All Forum Posts by: Matt Barker

Very nice!  Would you mind detailing some of the financing involved?  Did you use your own cash and credit for purchases or a partner, etc?

@Wayne Brooks

Thanks Wayne.  I guess that is a indicator of a healthier housing market so it's not all bad.  Sorry for the late response.

@Jean Bolger 

Thanks for the input Jean.  Always good to know I'm not missing something!

Looks like a decent good on paper.  No rehab costs to make rent ready?  And 1500/mo is in line with market rents for this type of property?

@Chris CarolloThanks for the reply and the link to the article.  It figures that I just missed out on the Homepath mortgage good deal!  

Hello BP gurus, I am new to the site and have been doing a lot of research on and off this site concerning multi family investing. I have recently been working with a realtor in my home town in Alabama who has been looking for a MFU for me to purchase. A gentleman contacted their office recently to inquire about property management of his 4 MFU properties (3-plex, 3-plex, 3-plex, 4-plex). The real estate office asked him if he would consider selling any or all of his units and he said that he would consider selling since he might want to move to Florida soon. I had the broker press him on whether he would consider any seller financing and what price he would sell each of the properties. What I've received so far is that he'd sell all 4 properties with a sizable down payment and then he would carry a 5 year note at 6%. Obviously a lot of information is left to be gathered and due diligence conducted but I do know that these properties are in a very desirable zip code in town and there are no other MFUs offered for sale (or for rent currently) in that zip code. I'm soliciting advice on creative financing options that may be enticing to a seller who wasn't necessarily thinking of selling, probably wouldn't have much difficulty selling, but may be starting to tire of self managing several units. His initial offer seems to say he wants a big cash cushion before carrying any note. Master lease, lease option, land contract, cash out refi assumable by buyer (is that even possible?), buy one now with option on others to get a foot in the door and establish a relationship. What kind of options have any of you experienced investors used for something like this? Total FMV of all properties is in the 700k range. I don't have 20-30% cash for a down payment and also don't have any deep pocketed relatives. I also have zero knowledge of raising private money and any federal regulations that might apply. Looking forward to any inputs.

Thanks in advance

Matt Barker

why are closing costs 82k?

Just throwing out a newbie question.   Tried a general search but did not come up with a good answer.  I'm looking to jump in the investment waters and I think multi family units is where I would like to focus (2-4).  The question concerns how much credence should be paid to price per unit when buying.  I have seen this figure on several MFU listings.  It would seem this might be relevant compared to other comparable MFUs in the same area but beyond that I'm not sure how useful that number would be.  Thanks 

Hello forum readers and posters. I'm brand new to BP and slowly reading through lots of great forums. A quick question based on discrepancies between what I've heard and seen about Homepath mortgage. Are 10% investor down payment options through Homepath no longer an option since Homepath eliminated their financing options? Thanks in advance for replying

Are 10% investor down payment options through Homepath no longer an option since Homepath eliminated their financing options?