All Forum Posts by: Abby Link

I wouldn't come to the table with terms. First figure out if seller financing is something that would work for him/her in the first place. Then break it down from there. "If you are open to terms, what is the longest amount of time you would be willing to give us?" Many time seller won't know so you can say, "Many sellers will give us a 30 year term or longer. Others need to be cashed out sooner. do you have a timeframe that will work for you?" same with monthly payment, and with no money down just straight up say "we typically buy with no money down up front, okay?" and I'm telling you most of the time they say "okay" unless they need the money for a very specific reason in which case of course you want to find a win win solution for everyone :). Also I would like to clarify that structuring a creative finance deal is going to vary with each house but the most important thing is making sure that you are finding a solution that HELPS the seller as well makes sense for you.

2 Votes

Quote from @Chris Seveney:

Quote from @Abby Link:

My multifamily people! If I was looking to convert a building into a multifamily apartment what kind of questions would I need to know about it? Context. Sitting at the most amazing coffee shop ever and I've been staring out the window for an hour at the building in front of it with the most beautiful windows ever. But it looks like a somewhat oldish building - not sure it's getting used. Anyways, I'm sitting here daydreaming about getting it under contract for either cash or terms and assigning it to someone who knows what they're doing (😂) and then maybe working out a deal where once it's remodeled I could live in one of the units rent free. #househackingatit'sfinest 😂 So anyways, figured I'd call the owner to see what the situation is because why not, but if the idea is to turn it into a multifamily building what do I need to know about it? Please help, I love you all lol.

converting office to residential is very rare due to building layouts. Office spaces are square buildings which are inefficient for residential as residential needs a lot more window space. Typically they have to cut a square out of the center of the building to allow more light. It becomes too much of a cost unless its high end condos that an fetch $1,000/sf.

Thank you!!

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Quote from @Scott Mac:

Hi Abby,

Old Buildings are pretty, but they take a LOT of knowledge and a lot of TODO to make happen.

Maybe someone in here LOCAL to you can help you out (and not burn you out of the deal in the process).

All of those things could be done, but the rent free thing might work better if you are a part owner and also building manger.

I do not do this type of investment, but beware,,,not everyone is a fair player, and someone(s) may seek to squeeze you out of the deal and take the whole thing for themselves, leaving you with nothing.

I will give you a "Lead". I do not know this person, but you might want to make a call and make a friend.

Her building is about a nine hour drive from you, and if you wanted to go there and see it, you could go by boat (which might be fun, if you have one), it's just up past Detroit.

If you look online the build-out and rehab are well documented.

But as I said before I have never met her, I just know of her work on this particular building--maybe she will talk to you--but as I said above--BEWARE.

Also if it is unoccupied the city may give you tax abatement for (ie. 20) years in return for fixing it up. So don't forget that--{IF] you get this project off the ground.

https://www.mlive.com/news/bay-city/2017/02/the_legacy_bay_city_historic.html

https://www.google.com/search?q=bay+city+bank+remodle&rlz=1C1CHBD_enUS751US751&oq=bay+city+bank+remodle&aqs=chrome..69i57.8080j0j1&sourceid=chrome&ie=UTF-8

Maybe others can give you other angles on development, and tips to keep you in the deal (not get it stolen).

Good Luck!

Thank you so much!! Very helpful!

1 Vote

Quote from @Jossalyn Wallace:

Hi! I have also never done a project like this but I would probably start by calling the county and making sure you can do what you want with it as far as zoning and ordinances are concerned in addition to the above.

Thank you!!!

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Dan is the real deal guys!!

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Hey all!

Curious as to when you feel it is necessary to hire a CPA and then what is it like working with them? Is it just around tax season, all year round, etc. I'm 19 now and while I don't have any major businesses or anything like that (yet), I'm still looking wanting to get all the people in place. And then follow up questions - how do I vet a CPA and do they need to be local to my area?

Thank you!!

1 Vote

Hey @Jonathan Franklin !! I realize that this is five years too late but.... NO AGE IT TOO YOUNG TO START!! You're 17 now I would assume, and I'm not sure if you're still into real estate but if so, give me a message because I'm a part of two masterminds for young kids and we're about to do some crazy things! Would love to have you a part of it :)

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Hey everyone!

My name is Abby Link, I'm a senior in high school in Cleveland Ohio, and I am super passionate about all things real estate investing. I have some pretty big goals for myself and right now I'm just looking to to connect with people who are in the business and hear more of your guy's story! If anyone is in the area and would want to connect, definitely reach out I would love to chat (especially the women!!) :)

4 Votes

Cleveland, Ohio

All Forum Posts by: Abby Link

Abby Link has started 8 posts and replied 27 times.

Post: Calculator Help Make Professional

Post: Seller financing terms

Post: Multifamily Daydream Help!!

Post: Multifamily Daydream Help!!

Post: Multifamily Daydream Help!!

Post: Multifamily Daydream Help!!

Post: Here to help young people - Gen Z (15 to 25 years old)

Post: When to get a CPA and how to vet them

Post: Recommendations for young investor

Post: High school senior looking for connections in Cleveland area