All Forum Posts by: Daniel Roman

@Thomas Franklin Hmm okay. So seller financing seems like the logical thing to do. Let me see if I have this straight. I can close under an LLC, there will be no PMI, and I only need 10-15% down to acquire a property?

@Thomas Franklin Excuse me, I meant I do not have %25-30 capital to put down on a property through seller financing witch would allow me to close as LLC. I am not completely set on the idea of owner occupancy. I have just not heard anything about the possibility of being sued if you can't close under LLC. As I said it is definitely another angle I would have to look into. Yes, I may need to go somewhere more inexpensive to get started. What would you say the minimum amount of reserves a investor may need to get serious with MFR in the Ft Lauderdale area is?

@Adam Schooley 

Thanks, I am happy to see some feedback from a Real Estate Agent here in Fort Lauderdale. Can you please throw out a couple requirements I may need to buy MF in this area. As far as credit scores, and downpayments go. Also I plan on being an owner occupant. So I ideally I would like to live in a C Class neighborhood(or better). Also, do you have any quick summaries of deals you have gotten for your clients? Like how much the property was, and how they financed it. 

@Shawn Tompke

Thanks for the information. That is something I may be interested in doing. I just don't like the sound of a decent priced MF in my area that needs repairs. It will most likely be in a D Class Neighborhood. I've also been hearing that running a FHA, or 203k loan can be risky due to the fact that you can't close under an LLC leaving you open to a lawsuit. I just wish my market was better, I am definitely considering moving to another state. Have you gone through with any BRRRR deals?

@Thomas Franklin

Thanks for your opinion on the subject. This is definitely another angle I should look into. The problem is I don't have the capital to put down 10% on something better than a D Class Neighborhood. Would you suggest moving to a sate where this will be more feasible for me? I get the hint that my area isn't such a great place to begin a real estate investing career. 

@Ian R. 

Hey thanks Ian, that is definitely what I needed to hear. I'm glad to receive some feedback from someone who has experience with the market here. 

@Russell Brazil

So you're telling me beating the market isn't feasible? I've always heard the contrary, that by word of mouth and proper marketing you can find deals below market value. Is this not true? 

@Devin Deswert

Thanks for the input my friend! It's not that I necessarily expect to cashflow, but I at least would like my expenses that need to be paid to be reasonable in the sense that I may be paying half my rent to live there. Then when I move out I would like a positive cash flow of course. This is not likely with a %3.5 down payment?

@Russell Brazil

Well, I guess I can't just speculate then because theses deals are no good. As far as finding good deals goes, and you're a realtor. Would I be wasting my times calling around multiple realtors and simply asking if they know of any good deals on multi-unit properties? 

Awesome 

@Shaun Patterson

Thanks for all the information it is much appreciated. I will definitely write that in my notes as something to call about and get some more information. Good to hear, I definitely plan on reaching out to a realtors to find a possibly good deal. Like you said I just want to make sure all my finances are in line first so i'm not wasting anybodies time