All Forum Posts by: Rick Rascoe

@Mindy Kristensen are you still looking? I am considering selling a Seven and a four unit(currently financed together.) Some units need remodeled, but it cash flows.

I would also mention Renee Chandler is a realtor I talked to there at Fergusen Real Estate. They do property management. The rate was higher than I like, but very well organized.

I did not invest in Kokomo due to dealing with the properties I have in Jasper and Newton counties. 

@Maurice Selva

I’ve got a property in Indiana that would hit those numbers. I’ve got a 7 unit (currently 5 units done and rented), and a four unit with two commercial space rented. There are plenty of value adds possible.

@Paul Quinones

If they’re still looking after all this time; I have one in Goodland Indiana.

@Matthew Grisafe

I have done two contract for deeds with $1 consideration. One is a 3800 sq ft 2 1/2 story that I seller financed for 20 years at 2% interest. I plan to rent each floor, but have recently been considering selling due to lack of capital and too many projects hanging. The other is a home over 2800 sq ft that we did a deal with for my son. He is converting the house to a duplex. Half of the garage was converted to a living area and he will finish the rest and live there for a house hack. It is a BRRR. We did a 1 year contract with the seller, a little over $100 per month payment (to cover his mortgage) with no interest, and all payments going toward purchase price. We did pay some closing costs at the title agency, but no realtors were involved, so the costs were minimal.

Just ran across this in a search. I cant believe no one answered and I hope it all worked out for you. Any attorney can do the form for you. I have purchased a few properties on contract and tend to use forms I have from real estate guru classes I purchased years ago. I have also had an attorney draw one up, and in one instance, had a title company draw up a simpler one because mine was "too long". 

Also, I use Farm Bureau for my business insurance (and used to use them for auto.) I never use them for REI property. They made me do unecessary repairs on the first two units I ever purchased, costing me $1,000's of dollars that could have been spent elsewhere. I started shopping and saved about half the premium by going to a company that likes to insure REI's.

Probably too late to opine, but Flood Simple saved me a fortune. I called a realtor to let her know I wasnt going to buy on the closing day due to a high flood quote. Flood simple costs me $500 a year as opposed to the $2800 quote I had. I went through with the deal. 

Sounds great Shane! How are you doing compared to regular real estate rentals? Has it been easier to manage and more profitable? I am considering selling some of my units and trying this route. I also havent made up my mind whether to outlay cash for more training from a guru, but thats how I got started (the old Carleton Sheets system).