All Forum Posts by: Delbert Standifer

@Molly Paprota

May sound funny but it’s really all about your team. I have to 6 out of state properties. The first 2 I went to go see after my confidence/ experience grew I didn’t feel a need to see every property that I purchased.

@Brett Deas

3 month cushion? Can you give an estimate of how much that would be?

Structuring this as a purchase from your dad to you is going to be the best way to do it. Setting the purchase price at the market value of $1,700,000 with a gift of equity for the down payment of 40% would leave you with a loan amount of $1,020,000. This would not require you to put anything down, your dad will be gifting you the 40% down payment.

That loan amount of $1,020,000 will then pay off the existing loan of +/- $832,000 leaving $188,000 in funds for closing costs and ultimately the end result of at least $150,000 in cash proceeds for your dad which is what I think he was looking for in the end or you guys were going to use for upgrades/repairs to the units, that part I am unclear on but either way you would have at least that as a net in the end.

The payment breakdown would look like this:

$6280.32 monthly principal & interest based on a rate of 6.25%. Up a tick from yesterday and slowing creeping back up

$1770.83 estimated property taxes

$200.00 estimated home insurance

$8251.15 total monthly payment

Current rents on the three back units total $5445 so worst case you would be left with $2806.15 to bridge the gap on the total payment less current rents. I know your plan is to get possibly new tenants in there and likely at market rents, all the payment could be covered by your new rents on those other 3 units.

@Isaac Bartels house hack.

send me a private message and I’ll pass you the information 

I own 3 properties in Jackson what exactly are you looking for. I have a PM I can recommend.

@Miranda Micire I’m interested in Pittsburgh

I’m curious as to why it’s so many properties available in Pittsburg. I’d buy there but trying to understand the market. If any investor friendly agents are available please reach out to me.

Skyes next year. I don’t like paying the flood insurance on Wooddell.