All Forum Posts by: Alexander Schwartz

 Presentations are what I'm good at! I work in digital marketing so Im always describing things as simply and fundamentally as possible. I'm going to write up a deal that's very similar to the one you mentioned and the one perviously mentioned that I went over. 

My presentation includes what is the cover, what is seller finance briefly, benefits for buyer and seller, why should you sell to me specifically/why i want it, the team of people involved, and the deal proposal itself with a comp, and a brief note about what an FHA loan and it's numbers as a reference for my own offer.

Thank you all for all the help!! Seriously!

Like i said, they told me they're open to an offer. So maybe I will make one offer though. Their needs as far as i know is that they like the monthly income but are negotiable on the price and they know they are renting it for too cheap. I can only go so high with the payments with the income for the property though. But i think 900-950 should be satisfactory for them.

 They don't have a specific asking price. When i talked to them a long time ago, I asked him that if i priced the property that made sense for the income it produced if that would be okay. Since they inherited it a long time ago i would imagine they're not stingy on the price. I want to have 3 deal options though even if they still say they want to negotiate, just to show them I want to work with them and I'm open.

 These are good points. Im including 3 options in the proposal and the list of benefits, like spreading out taxes, no headache monthly income, better roi due to interest, etc. And the reason im accepting the lowerish cashflow is because 1 im taking into account repairs in that cashflow number and the vacancy which is very low, as well as the fact that all units are outdated. So if i won the lottery and could reno all 4 units, i could definitely charge $700 a unit. 

 Thank you for the reply! And yes i am giving them multiple deals thats the plan... I hardly ever get to talk to these people so i definitely need to come with deals prepared which is why i posted!

Let me make sure I understand this process fully,

So lets use 3 as an example.....

5k down. 

170k 'loan'. 

3.5% interest. 

20 years. 

$984  in monthly payments. 

Leaving me with $186 in monthly cashflow. 

After 15 years, I 'refinance' / get a conventional loan for the remaining amount of the loan, which would be $54,194.64 at the 180th month.

Does my understanding sound correct?

Edit: If this is correct thinking, then it seems the 3k downpayment option would require too much of a monthly payment to be viable also.

Hey, so I'm looking at a property. I've estimated some numbers and they're listed in the picture. This is a non renovated 4plex in a goodish area with a 4 car garage. 1 bed 1 bath per unit with low turnover in good, not great condition. 

I want to offer $175k. They own it outright. 

They are hesitant to sell because they 'like the monthly income,' although i believe seller financing would not only benefit me but benefit them in that they will still get monthly payments from me.

Theyve owned it out right forever as it was inherited and are family friends but theyd like to retire and offload it. 

Let's say I have $10k max to make this entire deal happen. I would like a very low downpayment, decent cashflow (enough to where we both get an okay payment per month).  I'm not sure what other expenses on top of the downpayment would look like. I'd like to have a lawyer write up the final contract of course, as well as get it inspected and using a title company.

Should i balloon this? 15 Years? 10 years? What's a low but fair interest rate? 5% too low? 

I just need some offers to throw them, as i have a presentation for them.

Any help is tremendously appreciated, as my employment hasn't been long enough, i dont think would i qualify for FHA so this is my only hope for getting into REI.

Im also interested. Is this happening?

 Thank you! I will be attending unless my nonexistant dog dies.

Thanks for th reply man! Yeah i listen to MFCEO and talk to andy at the gym. Im kinda burnt out on finding local connects because everyone seems secretive/too busy that i've met.

My online business has super low overhead, there's not a ton to invest in and i have a separate business account with money in it for those type of things. I'm looking to use my own money/savings. I like to not have all my eggs in one basket.

I've listened to tons of podcasts from BP and reached out to a lot of people but i havent been to in an person REI meetup in stl, i will admit that. Just reached out via mutual friends/grandma connections.

I've introduced myself before but I'm back. Here's a brief intro:

Live in St louis, MO.

23 years old, double amputee since birth.

I was an agent for a year. Was too much to focus on with everything else i do, creatively. 

For the last 6 months I've been self employed with my online company.

I finally have some real money and I really, REALLY want to finally pull the god damn trigger.

I have no friends with real estate and seems like anyone ive approached locally doesn't want their territory stepped on, only interested in selling their (cash flowing at least) flip. 

My grandma is a veteran commercial property manager, now retired. So i have some management insight.

My goal is multifamily, either FHA or creatively financed. Would like to buy foreclosure/distressed and have one of my many contractor friends help restore it. Potentially a single family... most likely not. Would like to move into commercial as the ultimate goal.

I made this post because I would simply like someone to chat with about real estate. 

If anyone, young or old, is interested in having someone to bounce ideas off of and talk REI with, please hit me up! You can be from anywhere. If you're in stl and don't mind, that would work too.

Ive analyzed a few deals in the past but could never pull the trigger and this is the end of that, just super daunting going at it completely alone :)

Looking forward to hearing from y'aaaaall. Any questions, ask away, otherwise feel free to PM or post on here!