All Forum Posts by: Frank O.

 Perhaps this is the wrong forum. My low-level intellect can't seem to function on your level. You're right...it is a permissive act, however your active recommendation of concealment is what I am taking issue with. When we underwrite a loan, we are underwriting the borrower. Sub-to without our permission increases our risk. You're recommendation to conceal it from us is what I am taking issue with. 

I've decided to look to buy my first true investment property in the near future and despite knowing how to run the numbers, I'm having a difficult time deciding where I should be looking to buy. I'm considering either a small multifamily (duplex or fourplex) or perhaps a single family that will be easy to rent and cash flow. Where I live is way too expensive to cash flow so I was thinking a landlord friendly state in the midwest, something with plenty of inventory for me to find a good deal but also strong rental demand. For those who invested out of state, how did you decide on your market? Where are some good areas I should check out?

Still could use more details from you, but if you really like the building and it's the only game in town go for it.  It will probably cost you a lot more to start over so factor those costs in as well in your decision.  If money is tight for you then work out a lease to own plan.  I.E. seller financing.  Give him his price but stretch out the payments with little or no interest.  The last thing you want is an investor or operator coming in seeing the bigger picture and scooping this building up and putting you out of business or raising the rents.   Perhaps the landlord can knock a little off of the price because your buying it  directly from him without using a broker that may charge up to 6% commission.  I see lots of options here.  I wish I was the broker here so I could get you guys to work together.  

So have you signed your lease renewal yet, or no? No reasonable person would pay more than the appraised value for a property, whether they run a business in the building or not. Your landlord’s logic is incorrect. Especially if you have to get a loan to buy the building. No lender will give you money over the appraised value, regardless of what your contract price is. 

Hi Frank, welcome to the community!

Hey Frank, 

Let's connect and see how I can provide some value. I live/work here in Wilmington, originally from New England. We have a fantastic area down here with plenty of opportunities for whatever strategy you are looking to deploy.

Looking forward to hearing from you!