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29 October 2018 | 1 reply
Here are the numbers:Original Loan Amount: $ 42,700.00Loan Origination Date: 12/09/2013First Payment Due Date: 01/01/2014Last Payment Date: 9/27/2018Current Loan Balance: $ 41,802.77Current Interest Rate: 9.900%Current P&I Payment:$ 371.57Current Escrow Payment:$ 30.43Maturity Date:12/01/2043Term Remaining: 302Loan Type :CFDFMV: $87,500The WorkoutWe picked up this asset for $18,500 ( 44% of UPB)Expense Cost: $2000 (Includes, servicing, initial due diligence, forced place insurance, back taxes and misc)Contingency Fund $2,500All in Cost= $23,0008 Months of Payments = $2968Reinstatemet fee from borrower = $2000Total Income received $4968We sold this property after 1 year as a re-performer for $35,500 (Approximately 85% of UPB)$35,500 + $4968 = $40,468 Total ROI = 76%We're excited with how this one turned out and can't wait to see what we will do with our next one!
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30 October 2018 | 12 replies
The actual management of the property does not take up a significant amount of time (depending on the quality of tenant and property- I would suggest both being good to great) but leasing the property does take special skills that are better "contracted out."
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29 October 2018 | 98 replies
I would not even have named the current occupant as styled the suit as: Myself vs Original tenant and all other occupantsA couple of other questions and observations just to help:-I would go to your profile and change it to just your initial so this thread cannot be googled by the occupant-Did you seek a monetary amount or just possession?
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5 November 2018 | 12 replies
Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.
8 November 2018 | 4 replies
If done in my name I would bill them for the amount.
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26 October 2018 | 2 replies
Then you refinance it to pull your money out to do it again somewhere else.If you've never managed rehab before, you can just find a place that only needs a modest amount of updating the first time.Odd thing about it, the more distressed the property, the deeper the discount, which actually mitigates your risk of not getting positive cash flow later once you fix it up.But, like I said, if people are being conservative, you just have to do the analysis and show them.The other option is to find an agent that buys into your goals.
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29 October 2018 | 8 replies
Worst because looking back it just isn’t as good as what I’m doing now (as I know more)But it’s my best as I learned a priceless amount about multifamily from jumping in.
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29 October 2018 | 14 replies
Great question @Zubair Ahsan as I was just researching different areas and was figuring out how to ensure my numbers were accurate and cut down the amount of time I'm doing research.
27 October 2018 | 10 replies
Same amount of cash can produce a lot more returns when leveraged.
29 October 2018 | 4 replies
You should be able to borrow from a private investor since you have a good amount of equity in the property.