Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Taylor Jennings

Taylor Jennings has started 71 posts and replied 340 times.

Joel Owens I bet people tell you how awesome you are everyday, but I'm going to just re-emphasize... you're awesome!

Thanks for spelling that all out for me, THOUGH I can't mentally process it right now because I'm running on 3hr of sleep over 48hrs and I'm still at work... BUT Tomorrow I'm going to analyze the heck out of this ha

Here is the breakdown the seller sent me for rent roll: https://docs.google.com/file/d/0B-SeVvpM7tGIRmlBR2VfLVJ1V2s/edit?usp=sharing

Here are some pictures of the units: https://drive.google.com/folderview?id=0B-SeVvpM7tGILVBJenF2U2NaeVE&usp=sharing

REF: 13009

The subject really captures everything...

There is a 7-Plex that is being offered for a great price with 19%+ CAP and fully occupied bringing in over $3k cashflow/mo.

Not sure why the owner wants to get rid of it, but I think he's just wanting to get out of the landlord business.

Can I get a conventional loan for this and maybe do seller financing for the down payment to the bank?

Will my Mortgage Rate be higher since I'm not living there?

Costs increase for the same reason?

How should I proceed?

Thanks for taking the time to read this post and replying!

Post: How should I structure this deal? Sandwich lease?

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

Brandon Krieg I thought about getting a structural engineer in there to assess foundation issues and cost to repair. (I think that's who I would seek out?)

I'm waiting for the comps from my REA. The PDF links will work if you download the actual file. There is a down arrow to the left of the screen once you load the link.

I figured I would offer a low amount for the house after showing the owners the amount of repairs that are needed. There is no reason to pay for an engineer to assess the foundation if they aren't anywhere close to my offer. Unless you would suggest otherwise.

Thanks for the encouraging words =) I appreciate you taking the time to reply to this post.

Wayne Brooks from what I believe I know, which is very little, a sandwich lease would allow for seller financing and would require me to pay an agreed upon sum every month. The mortgage would stay in the owner's name (in this case it's owned free and clear) so I would need to pay the amount owed or the owner could eventually be foreclosed on.

The idea would be to put a tenant in the house, they would pay me, and I would pay the mortgage. I would have the option to allow lease to own for the tenant.

I'm sure I'm off on this... but it's what I've gathered without researching it directly.

The strategy was suggested by a REI who wholesales houses in that area.

Thanks for taking the time to post your concerns Wayne. I value your expertise in this matter!

Post: How should I structure this deal? Sandwich lease?

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

Ha! Come on 30+ views an no replies!

Post: How should I structure this deal? Sandwich lease?

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

REF: 13008

It's nice to know that each lead I've come across so far involves strategies I know almost nothing about =D What a great life we newbie investors have!

I've linked the property packet below: (download it to access links)

https://docs.google.com/file/d/0B-SeVvpM7tGISDVpMktDdktMU2M/edit?usp=sharing

There are three sisters who inherited the house and it's been vacant for three years.

They are asking $30k, but I'm sure they know they aren't getting it...

The main concern with the repairs involves the foundation as it's cracking in multiple areas from the basement through to the second level.

I don't have any buyers in this area, but I would consider holding it myself.

Let me know if you need more info to help! Thanks for taking the time to read this and for your feedback. I value it immensely.

Post: $480k ARV Indianapolis $315k Purch + $40k Repair = $125k Profit

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

Dion DePaoli That is phenomenal feedback. I was questioning the CMA comparisons as well.

I was approached by another wholesaler for this deal and in my lack of experience I wanted to get council.

You along with a couple of other investors confirmed some of my concerns. Thank you so much for taking the time to look it over.

The $289k pending is the amount the wholesaler is purchasing it for Aug 19th through a hard money lender... I called and let him know that this hasn't got very good feedback in addition to an email.

A great learning experience for me though! As I am still very new.

Thanks again!

Post: $480k ARV Indianapolis $315k Purch + $40k Repair = $125k Profit

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

Property Packet + Pics: https://docs.google.com/file/d/0B-SeVvpM7tGIR0N2aE9wQ2lQMjg/edit?usp=docslist_api

Post: $480k ARV Indianapolis $315k Purch + $40k Repair = $125k Profit

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

Joshua Dorkin that plane was pretty awesome =) It has some damage, but if you buy the house I'll throw it it!

Post: $480k ARV Indianapolis $315k Purch + $40k Repair = $125k Profit

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

The house is under contract.

The property needs cosmetic upgrades.

5550 Audobon Ridge, Indianapolis, IN

CMA: https://docs.google.com/file/d/0B-SeVvpM7tGIYUJtTTJNVllETzA/edit?usp=sharing

VIDEOS: https://www.youtube.com/watch?v=EXZKN582ZgA&list=PLhGrxm6LaYuur4901awczTgrv7J_xUihf

PICTURES: I'll post them in the comments below.

Contact me directly if you're interested in the property!

[email protected] or (317)696-3434

Post: Another Newbie from Indianapolis, IN

Taylor JenningsPosted
  • Indianapolis, IN
  • Posts 354
  • Votes 90

Lisa Dawson Holy cow that story stresses me out! I can't imagine what would have been going through your mind at that time you owned two houses, the second sat on the market for two years, the kids in the neighborhood insisted on destroying your place, and your insurance company was looking to cancel!

I'm so glad to hear you found a great tenant after having a horrible experience with the prior one.

My question is, have you bought any properties since then?

PS Welcome to BP! Always nice to have a fellow Hoosier join the site =)