All Forum Posts by: Andrew Newlon

@Account Closed,

There are a TON of resources to learn about buying properties with no money. BP has published one which would be a great start. Some of the most common ways are:

• Get the sellers to finance the property to you (there are an infinite amount of ways to structure this)
• Lease the property from the sellers with rights to sub-lease it to tenants
• Partner with someone who can provide a down payment 
• Find a private money lender who can loan you the cash until you can refinance it into a loan

I'm in Springfield and know several investors in Branson. Let me know if I can help you in anyway.

-Andrew

Hi @Aaron Lancaster,

I'm pretty familiar with that street/area. It's now a war zone or the worst street in town but it is far from the best. Depending on how you plan to finance it, your cashflow will be tight. Here are the generalized numbers if you refinanced 100% at $100,000:

Rent                $1,040 (assuming you can raise the rent to $520 both sides)

Taxes                    $60 ($722.30 for 2018, this will increase)

Ins                      ~$75 (estimate - would need to get a quote)

P.M.                   $104 (assuming you will have management if you aren't local)

Maint.               $104 (putting a minimum of 10% aside for a rainy day)

Cashflow          $697 (before debt service)

Debt service    $688 ($100,000, 20 yrs, 5.5% -good rate for the area)

Net Cashflow       $9

These are the numbers we use to analyze cashflow alone, everyone's will be different. 

There a ton of better deals out there, especially if this will be your first investment. One slightly major repair or a turnover/eviction could wipe out your cashflow and maintenance for the whole year. I agree with @Casey Mericle, it's not a good deal.

Hope this helps! Let me know if I can help you in any way.

Hey @Jacob George Lada, is the mortgage for your primary residence or investment property?

Hey @Craig Hunter, I am very familiar with that property. I'll pm you my phone number if you would like to some input. Make sure you do plenty of due diligence on that property prior to purchasing. Let me know if I can help in any way.

Hey @Josh Oak, check out the local REInvestorGroup. They meet every third Thursday of each month and have several subgroups throughout the month as well. One of the founders is speaking on Nightly Rentals all day on Jan 1st if that interests you, or would like the opportunity to meet others. I will send you a pm with recommended banks, realtor, and property manager. Let me know if I can help you in any way.

Hey @Max Mitchell, good to hear from you. I sent you a pm.

Thank you for the connection, @Casey Mericle. I sent you a message @Craig Hunter. I would love to connect and see how we can help each other.

Hey @Steven May, congrats on the soon to be graduation. There are several investors successful in the area with the nightly rental model. The local REInvestorGroup is doing an all day event on Jan 1st about nightly rentals. Let me know if you are interested and I'll send you the details.

Good luck and, of course, feel free to reach out if I can help in anyway.

Hey @Shon Drennan, welcome to BP. @Casey Mericle is spot on with the best way to make offers to include any necessary costs. The Springfield market typically does not yield large profits. It is a stable market, with a demand on inventory, and lower priced homes (in relative to across the nation). Practice patience, make good connections, and look at a TON of houses to find one that works for you. 

Let me know if I can help you in anyway!

@Genie Guisinger, I would recommend FHS Property Management for Springfield. We use them and have had great experiences. Let me know if you want me to connect you to them.