All Forum Posts by: Brandon Bellino

@Samuel DeMass, Thanks for all your input! I know that each home is fully rented. I dont have the exact rents except for one, I know one of the two unit houses rents for $1,300 for both units by one renter, so thats $650 per unit. 3 bedrooms in this area tend to rent for around $650-750, 2 bedrooms usually are between $550-650, and 1 bedrooms are between $400-500. 

I wouldn't need to use a property manager, I could handle the customer service/vacancy filling aspect of it myself and my dad's side of my family are all masons, carpenters, handymen, they're all in professions like that so I can def get things repaired without hiring anyone. 

Does anyone have any advice on the specifics of what I should be offering with the seller financing? What percentage down payment, what interest rate, things like that? 

So I'm in need of some advice from the community. I am 21 years old, currently going to college for my business degree and plan to obtain my real estate license at the end of summer. I have been obsessed with real estate since I was young, it has always been a passion of mine and I think now would be a perfect time for me to begin investing. 

Now that I gave a little background on me, onto the good stuff. I found a potential deal on craigslist in my city, it is a package deal for 3 multifamily homes - Two of the homes are 2 units with 3 beds and 1 baths, and the third home is a 3 unit with a 3 bedroom 1 bath, 2 bedroom 1 bath, and a studio. The seller is offering the units packaged for $112,000. Separately they are all priced at about $45,000-49,000. 

I need some advice on how I go about making a compelling offer for seller financing, as I am not in a position to get conventional financing. I am worried because of my age and inexperience the seller may not take me seriously, so I need to have things really put together. 

I know the seller is extremely motivated to sell, since the listing agent made sure to write "motivated seller" on all of the separate ads, as well as the fact that each of the units were put on the market around this time last year as well and didn't sell. One thing I am a little perplexed about though is the fact that each of the homes were put on the market last year at $10,000 more than they were this year, so if they didn't sell why increase the price by $10,000 rather than lower it? Is that some kind of strategy used when you offer package deals? 

So what kind of offer should I make the seller to make him take me seriously, and to sway him to consider seller financing if he is motivated enough? And does their asking price seem fair? I will include photos of each of the homes. From what I can tell they are all in very good shape, and most of the multifamily properties in this area go for between $20-50k. 

Hi! My name is Brandon, I am 21 years old and real estate is my passion. I am currently going to college for business, and plan to move to NYC at the end of next year when I graduate to start out as an agent. I'm not interested in being an agent long term, I simply want to use it as a stepping stone to network, learn the industry, and save some money to start what I'm really interested in - investing. Preferably, I want to start out buying several multifamily homes, duplexes/triplexes, to learn how to handle tenants and how to be a landlord and such, and then I'd like to move to larger apartment buildings. Now that I've given a little background on myself, I have a few questions for the community that I'm a little curious about. I consume tons of information on all aspects of real estate, for both education and fun because I genuinely enjoy real estate, but there's not a lot of information out there that I've found on the things I'm curious about so I figure you probably just need to gain the hands on experience to learn it. 

First thing I'm curious about is - How do people find deals outside of their area? I plan on relocating from upstate New York to NYC, but I do not want to invest there, not right away anyways. So how do people find potential deals in other areas, other states? I know there are sites like Loopnet, but there has to be other and better ways I'm sure. 

Second thing I'd like some input on is - How does getting investors for larger deals work? More specifically, how does the "profit sharing" aspect of it work, as in who gets how much of the profits? Say you find a deal you want to make that requires $500,000, some to be used as a down payment and the rest used for operating funds, and you put down $100,000 yourself and your silent investor puts down the other $400,000. How is it figured out who gets how much of the profits? Does the investor get the majority of the profits since they put up the majority of the down payment? Or do you get the majority because you are technically the "owner" of the property and will be handling the actual running of the property? Or are the profits simply split 50/50? 

Sorry if what I'm asking is a little out of the ballpark, I tend to overthink things. I'm just the type of person to want to know every single aspect of things front to back.