All Forum Posts by: Eric Mayer

@Vishal Patel All of those numbers I mentioned are negotiable and we went back and forth a few times to reach those terms. This is just stuff I picked up on my own really.

I typically start by offering full asking price (assuming it’s a decent deal,) but I tell them I am giving them their price in exchange for my terms. You want to put as little down as possible and give yourself enough time to build 30% equity to refinance. The 7 years will give me more than enough time just paying the minimum. 

Eric

I love seller financing as a buyer. I’m about to close on a 4-plex with 15% down, 6% interest, 7 year balloon, 25 year amortization. 

The seller will cash flow nicely and end up with way more for the property. He also gets to put off some capital gains.

Eric

You guys have any deals right now? How was your meetup? 

You can absolutely force appreciation on 2-4 units with renovation and raising rent. Why wouldn’t you be able to?

Eric

I’m not going to lie, it is nice to cash flow from day 1. An empty building wouldn’t keep me from purchasing though if it’s a good deal in a good area. 

Eric

Does the price seem too low? Some sellers will list it for less than it’s worth to generate offers. I was way outbid on a 4-plex like this recently. Cash offers over asking price. So it does work apparently.

Eric

I would look for a partner with some cash.

Eric

I wouldn’t count on a recession. The market could pass 2006 numbers just as easily. The stock market is hot because of the potential interest rate cuts.

Eric

I actually live a few hours away on Clearwater Beach. I’ve been buying in your area because of the affordability and potential for growth I see in the area. Amazon is going there this year, New Yorkers coming down in droves, etc. 

I’ll be in town tomorrow to check out the new property and some apartments I’ve been renovating.

Eric

I’m about to close on my 3rd Daytona Beach 4-plex and have received letters and text messages referring to buying my Daytona Beach 4-plexes. I’m assuming they are wholesalers so there are a few people in your area doing it.

Eric