All Forum Posts by: Shane Craig

@David Monroe

So you created two LLC's?

Purchasing a multifamily property in Wv however I live in Ky.

I'm creating an LLC for the multifamily properly.

Should I create the LLC in Wv( location of the property) or Ky( state I live in)?

Any suggestions?

@Matt Ward 1k is after debt services. 

@Scott Morongell @Sean Ploskina

The rents are topping out at 675 given my area. Al the financial information( I took the average income, utilities cost, repairs of the last four years) was given to me via seller. I trust the seller and I'm not questioning the information that I have been given.

Trash is also included in the water and sewer bill. The only other major future cost would be windows if I decided to change them out.  Adding new debt to the deal wouldn't be a huge issue.

Hello my name is Shane Craig and I'm located in Huntington WV and Ashland Ky area. I have 4 rental properties ( 3 homes and 1 duplex) that I have obtained since 2015. I am also a real estate broker in Ky and real estate agent in Wv. I have listen to most of the podcasts however I haven't used the website and forms till now.  I'm excited to learn more about the site and recourses it offers. 

I'm new to Biggerpockets forum!

I'm a young ( 30yrs old)  real estate broker in Kentucky/West Virginia and I currently have 4 rental properties( three homes and one duplex) that I have obtained over the last 4 years through traditional financing. 

I have an opportunity to purchase an 8 unit apartment complex( 2br/1ba built in 1970's) for $400,000 ( 50k a unit is a premium price for my area) through owner financing at 4% over the next 30 years with no money down. The person I'm purchasing it from I trust and I have done business with before and he has provided financials for the last four years. The complex is completely occupied however it will need a new roof within the next 3- 5 years. The complex is near a hospital and high school and is considered a good area. The complex on average has a gross income of 50K. After all expenses( landlord pays for water and sewer) are paid and I will net around $1000 dollars a month ( not a lot of cash flow).  

I understand this a long term investment and a lot of debt. I also understand this a unique situation with owner financing.  My biggest objection to this deal is the low cash flow with the high debt.  However, on the other hand I am making some cash flow each month and building equity on a deal that I would never have an opportunity to purchase otherwise. 

What are your thoughts?