All Forum Posts by: Sean McGinn

Thank you everyone for your input!! I greatly appreciate it. I am meeting with her when I get home and hopefully I can get it under contract until I can find out how I’m going to fund this thing. Thanks again.

@Brian Ellwood hello I’m so sorry I didn’t see this reply to my post till now. I’m still trying to figure this site out. My biggest thing is the knowledge. I mean capital would help but that’s not my biggest worry. I feel a bit overwhelmed jumping into real estate investing(even though I know this is what I’m going to do for the rest of my life) I just have a lot of fear about diving in with the first deal. So my lack of experience manifesting into my lack of confidence is my biggest hurdle right now. As the world and the people in it are not as genuine as we’re made to believe they are. I just don’t want to have a terrible start and be taken advantage of because of my lack of experience.

Hello, I am a new investor. I’m currently house hacking my residence but I don’t have my first actual rental yet. I’m looking at a triplex right now.

It is for sale for $80,000. And I’m told the owner is getting $2,000 monthly in rent. I’ve run all the numbers through the calc and it seems to make sense even with the work I’ll have to do. She told me up front that it needs a good cleaning, paint, flooring, and bathrooms need to be updated. After looking at the pictures, EVERYTHING is going to need a general “update”. Nothing is crazy out of date but there’s definitely some forced appreciation here to unlock. And I’m going to try and suggest seller financing as I know she’s has done it with someone else before. So I have a potentially great deal here. My question is...

Even with the remodel, my numbers work, but why would someone making $2000/month-gross(on only two units btw, because she lives in one) be selling for $80,000. I mean that’s a great return even with bills considered. It almost seems like too good of deal. I think my fear is warranted but maybe I’m overthinking- as this would be my first deal and I’m fearful and a bit overwhelmed. Any advice would be greatly appreciated. Thank you so much.

Address is “19 N Michigan Ave. Shelby MI 49445”

Hello, my name is Sean McGinn. I live in Whitehall, Michigan and I am new to real estate investing but have done my research for a while and constantly listen to the podcast. I think I’m finally ready to pull the trigger. I have not landed my first deal yet, but I’m almost up on my one year mark with my current residence and am thinking of jumping into house hacking to start. Luckily I bought this property with multiple buildings so it’s a great property to house hack. I am willing to learn in all aspects, and also willing to lend a hand or volunteer to help out with any deals or projects in my area to gain a little bit of hands on knowledge. I also work offshore on a tug and barge so I’m not home as much as I would like to be to connect with investors but this job does provide excellent money coming through the front door for future investments. Thanks for taking the time to read, and again, I am 100% eager to connect with some like minded individuals and lend a hand where I can. Thanks.

Sean McGinn