All Forum Posts by: Mark Boek

@Jared Vidales  , it could be handled a few different ways:

You can write a check directly to the bank.

I suppose you could have them do a direct payment from your account, but I have not used that arrangement on a subject to transaction before.

A third party loan servicer can also be used. The property manager could accept rent payments, send the amount for the mortgage payment to the loan servicer and the balance to you, and then the servicer can send the payment on to the lender. This gives the seller a bit more security since the mortgage gets paid before funds are sent to you, and will probably make a subject to deal more appealing to the seller. There will most likely be 

On this particular property, I would like to just have the property manager send the payment directly to the lender, but I'm not sure they will do that. I was told they do that for one of their owners, but they typically like the owner to handle the mortgage payments. If they will handle it, it would eliminate one step in the process by eliminating the loan servicer

Thanks @Jeff McCaskey . I agree that it would be a good starter for a beginner, especially as the current management company appears to be well run and, according to the owner, they address any late payments immediately. They actually charge 7% of monthly rent instead of the 10% I normally plug into my spreadsheet for management, so that helps a bit with the cashflow.

@Cheryl Lebert because of the management as mentioned above, I think it would be a good starter. One tenant has been in place since July 2012, the other 2 are fairly recent. As far as I have heard they are all good tenants (I'm wholesaling this one, so I haven't been the one dealing with them).

Market rents look like they would support an increase of $100/month on 2 of the units, so there's another $200 to add to your cashflow. Current tenants are not section 8, but the Property Mgr. (and myself) feel that the property is a good candidate for Sec 8 tenants.

Hi Ramon,

The owner lost her husband a little over a year ago, and now she's having health problems herself. She was ready to let it go back to the bank just to not have the responsibility of it, but she would prefer not to have the mark against her credit.

Thanks,

Mark 

Down payment reduced! Cash-flow from day-1 with this well maintained, fully rented 3 unit property in Kansas City / Independence, Mo - Existing mortgage stays in place, take over payments!

1600 Appleton Ave
Independence, Mo 64052

See more pictures at http://win3propertylistings.com/view.php?item=3280...

Purchase Price: $76,000.00

$8922.92 Net Operating Income after 5% vacancy, 10% Mgmt, 10% Mntnc, Utilities, Insurance, & Taxes

$3,000.00 Down Pmt

Existing Mortgage Terms: 20 years remaining on loan

7.25% Interest

Monthly payment: 724.80 PITI

No Balloon

Fully rented

1 -- 2 bedroom unit which rents for 450

2 -- 1 bedroom units, one rents for 475 and one for 350

Tenants are currently receiving a discount off of market rents.

Unit A and back house (Unit B) have washer/dryer hookups. Back house also has washer and dryer

Unit B has private garage

Units A and C have off street parking

Vinyl windows have been installed.

Sellers Disclosures are available

Tenants pay gas / electric

Owner pays water and trash

Built 1930

.16 acre per Jackson County website

2014 Taxes: $1089.26 per Jackson County website

Independence schools -per Independence Schools website

Thanks,

Mark Boek

816-401-3544

owner agent

Cash-flow from day-1 with this well maintained, fully rented 3 unit property in Kansas City / Independence, Mo- Existing mortgage stays in place, take over payments!

Address: 1600 Appleton Ave, Independence, Mo 64052

The details are as follows:

Purchase Price: $85,000.00

$8922.92 Net Operating Income after 5% vacancy, 10% Mgmt, 10% Mntnc, Utilities, Insurance, & Taxes

$14,400.00 Down Pmt

Existing Mortgage Terms: 20 years remaining on loan

7.25% Interest

Monthly payment: 724.80 PITI

No Balloon

Increase cash-flow with City of Independence Tax Abatement:

Located in Independence Fairmount Carlisle 353 Tax Abatement Area. Qualifying properties may receive 100% tax abatement for 10 years on the property and 50% Tax Abatement on the land for 15 years. See the following website to view qualification guidelines:

http://www.ci.independence.mo.us/ComDev/TaxAbateme...

Fully rented

1 – 2 bedroom unit which rents for 450

2 – 1 bedroom units, one rents for 475 and one for 350

Tenants are currently receiving a discount off of market rents.

Unit A and back house (Unit B) have washer/dryer hookups. Back house also has washer and dryer

Unit B has private garage

Units A and C have off street parking

Vinyl windows have been installed.

Sellers Disclosures are available

Tenants pay gas / electric

Owner pays water and trash

Built 1930

.16 acre per Jackson County website

2014 Taxes: $1089.26 per Jackson County website

Independence schools -per Independence Schools website

To view more pictures of the property, go to:

http://win3propertylistings.com/view.php?item=3280...

Thanks for looking.

 Does anyone know of an rmlo who will provide their service in Missouri for owner finance transactions?

Thanks

The link to my website is working now: http://win3propertylistings.com/view.php?item=32805

My website is still down. Here's a link to the listing on loopnet with more pictures: http://www.loopnet.com/lid/19066789

Sorry about that, Omi. I was working on my site about 5 minutes before I posted on BP, but now I can't access it either. Don't know what the problem is. 

Here's a picture of the numbers I just uploaded.