have to pay more then they are now but they can't make the current payments so how would that work?

Hey BP,

I have stumbled upon a family friend who is about to lose their house to the bank. I know that they owe 58k on the house and I would guess it is worth somewhere between 90-120k. I have no properties but long term would look to go into buy and hold. However, this house is outside of where I am looking to do buy and hold (pretty rural area). 

I imagine this has to be a great deal but I am not sure what to do. Does anyone have any advice on what to do. I realize this is very time sensative so I am trying to come up with a plan quick. 

My thought would be to try and either try and take over their financing or offer them 60-62 for the house so they have a reason to walk away. But I do not know what to do after that.

Any help would be greatly appreciated.

Thanks,

Tyler

Hello guys,

I am looking to buy a multi-family home in my area in the upcomming year!

I am curious what others thoughts are on buying a house and essentially flipping the house and then refinancing. And essentially using the money from the refinance to pay off my student loans. This would essentially leave me to save more money on a monthly basis and just simplify expensis. 

Does this sound like a good plan or are their reasons I should not do this.

Thanks,

Tyler Hull

Hello, I live in Grand rapids and am also New to this so I just wanted to say hello and good luck. Also a fellow Dave Ramsey fan so I know the feeling!

Hello fellow BP members, My name is Tyler Hull and I am looking to begin investing. I want to get I to buy and hold investing. I plan to start by house hacking a duplex here and maybe even doing a live in flip in the process. The houses in my area were built between 1890 and 1910 so they need a lot of updating. I would love to connect with anyone here in GR or in Midwestern Michigan. If anyone is from the area say hello because I'd love to see BP members from this area.

@Jay Helms I believe it is in a B class neighborhood. However, being new to this I could be wrong and it's in a lower neighborhood. I have lived in this part of town for 2 years and it is very safe and close to a public pool and a really nice public park on the river.

the area is a good one. I live near there now and the downtown area is stretching this direction. Maintenance is something I am looking into this week but other than that you are saying it looks good?

Hello guys, I first want to thank BP for being an amazing community. It has answered nearly every question I had without me even having to ask it. With that said I am looking to purchase my first investment property and it is a duplex. I wanted a second opinion on the deal and if you guys thought it would be worth it. I am looking to purchase the property for $110,000. Rent would bring in $1,400 a month. Expenses would be as follows. Insurance -$40 Cap Ex - $70 Taxes - $150 Repairs - $70 Principal and Interest -$481 Vacancy - $70 This makes my monthly income on the property roughly $250 per door before taxes. The only thing that worries me is the cap rate (if I did the math right) is just 5.25%. I just wanted some second opinions on this deal and if there is anything I am not considering or should think about. thanks, Tyler

Hello guys, I first want to thank BP for being an amazing community. It has answered nearly every question I had without me even having to ask it. With that said I am looking to purchase my first investment property and it is a duplex. I wanted a second opinion on the deal and if you guys thought it would be worth it. I am looking to purchase the property for $110,000. Rent would bring in $1,400 a month. Expenses would be as follows. Insurance -$40 Cap Ex - $70 Taxes - $150 Repairs - $70 Principal and Interest -$481 Vacancy - $70 This makes my monthly income on the property roughly $250 per door before taxes. The only thing that worries me is the cap rate (if I did the math right) is just 5.25%. I just wanted some second opinions on this deal and if there is anything I am not considering or should think about. thanks, Tyler