All Forum Posts by: Eddie Martinez

If your looking for preforeclosure you might wanna try a title company. Usually these websites get their information off them. My title company charges $5 for a report containing 50+ names in various counties with original loan amount, date, and address.

@Jon Holdman Thanks for the response. Some good things to consider.

Hello Everyone,

Thanks for taking the time to read this post.

Ive talked with a family member who is willing to put the full purchase price of the 4 plex if the numbers look good.

My thoughts are that I can refi the property in a couple of years so my family member gets paid back all his money and then I assume the rest of the loan.

For the initial 2 years of repayment, what is a range of interest to pay back on that loan?

How about a percent of the cash flow when hes out?

LLC for this one?

Any insight is always appreciate from you guys. Very grateful at the opportunity.

Take care,

Eddie

I have had a good response rate from mine, and they aren't even yellow letters.

From my all in one printer I can print 60 letters from ms word using mail merge. After that I print off all my envelopes using another ms word document.

My message is simple,

Hello <name>

I would like to buy your house at

<address> for $$cash$$

Please call me back at

Number

Regards,

Name

Hope this helps.

If I were to get a family member to find 100% of this deal, could I refinance in a couple years. ?

Welcome to the site! Also consider checking out KCIG. They have been a great support group for myself and my buddy.

So would these numbers work if I had someone put 20% down?

Yeah, I understand why banks are being so picky now, however it seems like you just have to find that right break.

My back up plan would be to keep with my current day job and build up some more equity on the house. I send out about 20-60 yellow letters a week, but haven't found the right person yet.

If I keep at it, somethings got to give! It wont by my spirits though thanks to BP.

BTW: Make sure you check out the Trader Joes that opened up I Plano, I hear they have great stuff! ;)

1980 gross rents if you factor in the 10% vacancy rate. I was told that %10 is a healthy number, but I don't know if that's just for apartment complexes or if a 4 plex is on that cusp.

Hey BP Nation!

I am trying to obtain my first rental property. And would like another set of eyes to analyze this with me.

4 plex @ 130k (All 2,1 with utility room. 800sq ft. The upstairs units have a balcony.)

$550.00 per month rent with heated water included

$2070/yr in taxes 2012

$1500/yr Insurance

$45/mo electric

$35/mo lawn/snow

I would hire a PM for 10%.

First I want to know if this would be a good investment property, but also, how I can get a loan for this investment property. I hear that some investors will apply for an FHA loan and live it in it for a day or two and then move out. I already own my own primary with an FHA for 15 fixed. I don't have much equity in it right now anyway.

Here is a link to my folder with the excel spread sheet.

https://www.dropbox.com/s/nk2s5uxrlq4qnce/spring%20valley%204plex.xlsx