All Forum Posts by: Austin Sluder

@Christopher Stout Alright, I had spoken to a lender today and they liked the numbers a lot but I need to work on my credit a little more for them to do 75% but they told me they would loan 65%. I am considering getting a partner to possibly cover the down payment for an equity split. And I actually have a good friend in the area who does property management and does a pretty damn good job. Thank you sir, I really appreciate response. 

@Kash Jawed I will send that over to you here in a few. Would love another set of eyes, especially more experienced, to look it over. The only thing I am not 100% on is the insurance number. My realtor friend is supposed to be getting me a more accurate number for that here soon. She things I estimated too much, which would be nice considering it has good numbers with the amount I used. 

@Kash Jawed All units are said to be rented out currently and they are actually a bit under market rents, property doesn't really need anything more than updates which I figured could be done as leases need to be renewed or people left. At which point I could correct the rents and bring in more revenue. I know there are a lot of people out there that claim doing deals without any of their own money and that's basically what I was going for. Thank you for taking the time to respond to my rookie questions, I'm sure there will be more of them lol

@Nick B. I figured that the hard/private lender would lend 75% on the down payment loan that I would need (coming up with 25% of $137,000 is easier than 25% of $550,000) to get the funding for the rest of the deal. I guess I didn't really consider trying to just find someone to partner with that had the capital, always trying to do everything myself lol. And I thank you very much for the book recommendation, I will check it out immediately thanks.  

@Nick B. I appreciate the insight, I guess I didn't really word it correctly. I understand that a lender won't normally do 100% of the purchase price, I know some do though, but I was wondering if I should use a lender for the 75% and try to get hard/private money to fund the down payment. Basically having two loans for the one property. I guess it just boils down to if the numbers work to afford the two payments. But if you could give me some insight on underwriting I would greatly appreciate it. Thank you

I am looking at a 12 unit for 550,000, my question is should I try to find a lender for the entire purchase price, or just for the down payment? I haven't secured any loans from anyone before so I'm not sure if I should try to get the lower rate on the majority of the price and hard money on the down payment? I wasn't sure on how much the insurance would be but I plugged in the rest of the numbers that I got from the agent and its showing it cash flowing $2300 after expenses and then I would have to figure out the cost of the down payment but I'm thinking it would still cashflow $1000 easily after that expense. Is that a good enough return on that big of an investment? I can send you the pdf of the numbers I ran if you'd be interested.

@Cedric Volkmer

Thank you bud, I really appreciate that. I have been trying to reach out to any local person that I can find lol. I have been getting some good info from people. How are things up your way? You do local investing or all over investing?

@Stephen Jones

I am located in mount Vernon. Not really a “great” place to invest but properties are pretty cheap. I’m just scared to get involved around her because of lack of jobs in the area. Just trying to stay close for my first few to kinda learn first hand on managing them. 

Hi my name is Austin sluder and I am new to investing. I am located in southern Illinois and I am in need of people to link up with to just talk real estate with and get away from all the negative friends I have now. I am wanting to stay local for starting out so I can do most things hands on and get a good idea on how things need to be done. I have been driving around my nearby towns the last few days looking at vacant houses and I have already heard back on one I am going to look at more tomorrow. I’ve done a bunch of research and kinda been in analysis paralysis and want to just get into a property and get the first one out of the way, but don’t want to make a huge mistake in my first endeavor. Had to get the first post out of the way because I kept talking myself out of it. I am looking forward to start investing and I plan on being pretty regular on the bigger pockets page as often as I can be from now on.