All Forum Posts by: Josiah Swartz

The seller is open to financing my purchase, which is what I'd like to do if only to avoid a monthly PMI payment (~$140). There's always more to be made in seller financing from what I understand. The unit is in a semi-decent part of Kalamazoo Michigan.

It's been converted from a SFH to a 4-unit and is listed at around $120k. Here's some other numbers from 2012 (2013 was similar):

Gross Rental Income: $23220

Expenses: $12760

1. Water/Sewer--$560
2. Utilities--$6500 (all paid by owner)
3. Insurance--$2000
4. Trash--$300
5. Taxes--$3400

Leaves an NOI of $10460. Add in vacancy and management at 10% each and it's still cash flowing around $150/door/month, right? Despite the age of the house (1920 I believe), this guy had fixed it up very well. Roof, furnace, and water heater were all 5 years old or newer. He was more tired of managing the property than anything else. No problems with tenants, just far away.

How would you structure a seller-financed deal? Our other option is an FHA loan.

I sure hope someone else can chime in about this, but I think I read about listing "John and Jane Doe" (or "all occupants", which is what Kris is probably referring to) as additional people to evict. That way when you get the court order the sheriff can remove anybody that's in the unit and not just those listed.

@Kris Haskins

@Brandon Krieg gave me this link, which you could try out too. Haven't known about it long enough to attend anything yet, but it might be worth looking into.

Hey Scott, welcome to the site! That whole Leelanau Peninsula area is beautiful. I'll bet you can find lots of deals on vacation homes around Traverse City, Charlevoix, and Petoskey.

What REI club did you find 70 miles south? I live in Kalamazoo so it might be close enough to my neck of the woods to check out. Like you, I haven't done a deal yet. Just full of knowledge and a strong desire to act.

Thanks, @Brandon Turner, happy to be a part of the community!

Thanks, @Justin Williams and @Brandon Krieg. Looking forward to getting started! It's nice to know that BP members are available and interested in helping.

Brandon, you can look for a message in your inbox from me soon.

Thanks, @Gary Hurst . I got married early this year so renting made sense to begin with. I'm now looking into exactly what you're talking about. There seem to be a good number advantages when you buy a home that you'll be living in and when it's your first purchase.

Oh, look at me learning new things already, @Joshua Dorkin! Not that a proper tag was difficult to begin with...

Well that was prompt! Thanks, @Joshua Dorkin, I will.

Enough lurking :)

I'm Josiah Swartz from Kalamazoo, MI. I work full-time as a camp director and have become enamored by the idea of real estate investing on the side. Once I started listening to real estate podcasts (BP and others), I couldn't help but notice all the "for sale" signs in everyone's yard. I see them everywhere now!

I know there's a ton of opportunity around me, but I'm not sure where to start. I keep hearing that connecting with people is the right way to do it so I'm looking for local REIA's in southwest Michigan or all the way to Grand Rapids. Short of that, I'd be grateful for any local real estate pro to advise me on where to direct my efforts.

Thanks!