All Forum Posts by: Eric Mayer

Robert Kiyosaki and the like have a ton of videos on YouTube. Including a narrated version of RDPD. I’ve never felt the need to go beyond that, but I’m a millennial.

I kick too many tires to use a realtor. I’m under contract on an 8 unit with 15% down owner financing which wasn’t mentioned in the listing. I couldn’t have a realtor waste time contacting people that don’t even mention owner financing in the listings. I just closed on a 4 plex with 15% down owner financing as well.

Same thing happened to my wife and I recently when we were trying to house hack a 4-plex fha. 2 different underwriters didn’t believe we would live there.

Some tips I got that weren’t successful for me, but maybe will work for you...

Write a letter explaining your full plan. How long you plan to live there, what you plan to do with the current property you live in. You can also throw your current  property on the mls to show it is for sale. Just price it high if you don’t really want to sell it.

Anyone planning on house hacking, it will be easier for you if it’s your first purchase. I assumed I could wait and save that one for a higher priced deal, but it backfired. I plan to try again one day with a really nice waterfront 4-plex in the $850k range while I don’t own a primary residence. Then let them tell me I won’t actually live there. I’m convinced it’s still possible.

Seems like a no brainer to me. That’s how the rich get richer. That or selling and 1031 exchanging into bigger deals.

You built a nice foundation. Start selling your single families and 1031 exchange into 4-plexes. Fix up/Raise rent over the course of a year or two. Sell 4-plexes and 1031 exchange into 8 unit buildings. And so on...

I purchased a beach condo on Hubzu. It’s legit as others have said. Sounds like the reserve wasn’t met. 

@Jonathan Trimboli Congrats! That’s a once in a lifetime opportunity. Go big or go home! I don’t see it as risky personally if you get a good deal. Property should rent for $100k+ a month and appreciate over time (faster if you renovate/raise rent.) There are benefits like cheaper property management, 1 insurance policy, 1 roof, etc. Best of luck!

Down payment on $10m+ apartment building.

@JM Payne I would pay less if I decide to keep it for myself. I do have a quad at $4k in this area so more room in the rent as well. Where do you invest mostly?

@Frank Geiger That’s what I’m leaning towards. I’ve had some friends reach out about partnering on deals.

@JM Payne It’s a 4 plex. Being well over the 1% rule is usually good for most in this market.

Eric Mayer