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All Forum Posts by: Johnny Kula

Johnny Kula has started 14 posts and replied 74 times.

Post: What are your "prerequisites" in finding the right investment property?

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

@Michael Tulipano good to see someone local!  I'm looking for a new book to read, just finished The Millionaire Real Estate Investor and looking for something to give me an edge on the market.  I'll have to check it out.  Have you bought anything yet or been to any of the meetings?

Johnny

Post: Best search engine for multi-family properties

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

Marcin, too funny!  Realtor.com allows you to search by multi-family I just found out.  Been browsing around for a bit on there.  So far so good....but no steals on these sites though...

Post: Government 401k (TSP) Loan

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

We've done a couple at different times.  Two for home improvements and one to buy our boat.  It is great, they set it up so it's paid before you even see the money and it's basically working behind the scenes, so you don't have to deal with payments, etc...

The only thing is I felt guilty using the money until it was paid off....and I think that's because it's really a reserve for "just in case" moments...But once you get your own approval, it worked out well and was extremely easy to do...

Good luck!

Johnny

Post: Best search engine for multi-family properties

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

I tried Loopnet but they are showing mostly larger commercial.  Any other major sites for searching multi's?

Post: What are your "prerequisites" in finding the right investment property?

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

Anyone else have any pre-req's?

Single Family Pre-req's:

Multi-Family Pre-req's:

Johnny

Post: Best search engine for multi-family properties

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

Looking for 2-4 at the moment and haven't formed a relationship with a broker as of yet.  Still looking for one in the area I want to invest in.  

Post: Best search engine for multi-family properties

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

I've been using Zillow, but it's extremely difficult to find only multi-family homes. Is there a better engine that allows to only search multi-family properties? I don't have access to the MLS as of yet, so I'm stuck to whatever the public has to offer.

Any help would be great.

Thanks,

Johnny

Post: Buying (pre) foreclosures and letting tenants stay for 1 year

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

Steven,

This is a concern I have.  In essence I would just be buying the property from the bank at what they owe and then renting the property back to the person for less than market value until it builds up, etc.  I'm concerned at the legal issues and will look into it.  Anyone have any insight on the legal part of this?

Johnny

Post: Buying (pre) foreclosures and letting tenants stay for 1 year

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

Brian good points! The $142 counts the loss of NOI @ $1k per month for the year. I could even do a step-up or graduated lease so the rent would increase $100 per month from $1 for the first month so when it reaches $1k per month it stays. This would solve that issue I believe.

Johnny

Post: Buying (pre) foreclosures and letting tenants stay for 1 year

Johnny KulaPosted
  • Rental Property Investor
  • Billerica, MA
  • Posts 75
  • Votes 10

What are the pros/cons of the following:

Owners home: FMV $200k, owes $130k, house is in decent shape.

Owner loses job, can't afford to stay, going into foreclosure.

I buy the house from him at what he owes and allow them to stay for 1 year NO CHARGE to them.

13th month, the rent begins at $1k (FMV) per month. If they can't pay by then, eviction process starts.

This way I just bought a house for $142.

Has anyone tried this? I see the delay in NOI, but that makes up for the discount going in...

What are your thoughts?

Johnny

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