All Forum Posts by: Sam H.

Pick a specific market of interest Research, research, research. Talk to law enforcement in the area, talk to people you come across, see if there is wind of any new developments that might make a property in the market your searching more valuable( such as malls, companies bringing thousands of jobs to town etc.) I mean search here on BP and you will find plenty of the info you are looking for, and then research some more. Establish relationships with like minded people brokers, lenders, other investors, it's kinda what you know but who you know will definitely help you fill in any voids or gray areas! I'm new to this myself so I hope this advice is helpful to you it's sort of a summary of what I have been learning in the past few months! Welcome!!

Thank you Jennifer Lee and Karen Margrave I appreciate it greatly!

I am from elkhart county in Indiana. Are there any groups that anyone on here knows of, or seminars I could attend. I have looked for various things on the internet and have not found a whole lot in my area. Where I am from is made up of a vast mount of blue collared Hard working folks that think me (being 22) is crazy for me to entertain the thought real estate investing. I am the first in my family history to attend university, and also the only immediate family member that has any interest in the "Big Picture". DOes anyone have insight on being the Business inclined black sheep of the family and where i can meet and network with like minds in this area?

I would not be occupying there, and the service records for the roof indicate it was replaced two years ago , the median income for the area is 48,000 annually average home selling for 95,000

I will be running the place myself, yes I am comfortable with the area, the long term interest has been considered the only way this neighborhood could go is up, and yes mostly interested in a cash flow machine to start my investment career, and I would like to reinvest my income to buy other property's ( and be able to afford a PM )

I have been looking at a very low priced 10 unit brick building in IN. THe price and numbers turn out to seem as if it would be an excellent cash flow situation.

The Purchase price is $165,000 , Expenses including Mortgage payment are $25,000 annually , and income at 15 % vacancy is 48,540 ( being conservative due to risky nature of low income tenants) Net cash flow annually would be about $20,040

i have verified all 10 units are occupied and the building is obviously rentable currently. As tenants move out I intend to rehab the property unit by unit. With the asking price and the ability to rehab. and bring rents closer to market rents it seems to me that this property is a good deal.

First off am i missing something here that should deter me from this deal?

I have walked the property is it normal to be taken back by the living conditions in a lower income rental building? The tenants seemed content.

The property is no diamond aesthetically but it produces money thats what is important? I am just starting out and the price is attainable for me and I have the energy to maintain the place so I just would like some insight from the successful folks on here? Thanks for your input and time!!

Typically a commercial loan requires a 25-30% down payment correct? If that is met, without having any prior business activity or massive income it will be nearly impossible to take the route of a commercial loan from a big bank wont it?

Thanks for the time to respond to my posting. I will continue reading through all of the topics regarding these things. This site seems as if it will prove very useful to aid me in being successful in this industry. Thanks again!

I am new to real estate investment and am very interested in a particular property. I need to act promptly, however I want to make sure all of my bases are covered as far as asset liability, entity issues, tax issues, and accounting issues. I have put a valuation on the property and know i'm interested in pursuing the opportunity, I just don't know whats next I guess. I want to do things correctly and in a manner that will help establish a solid honest and beneficial REI career for future investors and myself. So how do I go about meeting and consulting Trustworthy individuals. Do I really only need a lawyer starting out? Only an Accountant? Both? I appreciate the insight, thank you ahead of time.

Thank you for the warm welcome Karen Margrave . I will be sure to check out the link you provided. Thanks again!