All Forum Posts by: Steve Lyman

Stewart Beal I would be interested in talking to you as well.

Andy, Awesome intro! I am just getting into REI as well and have vetted a few properties. Let me know if you have some time in the coming weeks to grab coffee. Also, are you involved with any local associations? Best Regards, Steve Lyman

Logan Hicks Thank you for the information. Have you done this in the past? Are there other options out there?

I am in the process of vetting a few different small apartment properties. That being said I have some private money lenders that are interested. My problem is, I don't know how to structure the loan. 

To give you a few details, a 28-unit complex is listed for $850,000. Seller is asking for 25% down and is willing to do a LC, 7 year term amortized over 20 years. If I had one investor to give me $212,500, how should I structure repayment? Need more information?

Appreciate the help!

Steve Lyman

I am currently analyzing and vetting my first apartment property. Looking at this property, I am noticing that roughly 8% of the of rents due are delinquent. Is this normal?

Help!

I am a newb when it comes to real estate investing. A family member came to me recently, knowing that I am looking to get into REI. He is selling a property in a rural area about an hour and a half northwest of Detroit. This property is on 10 acres and has two duplexes on it. His original plan was to develop the other 8 or so acres, but is getting older now and doesn't want to put in the effort of developing the properties. Here are some numbers on it,

Revenues:

Two upper units rent: $710/month

Two lower units rent: $660/month

Each unit has an external garage that rent: $50/month

Total - $2940/month

Expenses:

Taxes: $6140/year

Insurance: $1200/year

Utilities:

Well and septic.

Electric, propane gas and cable (available @ tenant's expense)

It was completely renovated in 2001. New roofs, new windows, new 90% efficiency propane forced air furnaces, new sinks and counter-tops and new carpet throughout.

Sale price: $275,000

Land contract available, with appx. 40% down

Is this something I should look into? Are there other figures that I should know about?

Thanks,

Steve 

Help! I am a newb when it comes to real estate investing. A family member came to me recently, knowing that I am looking to get into REI. He is selling a property in a rural area about an hour and a half northwest of Detroit. This property is on 10 acres and has two duplexes on it. His original plan was to develop the other 8 or so acres, but is getting older now and doesn't want to put in the effort of developing the properties. Here are some numbers on it, Revenues: Two upper units rent: $710/month Two lower units rent: $660/month Each unit has an external garage that rent: $50/month Total - $2940/month Expenses: Taxes: $6140/year Insurance: $1200/year Utilities: Well and septic. Electric, propane gas and cable (available @ tenant's expense) It was completely renovated in 2001. New roofs, new windows, new 90% efficiency propane forced air furnaces, new sinks and counter-tops and new carpet throughout. Sale price: $275,000 Land contract available, with appx. 40% down Is this something I should look into? Are there other figures that I should know about? Thanks, Steve

Help! I am a newb when it comes to real estate investing. A family member came to me recently, knowing that I am looking to get into REI. He is selling a property in a rural area about an hour and a half northwest of Detroit. This property is on 10 acres and has two duplexes on it. His original plan was to develop the other 8 or so acres, but is getting older now and doesn't want to put in the effort of developing the properties. Here are some numbers on it, Revenues: Two upper units rent: $710/month Two lower units rent: $660/month Each unit has an external garage that rent: $50/month Total - $2940/month Expenses: Taxes: $6140/year Insurance: $1200/year Utilities: Well and septic. Electric, propane gas and cable (available @ tenant's expense) It was completely renovated in 2001. New roofs, new windows, new 90% efficiency propane forced air furnaces, new sinks and counter-tops and new carpet throughout. Sale price: $275,000.00 Land contract available, with appx. 40% down Is this something I should look into? Are there other figures that I should know about? Thanks, Steve

Hi everyone! Just curios to know if there is a metro Detroit area meetup? If so, when and where is the next shindig?