All Forum Posts by: Jeffrey Bourque

Hello All

I have a opportunity to purchase a 3 unit rental property. how should I structure the offer and what should be required in it.

Does the seller provide a fee and clear Title with Title insurance, should the seller be required to evict the tenants before I purchase, what verifications or contingencies should i include. etc......

Thanks

Jeff

My Plan Is to give a note for the $200,00 due in 12 months 0% interest.

$70k out of my pocket cash and sell the house when it is done for $360k to $400K

closing cost $40k so 360 - 40 = 320 - 270 = 50K profit or 400k - 40k = 360k - 270k = 90k profit

the $360k is conservative for sale price chino hill ca.

at least that was what i had bouncing in my head

ARV $350,000 - $400,000 3bd 1 bath 800sqft estimate rehab $70,000 purchase price $200,000

What are your thoughts and should I do it?

This is a current sale going on in my area. I keep thinking that deals like this are out of my world of possibilities because, 1 I do not know if it is a good deal, 2 how could I make it happen if it is a good deal?

Could someone break it down step by step for me and explain why yes or why no and if yes how would someone like me with little money get it done and profit from it.

10 unit multifamily investment

I look forward to learning from someone that has done it.

That was an excellent non-answer to my question, Skyler. hihi :)

No they are not all the same. some are only interested in dealing with conventional purchases other are as you say better at handling assignments or double closes, some are commercial specialty, etc....

A investor friendly one would be, at least from my point of view, one that understands there may need to be some last minute wheeling, dealing, and adjustment made to close a deal, understand what needs to be done and do not freak out about creative deals.

Maybe my understanding or thoughts are wrong but that's what I meant by investor friendly

regards :) 

Is the house Cashin platform a good place to find closing companies. Does anyone have experience?

Have a deal going in 

Any suggestions on a reliable investor friendly closing company?

Please email with suggestions on how to find or if you know.

thanks

Fully occupied rent total $2100 but long term tenants want to stay and rent increases and leases are agreeable to move total rent to $2300

I am in middle of finalizing a transferable contract that I will sell for 86.5k

separate utilities and owner pays water which averages at $200 month.

NY taxes are a bit high at $6300

Property seem to be in sound shape with no majors lurking but I have not done a on site inspection yet.

My evaluation sheet which consist of 20% down at 7.5% interest rate shows a 15%+ Cash on Cash starting on day one.

GROUP LOAN AMOUNT$68,000.00   PRICE$85,000.00   INTEREST7.50%   OWN PAYS MON$225.00   TAXES YR$6,300.00

DN PAYMENT PERCENT20.00%   DN PAYMENT$17,000.00   LOAN PAYMENT$452.41   INSURANCE YR$1,600.00

TOTAL RENT$2,300.00   

MAINTENENCE CAP EX-11.00%-$253.00 / VACANCY-5.00%-$115.00 / INSURANCE-5.80%-$133.33 / TAXES-22.83%-$525.00

PROPERTY MANAGEMENT-12.00%-$276.00  /  OFFICE-4.00%-$92.00  /  OWNER EXPENSE-9.78%-$225.00  /  LOAN-19.67%-$452.41

TOTAL EXPENSES-90.08%-$2,071.74  /  MONTHLY CASHFLOW-$228.26  /  YR CASHFLOW-$2,739.13  

CASH ON CASH 16.11%

WHO WANTS TO BUY MY FIRST WHOLESALE PROPERTY?

Thanks everyone but unfortunately it just fell through. 

Although my thinking was that the value was 250k so I should be able to borrow 150k easily at a reasonable rate due to the instant equity thereby allowing me to purchase the property without any of my money which would have created instant infinite cash flow for me and the 15k was just gravy for my pocket. then years from now I could the story of how I got paid to buy a property. better than no money down. :) but it gone.

Hi all,

Tax Assessment $250,000, Sold in 2021 for $249,000.

Fully occupied with monthly rental $3,000

Updated structure and lage property lot 

Negotiated purchase price $135,000

What is the best route to get a loan for $150,000 quickly?