All Forum Posts by: Jim Butterfield

@Tom S. Hello Tom, this is my plan, never said it was going to happen. Just one plan I am working on. No they are not trashed, and i am hopping the seller wants to move them bad enough to make a deal. With 141 days on the market, he might be motivated. 

@Andrew Postell Hello Andrew. Yes we have already purchased 1 unit from the 1031 moneys.. now looking at a 2nd. I don't quite have enough for 2 of them. Not to mention the third. Also I just noticed, that his purchase price has dropped $10k in the last 30 days. My initial sheet shows price of $160k and now the new sheet came through at $150k 

@Andrew Postell sorry to confuse anyone... 3 separate duplexes. 1 will be purchased on its own to satisfy the 1031. the other 2 are still going to be separate purchases with the new financing. These are all 3 separate units with separate tax lot ID's. The package I speak of is I will be buying all 3 off the same owner. 

Yes I have 7 more days of my 45 day identification period left. We just closed on the first property of $170k towards the $300k needed to buy. 

Hello all,

while buying property for a 1031 exchange, I found 3 duplexes owned by single owner. I have enough money from 1 of 3 duplexes, in the 1031 exch account. I am really wanting to get all 3, for a better price. 

Here is my plan

use remaining 1031 exch money for unit #1 ( need full price to satisfy the total 1031 exch minimum)

Get a 30% price cut on the other 2 units

Get hard money loan 18mo for 100% purchase of the 2 units. 

Make purchase

Get loan in 12mo. to pay off the hard money loan.

Is this possible? 

What type of security does typical hard money loaners require?

The plan for 30% price cut is to allow for refi to leave 25% equity for conventional bank.

I do have $50k in stock account I can use, but would rather not. Also $10k in savings bank cash. 

my lady is getting a 5.75% with 25% down on a duplex. Here credit is pretty good, 700 for sure. 

Yes I would agree, there are pocket listings... I am going through one now. A realtor had some previous listings up for sale, they were pulled from the market while back. He contacted them again recently when I told the realtor what I was looking for. 1 is under contract.

Just as we have things in our personal lives we aren't necessarily selling on craigslist / ebay / amazon, we would sell them to a friend or neighbor. I see this as the same kind of deal.

Hello all,

Looking to invest out of state, real  soon infact. I found 2 properties in Oklahoma. I did a google search for crime rate data. I did come up with a few sites... 

neighborhoodscout.com

and also from a search here on BP... crimescout.com

The unfortunate part is I don't know the reputation of these 2 sites for accuracy or bias. Does anyone have a good site used for crime data of different cities? I think a single site will use same data across the board when judging a good city/town vs another. If we use different sites, the data could be used differently so the outcome is not consistent. 

any suggestions 

thx

thanks, added to my calendar to attend.

Hey Trey, I'm looking for the same... any good recommendations?

thanks Jay, I have a call in.