Owner Occumpied Multi-Family Owner in Tempe, AZ

[Denny Robert]

Hello all,

I'm Denny, and I'm originally from southern Illinois near St. Louis. I'm an ASU grad, and ended up staying in Tempe after graduation. My wife and I spent a year teaching English in China. April is a wedding photographer, and I'm a man with (too) many hats.

As a kid I always had an interest in owning rental properties. My parents never had them, and we never rented. I'm not sure where I got the idea from, but it always seemed like a good one.

Three years ago I bought a triplex in Tempe using 3.5% down FHA owner occupied financing. It's a great place - one unit is a 3/2 with a 2 car garage, and the other two units are 2/1's that rent for $850/mo.

I started building a relationship with the old man who owns the fourplex next door, and he has agreed to sell that place to me this year with owner financing. We haven't arranged terms yet, but using what I've learned on Bigger Pockets I'm aiming to make it a deal that cash flows correctly.

My biggest hurdle is figuring out how to find more deals like this. I don't have a lot of extra money for big down payments. How do I find more properties that will owner finance? Do I need to send mailers, or call owners? I started making a spreadsheet of tri and fourplexes within my area and who owns them. Do I reach out to all of them or filter them somehow?

Anyways, I've been lurking on BP too long, so I'm glad to finally get involved here and really start learning and helping.

Best,

Denny