All Forum Posts by: Andrew Wiseman

@Jaysen Medhurst this is a great suggestion. Right now fully rented it would bring around $3500 a month so even that $200000 option is great

I have a guy wanting to sell 6 units for $160,000 in Quincy IL. I brought up the option of seller financing and the benefit for him with capital gains. I want to bring him three different options for me to purchase. Having never done or presentes seller financing I am hoping someone can lay out some basic terms for me.

I am wanting to approach one close friend of mine on investing 200,000 as a down payment on a million dollar loan. This would be a deal to acquire 30 single family homes. I am not sure how to structure this deal. I don't know how to repay the 200,000. Can someone help me out with these numbers. I just want to be prepared before I just go and ask for the money. I need repayment options. The monthly income for the properties is 21,000. The monthly expenses are 14,700. The monthly cash flow is 6300. I will acquire the property for 1 million and rehab for 100,000. The ARV will be around 1.7 million. I will refinance after the rehabs are done.

I know that my dti is close to being acceptable. If I do a commercial or portfolio loan, what is the best way to go about doing that?

Back in August I bought my very first property. I was able to do this by taking out a Home Equity Line of Credit on my personal house for $30,000 and some credit cards.  I paid 10,000 for the house and another 25,000 for the rehab. I have the house rehabbed and rented for $750/mo and now I am trying to get it refinanced so I can pull my cash back out and do it again. The appraisal should come back around $75,000. When I go the the bank I am told that my debt to income is to high. Do I need to just keep looking with different banks, or is there another option?