All Forum Posts by: Douglas Rice

I foind a subject to deal I was not even looking for and I have never done one before. Please advise. 13k cash needed to pay past due 37k loan balance. 110k ARV Monthly payment 409 RENTs FOR $1000 owner just needs $1000 to move out first, is this a good deal? second, how do i proceed? Do I just hire a real estate attorney to complete this transaction? Someone who specializes in this type of deal?

Question for the group. Here is the scenario. Three persons want to invest together and start a buy and hold portfolio. How should they structure the LLC? Person 1 - real estate agent in market, will source the deals, contract, rehab and rent. Possible management. very limIted $$$ Person 2 - great w2 job and tons of cash. Wants to be silent. Person 3 - great w2 job. Active Investor, wants to be active Partner. Has cash to contRIBITE Looking for thoughts from the group.

Chris, I am going with shelter insurance. I was happy with the rates and other investors recommended them as well.

I have a triplex under contract in Indiana and I am an out of state investor. Can anyone reccomend a great insurance agent in the area who specializes in Rental Property.

Thank you Shayan. I did not include that, you are correct. The roof and foundation are in good condition and I did not plan to hold this more than 5 years. Thanks again for your input.

Thanks Sam Appreciate your input

In attemting to find my daughter off campus housing at an expensive school I came across a Duplex that seems to be a good deal for an investment rental . I would love your thoughts. Here are the numbers.

Cost 110k ARV is 130

Both sides are 3/2 and rent for 725 each. Did a visual walk through with agent and nothing stood out as a major issue. Roof and foundation no visible issues.Both sides are rented and families want to stay and seem stable(2 years plus). Nothing needs to be done to keep them rented. Metered seperatly at tenants expense. 

Rent Roll 1450

Motgage 496

Property manager 142

Vacancy 8% 114

Repairs 5% 71

Expenses - 200 includes Insurance and Property tax. 

Cash Flow $402

Cash on Cash is 15% if I figure I am in 32K after 25% doen payment and loan fees.

Market rent is $800-850 if I wanted to do moderate improvements.

Plan is to make offer and do inspection. If nothing too extensive comes back is this a good deal?

Looking for a great property manager for an 8-plex in Wichita Kansas.

I am renting my 2nd house in Texas and want to do a lease option. I found the tenants and there are no agents involved on either side of the transaction. We have settled on great terms below. $8000 earnest money $2200 monthly rent/lease After 2 years purchase price will be $295,000. I will apply 50% of earnest money and $250 a month from lease toward the purchase price. Two questions... 1. Does anyone have lease option contract they are currently using? Or point me in the right direction. 2. If they exercise the option, do I need to use an agent or can I do a for sale by owner transaction between the two parties using a real estate attorney? Thank you in advance for any advice here. I would love if I could call and talk to an expert or someone who does this on a regular basis.

My daughter goes to school out of state. Tuition, room and board is very expensive. She has to live on campus this year, but next year she can move off campus. Question, if I buy a duplex or triplex can I get a 3.5% FHA multi family loan because she will be living there in one of the units? Or does she apply for the loan as owner occupied and I just co-sign because she has no income? Any expert advice on how I would structure this? I have run numbers on several MLS duplexes in the area and all the properties will cash flow as private housing fir students is way cheaper than staying on campus. She has plenty of friends to keep the rooms rented and full.