All Forum Posts by: Asa Ifill

@Dave DeMarinis Dave, thanks for the criticism. I plan to get a loan at a local bank to cover the rehab portion along with some capital for holding costs while the renovation is being performed, the bank will need 15% down of this costs (rehab).

After refinancing and paying off the owner financed loan and rehab loan, I plan to have enough liquid capital to move onto the next project, along with having equity into the property.

The market rents in this area is $600-$625 from the PM’s I’ve contacted. They’re 3 2/1 units.

I’m coachable and always looking for new/efficient ways to launch my brand.

What are you missing in your portfolio that I may assist you with?

Thanks,

@Craig Stahl Great idea Craig! I’m in the Huntsville, AL area and just got under contract on a triplex using owner-financing.

I’d like to have more info on the group!

 Thanks for the lead, I will give him a shout the next time I close on a deal. I am dealing with Adria at North Alabama Title for this specific property. 

The current tenants are paying $450 a month for rent now, but after renovating the property I plan to raise rents to almost $600. The renovation will take almost 6 months to complete due to capital restraints is the only negative though. 

Do you have a rental portfolio in the Huntsville area? 

Thanks,

@Matthew Kresky I would definitely consider the Huntsville, AL market.

We are a growing city with an exceptional workforce around us.

Within the next years to come Huntsville, AL will be booming with more jobs which brings more opportunities for investors.

Consider it!

Thanks,

Asa

@Jingwen Dunford thanks for your reply! As the above comments, it sounds like an attorney should have all proper documents for me to give to the seller.

Are mobile home parks your niche? Are you investing from OOS?

Thanks,

Asa

@Samuel Garrett unfortunately, my RE agent wasn’t apart of this deal because I found it off-market on Facebook marketplace.

I did give the seller a “seller financing addendum” and he is having his attorney look over the document before closing.

Again, thanks for the insight. I will set up a meeting time to have a chat with Paul.

Thanks,

Asa

@Samuel Garrett sounds like you got a great deal. Yes, seller financing is a great creative option to use trying to acquire a real estate purchase.

Thanks for the insight, I will give Paul a call and let him know you recommended him.

Question: did you give your seller the “seller financing addendum contract” and then bring the purchase and sale agreement to closing?

I have several lenders in mind for the refi but will keep all considerations open for the best option once the time comes.

Thanks,

Asa

@Caleb Bryant thanks for the info Caleb, I’ll give him a shout!

Thanks,

@Samuel Garrett Some terms have already been discussed. 15% down, 5% interest a month for 10 years.

Yes, numbers have been ran on my end. I plan to keep one tenant in place while rehabbing the other 2 units to raise rents, then offer the existing tenant a rehabbed unit for the new rent payment. I’ve also been thinking of making the property section 8 ready to rent to section 8 tenants.

I plan to BRRRR this property within a years time. Purchase price that was talked about was $70k and the property has appraised this year @ $122.6k before any improvements have been made.

My exit strategy will be to BRRRR the property and pay the seller back his portion of the payment after the 15% down payment before 10 years. Also, the timeframe would be a year or less to have all of the rehabbing/refi completed.

Thanks,

Hello BP! I am looking for an attorney In Huntsville, AL that has dealt with a seller financing deal through real estate. I am looking to acquire a triplex (buy & hold) through an owner that has given me the option to buy the property using seller financing. 

Has anyone dealt with a great attorney in town? 

Thanks,