All Forum Posts by: Account Closed

Hey BP, 

I've discovered a deal in NY and looking to work with a hard money lender in Syracuse- anybody have any experience working with a lender in this area?

Thank you

All, Thanks for the feedback. Much appreciated. All of your experience and opinions are taken in and acknowledged. I have my undergrad in Finance but looking to penetrate a job in the field. I think it would be beneficial and now I think I'm going to do it for my own knowledge and go for it. Again, Thank you! @

Greg Dickerson

@

John Casmon

Hey BP- I've always been interested not only in the buy and hold approach to real estate but also the development side of the business. With that being said I know that side also comes with a higher cost. But this is one of the goals down the line.

I was curious what the majority opinion is on getting educated on the subject. Universities offer real estate investment/ development certificates and I'm pretty close to pulling the trigger on the certificate from Fordham. I attached the link: https://www.fordham.edu/info/2...

Any thoughts, experience, etc.. would be extremely helpful! Thank you!!

Hey BP- I've always been interested not only in the buy and hold approach to real estate but also the development side of the business. With that being said I know that side also comes with a higher cost. But this is one of the goals down the line.

I was curious what the majority opinion is on getting educated on the subject. Universities offer real estate investment/ development certificates and I'm pretty close to pulling the trigger on the certificate from Fordham. I attached the link: https://www.fordham.edu/info/2...

Any thoughts, experience, etc.. would be extremely helpful! Thank you!!

Hey Vera- Interesting question. My friends and I were talking about this not too long ago. I visit St. Pete and Sarasota area a few times a year and every time I go down there I notice more and more tech companies in the Tampa area. The demographic is definitely getting younger and attracting more talent in the work force.

Thanks Charles- Appreciate the feedback. I'll update after the meeting

This is great- thank you for the feedback everyone. I like the idea of flexibility behind seller financing and the question with what they are going to do with the money.  Looks like I need to start brushing up on my negotiating skills and reference Chris Voss. Thanks again- I will update after the meeting

Hey BP, I came across a deal on a multi-use property. I'd like to attempt to owner finance. Anybody have advice on this? Typical down pmt, financing, ballooning? Any help would be great! Thanks

Hey BP, I came across a deal on a multi-use property. I'd like to attempt to owner finance. Anybody have advice on this? Typical down pmt, financing, ballooning?

Any help would be great! Thanks

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $160,000
Cash invested: $42,000

This was my first purchase and am currently house hacking!

What made you interested in investing in this type of deal?

I was always interested in the 2-family concept because it would allow flexibility in case I wanted to move out of the area, and also to have someone else help with the mortgage and save for the next one.

How did you find this deal and how did you negotiate it?

I got lucky on this one. I had told my friends and basically everyone I knew that I was looking to buy a two family home. Just so happened that my friends Dad and middle school english teacher had one for sale. There were a couple of bids, but I came in $1,000 higher and got the deal.

How did you finance this deal?

Conventional financing- had to put 20% down.

How did you add value to the deal?

Since I purchased the home- I have been renovating both the interior and exterior. Vinyl plank floors, paint, refinishing hardwoods, new hot water tanks, etcc.

What was the outcome?

I'm currently renting out one floor for $1,000 / month with an agreement to raise rent to $1,100 at the start of the year. When I move out the plan is to rent both units out for $1,200 each. Cash flowing about $1,000 after the mortgage and no other expenses.

Lessons learned? Challenges?

For my next deal I would definitely bring the deal to multiple lenders to see who could get me the best financing. Also ask for owners to sell property that isn't for sale on the market!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This was a private sale, but I had the help of friends that were agents.