All Forum Posts by: Cameron Dirck

@Charles Carillo thank you for that feedback, it makes perfect sense. When getting pre-approved do they ask for the property or do they give you a dollar amount that they fund?

Hey guys, I'm very interested in investing in small Multifamily units in/near downtown Plainfield, IL. I've looked at all the deals in the area and here is my overall analysis on the area. Can you guys give me any feedback on my analysis?

-Average price per unit= $120,000-$140,000.

-Rents are between $1,400-$2,500 per month.

-Cap Rates are between 4-7%

-Overall low crime and nice area (mostly B class). 

-Very good schools. 

-Average SFR is between $200,000-$400,000.

-Average Price Per SqFt= $115-$145.

Hi BP Nation!

I am a newbie investor so please bear with me as some of you may laugh at my questions.

I was wondering what gives the average investor confidence in making so Many offers on deals? Obviously financial backing would give an investor a great deal of confidence, so once you get pre approved for a loan is that only good for one deal or how does that work? Also, does an experienced investor lock a deal under contract without knowing he can get a loan on the property? And at what time would an investor do that?

Also one more hypothetical: Let’s say an investor does not have the capital for even the down payment on a property yet he has the property under contract. Where does that investor go for the down payment in confidence?

Thank you all for the advice and your time!

Cameron

Thank you @Patrick Pierre!

@Daniel A. Thank you for all that insight. I am looking forward to moving from "book knowledge" to action. I totally get what you're saying and I appreciate the encouragement!

Hello BP! My name is Cameron Dirck and I live in Chicago, IL. I recently graduated North Central College in Naperville, IL and am so eager to tackle my 1st multifamily deal. I am going book crazy and probably driving my family nuts about real estate because I constantly tell them "lets make some money and get in those offers!". I am absorbing all the knowledge possible about multifamily and hopefully will get to network with some of you!

Thank you guys for all the knowledge you give on a daily basis!

Cameron Dirck