All Forum Posts by: Brittaney Woods

If you have not read “Insider Secrets to Financing Your Real Estate Investments” and "What Every Real Estate Investor Needs to Know About Cash Flow... And 36 Other Key Financial Measures” by Frank Gallinelli, order them from Amazon and read them before you go much further. Good luck!

I appreciate everyone else's feedback above, it's always better to try and fail, then not fail at all. But failing here in REI can set you back a long while if you horribly mess up. I'm not even talking about losing your EMD if you have to back out. it can be a even bigger headache than that

My advice would be to lock down the deal, then find someone who is experienced to partner up with. You can learn a tonne, they can bring money, knowledge, and a team to the party. All in exchange for a cut of the deal. Mitigate your risks. Don't forget the first rule of investing. Don't lose money.

In order for this owner to be in a position to do owner financing on a $1,000,000.00 property it means he is a fat cat with allot of experience who will take 10 to 20 new investors just like you and eat you for breakfast. 

This is way to big of a property for you to get started in. It can very quickly turn into a nightmare for you that you will not be able to get out of without losing your shirt.

However, if you happen to be a person who is very astute and have management experience or who can round up experienced people to help you then you might just pull it off. How well do you understand managing the cost and all relative issues when it comes to a building of that size, Its not really all that big but still 22 units may require allot of work. How well can you accurately evaluate the building and its present and historical performance? What will you use to cover any closing costs, insurance and what have you on hand to create a maintenance budget? Where will your needed reserves come from?

Proceed if you determine you can handle things but be ready to book the minute you suspect this may be beyond what you can handle. there are plenty of fish in the sea, as they say. 

I'd be curious about the terms of the deal, and if it's not a 15-30 year deal, what's your exit strategy?  Will you be able to get the rest financed through a bank if it's a short term deal?