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Updated about 9 years ago,
Newbie Multi-Family Deal Analysis Request! (House Hacking too)
Hello Dear BP family,
This is my current situation and in dire need of advice. I am currently renting a one unit in a 9 unit multifamily unit in Buena Park, CA. I love, love, love this property, and the owner of this property is an elderly gentleman (70's) and I heard from another long term resident that he planned on selling this property.
This property is not listed on MLS, but it seems to have some basic history on Redfin. What I want to do is house-hack and get OWC on it. This will be my first rodeo and super nervous, I did an analysis to the best of my ability via the rental property calculator on BP (crosses fingers).
Here is the link to my report: https://www.biggerpockets.com/buy_and_hold_results...
Now my questions.
1. This property is not cheap. Should I stick to lower priced homes since it is my first time?
2. The property manager lady is mean. I don't like her and do not want to go thru her to contact the owner, but I do not have the owners direct contact info, can I just skip the property manager and see if I can get his number from someone else?
3. Do I need to have a broker to do OWC? and seek seller finance consultants?
4. What are effective ways to ask the owner if he'd seller finance? In writing, phone, in person?
Other than that, I can't sleep at night because I feel like this is the home I want want want..almost to a point where I don't see any other homes that give me better investment opportunities.
Thanks BP fam in advance, you all are so awesome sauce.