I Need your advice bp

[Kevin Booker]

Sorry bp if this isn't the correct forum This actually involves a couple things, I need advice this is driving me crazy. I'm in a position where I'm living off savings so I'm kind of tight with money. I've been thinking of finding a quadplex hopefully to lease option with the seller( 1 year), negotiate no or little money down and pay asking for it in my option. I would then rent out 3 and live in the other for that year with me collecting rent and paying seller x amount each month which doesn't go toward purchase (seller keeps no matter what) so now I have a little cash flow. Within that year I would work on getting financing and saving up reserve to show the lender, my income to pay the loan shows from 3 rented units and a year documented proof which will turn into 4 units rented once I have lender in place and I move out. Could this work or am I missing something? What can make this sound good to a investor? I haven't figured out numbers quite yet so any advice is needed

I also have 9+ years in construction so I could handle any repairs or renovations myself and increase value all while continuing my journey in real estate! 

[Steve Vaughan]

Hi @Kevin Booker!  You're in the right place.  A lot of us have been stressed and worried before. The valley is where the soil is most fertile.    It is also where we tend to get the most creative!

I have read your plan to house hack a quad with a master lease option and I think it's awesome.  As part of your option consideration (there has to be some in cash to make it legal) you are going to improve a tired landlords tired property.  That will give them more security.  You are also going to pay them market value.  In 30 months or so (I'd go more than 12) you will take title to the property and give him $x additional for a seller carry or refinance him out.  

Good luck to you and please keep us posted!