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All Forum Posts by: Alex Bock

Alex Bock has started 26 posts and replied 108 times.

Post: Bigger pockets T shirts?

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

Agreed, I would love to rock some biggerpockets swag!

Post: Lack of parking and awful neighbors

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

As you can see below, he does this deliberately so we can't get back there. 

Post: Lack of parking and awful neighbors

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

GIS map for you and yours. The blue space is my property. The black lines in the back alley mark the property lines. The red drawings mark how they're parking right now. You'll see that the super problem neighbor actually has a portion of his garage built on the city alley! I've let them know about this, but as usual they don't seem to care. I'll post more pics momentarily so you guys believe me..

Post: Lack of parking and awful neighbors

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

Hello fellow BP'ers.

Found my dream house and bought it 4 months ago (First purchase, go me!). It was on the market for over a year. I now understand why..

The realtor that sold the house advertised the house as having parking in the back alley. There is a ordinance in my city saying you're not allowed to park in the alleys. I am at the end of the dead end alley, and my neighbors houses and parking pads are right next to said space. The second night I parked in the alley, I was greeted by my terribly annoying neighbor yelling in the general direction of my inanimate house. I came outside for him to tell me to move my car as I couldn't park there. Keep in mind this is the first time I've met this guy.. Long story short, after a long battle with both of my neighbors, police (They felt the need to call them twice in a high crime city, first officer didn't care we were parked there)  and the city admins themselves, The city has informed me that I nor anyone else is allowed to park there due to the proximity to the neighbors houses and parking pads (Both neighbors took a vote on this). I know this is bogus because there was a short amount of time the city allowed us to continue parking back there. In this time, everybody was able to get out of their spaces comfortably and ultimately did not cause any disturbance. Both of my neighbors are friends and were definitely in cahoots on this. An elderly woman lived in the house before and they didn't have a problem with her parking back there. In the time the house was empty, said neighbor was parking his car back there as well. I busted him out to the city using google maps, but they didn't seem to care. I would suspect since I'm 21 years old in a nice neighborhood, there is some jealousy and sense of self-entitlement. As far as parking in the front goes, you cannot park on one side of the street, the garage does not fit a car, and my house sits atop a VERY long hill which has stairs going up it. The only fix I can think of to this is to pour a driveway up the hill and have spaces in my yard. The problem with this is that it will obviously be very expensive. Could I form a lawsuit or maybe pull some strings with the city to make something happen? As it stands right now, they refuse to escalate the matter to the city council since the neighbors both already said no to anyone parking in the alley. They even went as far as to say if the city granted alley parking, they would be contesting it. In the mean time, they seem to feel entitled to occupy the same space no one is to park in with the rear ends of their cars because they don't feel the need to park properly on their respective pads. I am SO ANNOYED and I don't want to lose money or potential tenants on this house because of these fools! What do you think?

Post: Found my multiplex, now I need financing!

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44
Kalem Geerts That is also not a bad idea. Meghan McCallum I'm nervous about partnering. I would like to discuss it with you more when we meet this month!

Post: Found my multiplex, now I need financing!

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

I'm not in an FHA loan w/ my current house, but might as well be as I am still obligated to stay for 8 more months as if I were. Once I've served that I don't foresee any problems getting my first FHA loan. As mentioned, I only foresee the master lease / owner financing going through if they have a hard time selling. Never hurts to send an idea their way anyway though. Since they're old and looking to get out, I feel they would entertain my offer if push came to shove. It's all about presenting it at that point!

Post: Found my multiplex, now I need financing!

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

Let's do it, I'll text you. Thanks @Michael Pease!

Post: Found my multiplex, now I need financing!

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

Thanks for your input @Christopher Phillips. This is also what I have come up with so far, I just wanted to make sure there wasn't something I should know about. I wouldn't have a problem with the down-payment, closing and holding costs. It's just coming up with 20-30% to put down (with my own money anyway). 

@Chris Martin I believe you're correct, though I am not sure what context you were referring to?

Post: Found my multiplex, now I need financing!

Alex BockPosted
  • Investor
  • Davenport, IA
  • Posts 121
  • Votes 44

Hi BP family,

I found my dream 4 plex in a neighborhood I've wanted to live in for a long time. Here is the problem: I'm broke! I just bought my SFR and moved in about 4 months ago. I bought it w/ low money down, so as a result I could not get another FHA / low money mortgage for another 8 months. I definitely plan to hold onto it and rent it out when I move. In 8 months, in theory I should be in good shape to buy anything 4 units and under with an FHA loan as long as I move into it. I want to know how to secure this place NOW. I found it on CL FSBO and have been emailing back and forth with the owners. They're very nice and reasonable, but they would prefer to sell it outright vs doing a contract or owner financing with me. They would also prefer to see it owner occupied and tuned up by someone like me. I feel this could be used to my advantage if:

A. They don't have luck selling

B. I can come to them with a reasonable game plan that ultimately works for both of us

Can you make any suggestions to me? If you're in Davenport / The Quad Cities and have a method of creative financing you'd share with me,  I would love to hear from you!