All Forum Posts by: Jim C.

Mike, Loki,

Thanks for the input. It's very much appreciated. I guess I will put that one why back on the burners and see if something else more enticing comes up.

Also Loki thanks for the pointer for being a FTB. I'll certainly look into it.

Need some financing ideas for a 5 plex

I finally found a property that looks good…so far.

Here is what I know:

5 family building
Property consists of 2 one bedrm units, 1 two bedrm unit, 1 three bedrm unit & 1 four bedrm unit. Plus a garage w/an attic & bsmnt. The owner currently rents out half of the garage for storage only at $75/month. 3 off street prking spaces. 5 new hot water tanks, 4 new htg systems & updated elec.
HAS ONE ILLEGAL UNIT CONSISTING OF 4 RMS, 2 BEDRMS & 1 BATH & RENTS FOR 760/MONTH.

House was built in 1910 so I’m sure it needs some TLC
Assessed for 385K
Asking 395K
Monthly income is $3500 currently all units leased. I don't believe the side money is factored into this.
Taxes in 07 were $4090

I am a first time buyer so I don’t know if that helps at all. Credit score is around 675 and I only have about $10,000 for a down payment.
Any suggestions on the best way to get this done?

Hi everyone!

Just thought I would take the time to introduce myself.

My Name Is Jim I just turned 37 and I live on the Massachusetts New Hampshire boarder. Been here for quite sometime and am currently doing the standard 9-5 bit. Been doing it for 12 years at the same company so it’s getting pretty old.

Why am I here? Well even when I was very young I knew real estate was the way to make money. I even bought Carlton Sheets program way back when it was on cassette tapes. It was a lot of money for a kid but I wanted to learn. I spent a little time at doing some of the research and the like but I never really buckled down and stuck to it. Mostly because of girlfriends and school.
Well I just had my 37th birthday and way back when I had made a goal of being retired when I hit 35.

Didn’t happen.

Now I look back and if I had stuck to it I probably could have done it with no problem. Well now I’m 37 and setting a new goal to be self employed by age 40. I think that is pretty obtainable and I look forward to making it happen.
Financially I’m not in horrible shape but I’m not in good shape either. My credit score is around 675 and I don’t own anything worth mentioning. So…I’m on here and reading books to find out what is the best way to get started.
If anyone is in my general area and knows of any REI clubs please drop me a line to let me know. Also if anyone has any recommendations on books or other websites, groups, or clubs please don't hesitate to share. Lol

I’m looking forward to reading and participating in this forum!