All Forum Posts by: Joshua Feit

@Clint Roland -- I am brand new -- never owned or managed any rental property. At this point, all I have is book knowledge.

Not opposed to this idea, but I have little clue of how to:

1) Find a good partner.

2) Learn how to trust and be trusted.

3) Set up an agreement with that partner.

Your thoughts are valued and appreciated -- thanks

Thanks everyone for the input. These properties are bank-owned and need virtually no repairs. They were built by a developer whose business folded, and the units are nearly new.

It sounds like a commercial loan will be extremely difficult to obtain, as I have no other properties aside from my primary residence.

What about private funds as a loan source? And how does one go about finding such resources?

I am working on a deal in Atlanta with eight town homes on one property. So far, I can not find a bank that wants to touch the loan. Purchase price is $250K, and we plan to pay 25% down. Any ideas of how to get this funded?

I know nothing -- so I am assuming this deal is actually too good to be true. But I am posting it here to see if I could somehow be right that this is pretty sweet.

Set of Downtown Atlanta Townhomes For Sale

Not the nicest neighborhood, not the worst -- lots of newer construction / single-family homes in the immediate area.

Purchase price $250,000

Price includes 10 units (each 2/2).

Built in 2008, no renovations needed (so the owner claims).

Hardwoods, granite countertops, stainless appliances.

Rents are 8-900 / unit.

Currently 80% occupied.

What do you think BP experts? Is this awesome, or is there something glaring that I am missing here?

Thanks for the help!

Thanks so much Mike (and everyone). To help me learn, can you tell me what sort of numbers would make you feel like the deal was a good one?

Right on. Thanks so much for the input.

I was thinking purchase price of $100,000 would make the deal fly. The mortgage specs out at about $610 / month (taxes/escrow included) with a 25% down payment, so there would be a cash flow of around $700 a month before expenses.

I don't think the owner would actually go that low, but that was my thought. Am I understanding this correctly, or do I need a total rethink? Thanks!

First post from a complete noob. I have been doing my research, meeting with a mentor, and trying to learn as much as I can from the BP podcast and forums. But I'm feeling a little gun-shy, and I need some advice.

I found a property that I would consider purchasing. It is a duplex home that claims to be turn-key, located about five miles from my primary residence. Each side has two beds and 2.5 baths. One rents for $600 and the other rents for $700 -- both have current tenants.

The seller is asking $145,000 but is looking for a cash offer and seems pretty motivated from the ad wording. Seller says in the ad that buyer needs to pay all closing costs.

The numbers seem to crunch pretty well, but I feel like I must be missing something. Maybe that's just fear, or maybe a good intuition (who knows?).

Any advice on sorting this out? Should I get to see inside the property before making an offer? Any ideas on making a cash offer? I am pre-approved on a loan and have a down-payment ready.

I would love any advice you have to offer. And thanks!

Josh
Atlanta, GA

Hello BiggerPockets community!

Josh here from Atlanta, GA. I have owned my home for 10 years, and I have been a business owner (communications / graphic design firm) for nearly as long.

I am just learning about investment properties, and I am excited to gather as much information as I can.

My immediate goal is to purchase either a duplex or triplex within the year. I am hoping to become a manager of a cash-flowing property so I can supplement my income. My eventual goal (5-10 year plan) is to hold a portfolio of several rental properties that create a primary income for my family.

I wish all of you the very best in your real estate ventures, and I look forward to connecting with many of you in the near future.

Cheers,
Josh