All Forum Posts by: Michael Chandler

Great post!

Thanks for your replies. I was in the weeds on this and had no idea of what to do next.

Congradulations!

Hello BP friends, newbie here. Made my first phone call! (Whew!) I read an ad in the local paper. (I live in west central Indiana about 50 miles north of Indianapolis.) It read "5 investment properties, possible contract". So I called. His words were "All 5 are rented, all need repairs, some updating". 2 properties have 4 bd/2 ba. The other 3 have 3 bd/1 ba. 3 are in the little city I live in and one is 5 miles south in a smaller town and one is 5 miles the north in another smaller town. I drove by each property and all have different degrees of deferred maintenance, but to me, A newbie, seemingly urgent nonetheless. He spoke of a new roof on one property 5 years ago. A $3300.00 boiler in another property. All need windows, siding, and I'm sure other extensive issues. All were built before 1930. It's seems just from appearance of the outside of the properties that this is a distress seller. His story was that he had owned these homes for 20 years, and that he had recently lost an adult son and it had "knocked the wind outta my sails". He had an appraisal done on these properties eight years ago that is what he's asking for the five properties as a whole. $258.000, 10% down with a balloon in 5 years. Income is $3200.00 a month and he said that I could "keep $600 or $700.00" a month. Only 2 had tenants with less than 2 years. This is not something that I could or would want to fund. I would appreciate some thoughts from the more experienced investors on this on how to make this a win win. Thanks!

Very helpful post!

Thanks for the thread. I didn't know what I didn't know!

Welcome to BP @ Sterling White

Thanks you Brandon!

Thanks Paul!

Hi BP, my name is Michael Chandler and I'm a newbie. I'm interested in creative financing. I've purchased many real estate seminars on the subject that always seem to fall short on practical information. I was once burned on a partnered deal that has kept me skittish for some time now. I've also spent countless hours at many court houses gathering information and then not knowing what to do with it. (I would really like to not do that again). I tried my hand at being a real estate agent. That year foreclosures were the highest they've ever been. I would love to learn how to talk to sellers effectively about seller financing and no money down deals. I came across this site while investigating a R.E. guru that has many products, promises, and guarantees for sale. (I would really like to not do that again). Thanks to all for reading!