All Forum Posts by: Bill Fallesen

Thank you so much Steve, for replying to my question, I appreciate your remarks and advice. My experience is limited and dated as approximately 20 years ago, I remodeled my basement to a 1 bed ! bath apartment that I lived in while renting out the main floor for less than a year at which time I married and sold the house. I then rehabbed an old farmhouse using a contractor to put a basement under it and I then plumbed it completely, replaced wiring, sheet rock, windows and roof. Now 20 some years later, I am retired with a fixed income and a working wife but desiring the passive income that I believe that I could attain with rentals. I've been devouring as much info as I can from videos and blogs and became very interest in this opportunity. My plan is to seek out the realtor for a private showing and adjust my estimates for rehab. At that time I will run the info through the calculators for a more complete analysis. This property has only been on Zillow for 10 days and has 10 saves and 447 views already. Of course there is a fear that this really is a great deal and I will miss out on it because I do not have the cash for anything other than the 20% of the loan without the rehab money. I simply won't know until I can get a look at the inside. My original goal was to start with just a single family rental but as I was looking found this multifamily rental. Thank you so much for your time and consideration, it is greatly appreciated!

Hi, my name is Bill Fallesen and I live in Norfolk Nebraska, I am totally new to this having read Rich Dad Poor Dad and finding Bigger Pockets in the last 2 months. I found a 7 small apartment home that needs considerable work but has a lot of potential. I ran the numbers on the 4-square sheet and it looks like I could have cash flow of over $1000 even after an extensive rehab, (I'm estimating $95,000 which would replace windows, vinyl side, replace roof, and rehab 7 apartments, 4-1 bedroom with baths and 3 dorms that share a bath. I have only run the numbers and driven by the house but have not seen the inside yet. I emailed the realtor but have not had a reply yet. Would a private investor consider something like this as I have no experience and how do I go about finding one? I posted this to New Members as I haven't done that yet. Hi everyone! Truly a green newbie!