Cliffs on Brandon’s No or Low Money Down book

[Gregg Baird]

Hi there, I’m fairly new to BP and am a fledgling investor. I’m currently in school to get my real estate license and the instructor mentioned that he has a twelve unit complex he is looking to sell in the near future, off market. He also said he has 3 potential buyers lined up. When he mentioned he was thinking of selling, this naturally perked my ears.

I just bought a single family and duplex and ran through all my capital with conventional loans. I’m trying to not let financing be an issue for pursuing more properties, however I haven’t had a chance to read Brandon’s book on the subject so I’m looking to get a conversation going on what I can do to pursue this multi family property.

I apologize in advance if the moderators find this post not appropriate.

Details: 3 four plexes in one complex. All units are 2bed/2 full bath. Seller admits he hasn’t raised rents and he could get more. Sounds like he has maintained it alright. Self managed. Asking somewhere between 1.2-1.3 mil. If buyer could raise rent to market norm over time, it would far exceed the 1% rule. I’ve had one inquisitive/preliminary/informal conversation with seller. He is older and willing to pay CG tax now because he is worried about that going up in the near future.

Anybody, any insights?