All Forum Posts by: DONALD TURNER

Bill,

No worries! Thanks for the advice. I’ll see what we can work out; however, the more look at this property, the less attractive it’s looking. One major concern is that the building is currently empty so there is the issue of zero cash flow until the units are rented!

Appreciate the input from you, Jackeline and Steve! I’ll continue talking to the owner, but unless some sort of miracle deal occurs I am incline to walk away.

Thanks for all of your comments; I’ll “keep you in the loop.”

Regards,

Don

Steve,

Reviewed the 50% rule and the 2% rule, appreciate your recommendation.

Don

Gentlemen,

Thanks for your comments!

Steve,

Thanks for the example provided, I can see how the numbers might actually work.

Bill,

As I mentioned earlier I am a new investor; therefore, I have a fairly steep learning curve. When I think of no money down I’m thinking (perhaps mistakenly) it means no money out of my pocket. If I can’t get funding through a hard money lender then what are my options?

What are your suggestions to structure something that allows me to satisfy the above requirements? What terminology would you use to describe the transactions?

Regards,

Don

Jackeline,

Thanks again, you've been a big help!

Ciao,

Don

Jackeline

If in the above example, the seller agreed to 150k how might we best go about satisfying the sellers desire to obtain some amount of cash initially and my need to obtain funds for repairs?

Don

Jackeline,

Thanks for helping me make a more informed decision; I will use your suggestions when I look at the actual numbers!

Regards,
Don

I am a new investor looking at multi-unit building. The planned exit strategy is to use the building as rental property. Because the property is owned free and clear my goal is to acquire it using a no-money down technique. Repairs are needed and the seller will most likely want some cash back initially.

For the purposes of illustration, let’s say the following:

Fair Market Value 300K
Sales Price 210K
Repairs 100K
Cash to Owner 100K

What no money down techniques are suggested to meet the needs of both parties?

Thanks,

D