All Forum Posts by: Marie S.

Ok, I think I understand. Correct me if I'm wrong.

It may not necessarily be a good deal in this case, but there ARE good package deals out there. There isn't a one size fits all answer to this, I just have to make sure I understand the worth of each home.

If rentometer is not a good way to find comps, is there another site that can give me an estimate without bugging a real estate agent everyday? I start real estate course in Jan so hopefully I won't have to ask these type of questions.

I'll give them a call tomorrow. I truely feel this house is way under value. There are houses a couple blocks away selling for three and four times the amount. I was wondering if there was something obvious that I was overlooking.

And thank you for your input. I know something big is going to break. I'm due for it. Things have been going way too good. :-)

I think I understand the rule, which is why I don't understand the package deal.

I don't necessarily agree with the rule.

Here is the deal:

Most of the properties are in the Southwest suburbs. Average rent is between $1000 and $1200.(using rentometer) Anything under $1000 is considered low and anything over $1200 is considered high.

We are talking SFH. 3 bed, 1.5 ba

The purchase price is about $40000. Factor in a term of 30 yrs, 5.5% interest, $4,000 down, property taxes $4,900 a year, and a super-dupper primo insurance plan of $1200 a year I'm looking at a paying out around $730 a month.

I'm not digging the rule. I already own a property that does not cost me 50% of rent and I have maitenance checks almost every 4 mo. The only thing I have ever had to reach into the account for was a refrigerator and a garbage disposal. 2 years going strong. Are things sure to break? Yeah absolutely. There are things due to break, but I have pretty good renters that follow the rules and an awesome contractor I guess.

My question is: Are package deals legit? The house theoretically is worth a lot more than $40000.

Does anyone use rentometer for anything other than finding the average rent payment in the area. They offer several services, but I wanted to know if anyone has used them or is it a disaster waiting to happen. I currently have no "work order" system in place so any suggestions would be helpful.

I use them too. The owner is super easy to work with. If you payment issues, they will check with you first before charging any crazy fees. The only problem I have is that there is no option to pay with debit or credit card.

Ok, I just had a deal fall through on an apartment building. I just could not put enough money down to get it. I guess it was a good thing because, I may have been jumping into real-estate blindly. So... I was looking into my options. There seemed to be some pretty too good to be true package deals out there. Is there any reason why a "Corp owned" house would sell for less than $40,000 near a big city like Chicago? What does "Corp owned" mean? and why would they sell me 8 houses, mostly 3 bed 1.5 ba, partially remodeled for an average price of about $40,000 ea.? I'm obviously missing something.

Thanks for your replies everyone. Great information.

I kinda felt that one coming. I talked to him today. He wants to "kick back and relax for the rest of his life." He has other plans right now and it doesn't seem like holding on to this building is in them.

Thanks

No it is not near a base. It is in Chicago.
It is 18 units. 10 are occupied. All of the leases will end in March/April.

Hi I'm 26 years old, I'm a Staff Sergeant with 4 years left in the Army. My credit is ok- Nothing to brag about, but nothing to be ashamed of. My savings was nonexistent until a couple of months ago. However, I'm itching to learn the real estate game, but the "For Dummy" books and "Landlording" books are not cutting it.

I want to move into the MF and apartments arena. There's a problem. I don't undstand my loan options. I can't use VA or FHA or any of the others because the buildings that will give the largest ROI or 5+ unit buildings. Also, the 0 down payment option that VA offers is for 4 or less units with owner occupants. The no money down real estate investing books seem like a scam. Where can I learn about the different types of loans that I can get?

Here's the situation: I don't know why, but I'm glued to a building that dropped below the $175,000 mark and it is in a neighborhood where comparable buildings are going for 3 and 4 times the price. No it's not a shortsale or foreclosure just an old owner. (By the way short sales confuse me so I haven't looked at the properties)

I don't have a lot of savings right now. Are there loan options where you pay less than 20% down on an apartment building? I want to have a steady income coming in before I run from under the military safety net I've created.