All Forum Posts by: Brandon Schlichter

This is the 2nd apartment i've been looking at in the area.

The 2br units can get $600 a month, making the income $3000/month , the studio apartment on average will rent out for $350.

Property isn't in a bad location at all, and it's in quite decent condition. Only thing that needs to be done in the next year is a tap in to the local sewer district.

Just got back from a Commercial auction.

Here's what I bought.

6 unit apartment
5 2br units
1 studio apartment

1 Current long-time tennant, rented for $600/mo with all utilities paid.
Rest of units are vacant due to former owner's situation.

Property is in overall average condition for age, roof is good, units are good, the furnace seems quite iffy (30+ Years old) and the windows in 50% of the units are old.

Total purchase price of $68,000.

Thoughts?

Thanks for the information, i've sent it over to my investment advisor. I know he was quite interested in doing this himself, so it lookes like i've killed 2 birds with one stone. :)

Looking for a hard money lender.

I'm specificly looking for one that could do a small commercial property, i have the chance to buy a 6 unit apartment complex for around $75k with a repaired value of $180k.

Needless to say, if possible i'd like it QUICK, 680-700 FICO , prior investing history.

Can someone help? Please!

Got off the phone with my investment advisor, i had emailed him about whether or not he knew how to invest in real estate with a self directed IRA. I hear about it relatively frequently, and have one person in my office that has a rental property held by her 401k/IRA.

Anyways, my question to him was (and he couldn't figure out the way to do it yet). Is

Could someone hold a Sub-S Corporation for the purpose of real estate transactions, purchasing and selling, renting and the like. And have the IRA/401k invest into that fund? I've got money in my personal IRA to invest in real estate, but it seems like all my personal capital goes out the window quickly, and i need atleast a little bit to get going.

If anyone could help, that'd be great :)

6% is average, not always common.

The area i'm in still has alot of 7% listings. I've run in to a few that have been 8%. It's all about what you're providing. Anymore, i'll let the seller pick, 6% or 7% w/ a higher co-op over the 6%.

I could justify a 10% commission....most people don't understand, but a GOOD agent will be worth far more than 6,7, or 10%. A good agent will improve his commission, and add an additional 5% to 10% to the sales price compared to a poor agent or FSBO.

Farther away you are from the metro area, the less effective the ads are. The worse the deal is, the less responce you'll have.

I posted one of my REO properties on CL, got a HUGE responce , 5-10 inquiries within a week. Many of my properties have been listed with no responce ,even though i've listed them 3-4 times per month.

Consistantcy is key, and if you work it right, you can get extra clients off it.

Hi there, just started recently thinking about wholesaling...and i've found ALOT of deals around to do.

I've got 2 GREAT deals, both large apartments for a very reasonable rate to wholesale. Is there any method you use to find investors to wholesale to?

I was told to look for a local REI club, but we don't have any in my county, all are outside of my county and i don't know if they'd have interest in my area (even though the cashflow would be great).

Thanks!

Working with my brother and his G/F......We're 21 , she's 19 :) Time is on our side.

I expect things to change...In my county alone , there's a development project that's expected to bring 200k-300k jobs. The development has already brought 50k so far. The population within 40mi of the development zone is only about 1.4 million , and with a 4.5% unemlpoyment rate overall for this population.....The picture isn't too bad :)