All Forum Posts by: Eric Mayer

Your expectations are way too high. I see stories on here about 0% down seller financing, but in the real world making offers, I’m not seeing it. I would give them a realistic offer and see what happens.

I’m currently purchasing a quad with these terms from the seller. Full ask $259k purchase price, 15% down, 6% interest, 25 year amortization, 7 year balloon. Fully rented on new 1 year leases at $3,400 a month. 

It’s all negotiable and some sellers will offer better terms than others. Just need a better starting point so they don’t tell you to kick rocks.

Eric

I treat my buy and hold properties as long term flips. Cash flow while I do some renovation. Sell tax free with a 1031 exchange into a larger deal. You really only need to wait about 6 months.

Eric

This does sound more like a relationship question as someone else mentioned. This is only my opinion, but If you are both living in the property and he is seriously considering marrying you, he probably wouldn’t ask you to sign a lease. Putting myself in his shoes, I just can’t picture making my future wife pay rent to stay with me. I would want her to stay with me.

Eric

You can get an fha loan with 3.5% down if you can get your credit score to at least 580. They will do it at 10% down if you are under 580.

No one has mentioned inflation. Why pay off the $55k now when it will be worth way less than $55k later on? 

If inflation is at 3%, the bank is essentially only charging you 3% on your loan. I would rather have the student loans and an asset than nothing at all.

Eric

I’m purchasing a 4-plex right now with 15% down seller financing. The seller could have run my credit, but didn’t. Maybe you can try that.

Eric

Like they said. You can even maximize that fha loan with a 4-plex. That would start you off with a bang!

Waiting for a recession isn’t a winning mentality. I would get in now.

Eric

I buy for cash flow and forced appreciation.

Eric

They really won’t care how old you are when you make a decent offer on the property. Good luck!

Eric