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Updated over 6 years ago, 06/24/2018

User Stats

6
Posts
0
Votes
Arron Robertson
  • Rental Property Investor
  • Trussville, AL
0
Votes |
6
Posts

Called about a duplex, got offered a portfolio...

Arron Robertson
  • Rental Property Investor
  • Trussville, AL
Posted

Hello all,

I am brand new to real estate investing looking to invest in value add multi family properties and I stumbled upon a deal that has a lot of potential. 

Let me start from the beginning.. After reading Rich Dad Poor dad I started listening to Bigger Pockets about 10 months ago and I've been trying to read and absorb as much as I can. I've narrowed down what types of properties I would like to invest in (as mentioned above) but I haven't had much success finding deals using typical avenues like: the MLS, Zillow, Craigslist, Loopnet, Etc.

Theres this duplex a couple blocks from my condo that's had a "for rent" sign up for about a year, so I decided to call the number on there to see if the owner would be interested in selling (since it seemed like he wasn't getting any tenants even though we live in a really good area). Also, it wasn't listed anywhere online for rent that I could find, so I figured this guy just didn't care. 

Fast forward to the "deal".. I ran some numbers on the duplex and had a price in mind so I called the owner. When I asked him if he was interested in selling he said "make an offer" which got me really excited, but then he followed up with "make me an offer on everything". "Everything" is 6 total houses (4 of them being duplexes). I told him I'd have to run some numbers before I could make and offer. I talked to my uncle (who's a Realestate agent) and asked his advice. He told me to try to get current rent rates, leases, etc from the owner, but when I called him back, he changed his tone and basically told me not to waste his time. 

So heres where I could use some advice. We would like to make an offer of somewhere around $850,000 for the whole lot, plus $60,000 in repairs.

How can someone with no real estate experience get a loan for almost $900,000? I have family and friends that have enough money to possibly take care of the down payment, but I wouldn't know how to structure the deal? 

I know this is a lot for my first deal, but I feel like I have to at least try to see where this can lead.

Any advice or guidance would be appreciated!

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