All Forum Posts by: Brenton Tigner Jr

@Gino Barbaro 

Greetings, thanks for taking the time to share.  The seller is willing to carry an amount of down payment however, the broker I am working with said that it heavily depends on the lender and that typically the seller can carry 3% of the purchase price as down payment. I expect more info on this within the next couple days.

The seller estimates 60-90 days to complete the damaged units so I will not be closing anytime soon.  Essentially I am just lining up financing and given that all due diligence comes up clean, I will be ready to close.  

I also agree with you about finding someone that has done this type deal before. I plan to go to the local REIA meeting and share my situation with the group and despite the property not being in my state maybe I will find some individual/s ready to share their experience.

Thanks again,

@Henri Meli I actually am interested in a buy and hold.  The wholesale came up because the Master lease option we were negotiating fell through.  I didn't consider a hard money lender as I figured my credit situation while improving, still hasn't reached the proper level(Assumption).  I am looking for long-term wealth, I am not interested in wholesaling in particular.  I am definitely going to explore these options you have mentioned. Thanks greatly!

@Chris Seveney Greetings, the seller is not currently aware but I have mentioned to him that I will be seeking investors to help with the acquisition. The seller agreed to come down on the asking price of the property making a wholesale a possibility. I don't know anything about wholesaling so I am learning on a curve at the moment. I don't have much time, but I need to find out how to use a land trust for the wholesale and the proper offer agreement to use.  Any advice in this would be appreciated for sure.

@Omar Khan Greetings, so as an update, the transaction has moved from seller-financing opportunity to a possible wholesale. The seller agreed to drop the asking price. Now there is a whole new set of skills I need to adopt in a relatively short period of time.

@hadar Orkibi to be honest, I haven't spoken with a lender yet, initially I was negotiating a master lease option but we couldn't come to terms. My credit is not where I need it to be in order to qualify for the loan.

The damaged units have already been inspected and pass code, but now they have to install the carpentry and walls etc...structurally everything is sound.  I am still waiting to hear back from the seller as whether he is willing to let me by as is and renegotiate the price.

Greetings all, I just got accepted on a 16 unit apartment building and about to finalize the LOI with basic terms. The numbers work out to a 10 cap. In regard to Cash on Cash return, the seller is will to carry financing on a portion equal to the down payment a finance company would require. My question, can the amount the seller is willing to finance be considered the down payment in which case there is no out of pocket? Or do I have this concept misconstrued?

Additionally, 2 of the units were damaged by fire and have since been gutted and rebuilt and inspected by a civil engineer per the seller. There is more detail, anyhow I made the sell price contingent on the 2 units be brought to rent ready status..Is this the best move or should I buy as is and ask a reduction in price...having the units finished up myself as a value ad?

Thanks,

nervous guy

@Brian Pulaski Thanks, and you are right. I informed her the first day she called that I was working with an investor and that I was not the actual buyer. She said that she invests in real estate and this house is one of her properties..

@Martha Nowlan Hi, thanks. I am about to move on that tip in the hour...lol

@Jay Hinrichs I get the point you make, I would have to find something that fits around my current full time job. I am not in the position to leave the stable income I have for car sales. Additionally, wholesaling is a short term strategy for raising capital for multi-family investments. I truly do not plan to wholesale as a career.  

@Eric James Wow, I have a lot of work to do...Thanks!!