All Forum Posts by: Evan Manship

@Zachary H. 

Welcome, my friend. I am an investor in Indianapolis but work full time in CRE too. I am in St. Louis and Springfield every now and then. It would be great to meet up next time I am in town. Jump and don't look back!

@David Short sent you a pm. Feel free to contact me

@Daniel Dexter Conventional loans will not allow you to buy in an LLC. However, if you're buying cash, just have the contract put in your LLCs name. Most people want to utilize leverage therefore making that impossible.

It isn't unheard of to buy two properties at once. My brother and I co-own all of our properties. We have personal mortgages on them, but every rent check is paid to our LLC and every expense comes out of our LLC. The only danger lies in the personal liability with the mortgage in your name.

@Dawn Anastasi 

@Steve Vaughan 

My "tricky" situation is that no one who will be on this lease is currently employed. The two people on the lease are both receiving $1,800/month for VA assistance and disability which is guaranteed by the United States Government through the person's life. Given that this situation is uncommon, I was hoping to get some feedback on the potential fallouts.

I have prospective tenants whom seem to be a good fit. Both of the tenants on the lease are disabled veterans whom receive $1800 a piece, monthly for disability and VA assistance. No evictions, credit good, and good background.

The stable income is there, but I have heard that there are some tricky instances in leasing to veterans. All tips are appreciated.

A BPO and an appraisal differ in many ways. An appraisal is a much more detailed report which illustrates rental rates, comparable sales, and cost data within the area. A BPO could be as short as a one page letter describing how the broker's opinion is that this property is worth $xxx,xxx.

Appraisals are much more acclaimed in real estate, but sometimes BPOs fly for more relaxed lending standards. Be careful when flipping on a loan - holding costs can be extremely expensive if your property gets no sales.

Ask your seller broker to write up a BPO of opinion now versus what it will be worth post-renovations (ARV). This may persuade the bank that the risk has legitimate upside.

Good luck

Thanks for the love, y'all. @Joel A. the APR was 5.37% for this loan. It was a pain in the backside working with a bank, but that comes with the territory.

@Shawn Holsapple I love your ambition for me! I would love nothing more than to get 10 more this year but I don't know how to do it. My goal for 2015 was to add 5 more to the portfolio -- how could I possibly get 10????

It's official - I own real estate. I closed on my first property today and couldn't be more excited. It's a weird high that I compared to hitting on roulette. My property is a single-family residence in a C neighborhood in Indianapolis that I will be managing myself. This property was financed conventionally (30/30) through MB Financial.

Purchase Price - $29,000

Additional Maintenance - $2,000

Total Investment - $31,000

Rent - $700

Less Vacancy (10%) - $70

Effective Gross Income - $630

Less Reserves (10%) $63

Less PITI - $265

Cash Flow - $302/month

Thanks to everyone who helped along the way. I want this to be my life and I am not looking back. There is always a way!

@Jordan Burke 

Sit this one out partner. $43/monthly isn't worth your time especially if you have a big blow for insurance purposes or an expensive repair. There are plenty of markets that allow for $100+ cash flow monthly. My personal goal is to have each door I own raking in $100/CF monthly -- if not, on to the next.

Hope that helps

@Shawn Holsapple 

824 Eastern Ave. I'll give your guys a call after I close next week and see what they say. I just got a quote for the mold in the basement for $2,300 and I thought that sounded high.

Lack of gutters = moisture penetration = mold. Trying to clean it all up for good.