All Forum Posts by: Jared Christensen

I am trying to get more properties with more cash flow. Right now this property is on a 10 year note and I have another commercial building with apartments on a 5 year note with balloon Payment due after the 5 years or refinance, and another commercial property on a contact for deed with only owing about 20% value now with 3 years left of payments. Problem is there are not a lot of multi family buildings in our area but a lot of single family homes but I prefer multi family. 

I purchased a 3 plex a few years back and have been paying the loan down and value right now is worth $150k and owe about $60k with only $10k in personal money involved should I refinance this after only 3 years and take out the cash for more investing? Or wait because of new closing costs?

Congrats on the move and great goals. I have big goals myself. Just gotta find the time to get to them. Still young enough I hope to get there. Do have a couple multi family 3 plex and a retail with 3 apartments above it. 4 young children and own a pharmacy so very busy. But someday hopefully get rid of the money draining pharmacy and get more real estate!! 

That’s awesome. Great job. I too currently working on acquiring more rentals. Kinda hard in the small state of ND but slowly getting there. Thanks for the book list I need to read and educate more...

Or is there a good section on bp to read about partnerships

Question about becoming a partner. I have been approached to go in on 16 apartments and 2 retail spaces with a 50/50 split on expenses and cost of the building, but the other guy wants to be the one who manages everything. He already manages over 100 apartments for others and wants to manage these as well, what do I look for on his management costs? Do I pay him what he gets for the other apartments, or do I get a discounted rate being as we are partners? We haven't worked out the details yet and want to be well educated when we start negotiating terms of the partnership. Any ideas would be great. Thanks in advance

I purchased a house 18 months ago and did an extensive rehab on the interior of the house but not the exterior. I recently listed the house for sale as my partner needs out of it before we could complete the exterior. I had it under contract for a FHA loan and they are nit picking every little thing on the exterior. there is a little peeling paint and they want that fixed, and they want it reshingled even though the roof does not leak and was done about 15 yrs ago. The appraisal as is came back about $4000 less than what he agreed to pay, so he would like to lower the cost to that, have us pay $2500 closing costs and to follow through we would need to re roof the house and paint the exterior. so I put the deal on hold at the moment, and got another offer since we fell past the contract date, now my new offer is $14000 less than what my original offer was but is $9000 less than the bank appraised value and I can close in 25 days no FHA and no closing costs, but I could be out of it faster for my partner. looking for some advise. either way we could come out ahead of costs but not a lot and after if we split the profits the amount is not much at all. Just looking for some insite on what I should do. I mean I know the answer basically but just needing to vent about it. Thanks in advance for listening.

I recently kicked out a tennant for non payment.  I gave him until this last Sunday to be out.  I went over to the apartment today and looked in the window and a lot of of his stuff is gone but not all of it.  When I asked him today when he was going to get the rest out he said tonight.  If it is not all out is there anything I can do tomorrow? Can I change the locks and move the rest to storage? I need to get to remodeling since they trashed the place so I can get it re rented. Baby advice would be wonderful. Thank you

Yeah I just recently read one where a guy purchased a house for $155k cash then was going to refinance it and the appraisal was $200k and he got $150k back so was actually only in $5k on the house.  I have read stuff like this more than once not just on here but elsewhere too.  My house I purchased for $32k stuck $20k into it and it now appraised at $80k and I was just hoping to get $50k back out of it for my next purchase and the bank basically laughed at me.  Are local smaller banks easier to do business with or are the big banks better.  I bank at a bigger bank but it is not a nation wide bank just a 4 state area. I got to pull some money out of my personal residence about 5 years ago but that was a struggle too since my residence was once a double wide trailer and then out on a basement and 2 additions later the county still had it classified as a trailer . 

I am looking for some info on how people get banks to give them loan after loan.  I have read a few success stories on here of people buying a house for cash and then turning around and refinancing the cash back out to use for the next deal and they do this over and over again.  I have a pretty good credit score in the 720 range and purchased a house and remodeled it and was going to refinance my money out when I was done so I could rent it out and move onto the next project and the bank basically laughed at me and said well you can't do that.  Your income from rentals is not on your taxes so we don't know if you can manage a place or not.  And I looked at him and said really I have had 1 rental for 8 years on my taxes and shows steady income how does this work and they told me no we will not fund it. So now I put the house up for sale.