All Forum Posts by: Gabriel Kreider

I am was recently made aware of a 165 unit property that had an owner interested in selling and getting out. I have 8 units in small town houses and multifamily. I do t know where do start with pitching a deal to the guy for a property this big. I have done several deals with owner financing and am used to that. How could I get funding for something like this? Owner financing an option? I would prefer no partnership.

NICE!!! Where is this property located? 

@Helen Lowery Thats awesome! what did Closing look like? Did you have to have 20%  cash at that time? was 75% of the rental history counted in the application process?

@Patti Robertson Thanks so much for all the great feedback! It is on Lake James. The property is not paid off completely, would owner financing still be a good option? I recently read about the short term rental rules.. is it still a possibility if I would go get a special use permit? I feel like that would be near impossible especially in a lake community. Thanks for all the contacts! I do not live in VA beach otherwise I would def try and attend!

Is it possible to purchase a property as an investment property with 0 down if I have over 20 percent equity in it at purchase even if there is no rental history? We are looking to purchase a property from our parents for 300 that is worth we’ll over 500. We be renting it out but not sure if we could get a loan with no history and no cash down. 

My father in law is thinking about selling his house in Virginia Beach on a lake. He would like to keep it in the family and has suggested turning the mortgage over to us. We look at it as an amazing opportunity if possible. The mortgage would be 300 with an estimated value on the house at around 550 so we would have a lot of equity. We would want to hold on to and rent the property (possibly do short term eventually).My wife and I have two rental properties already and idk if the bank would let us get another mortgage for an investment property with no rental history. The other thing is we are located about three hours away. My possible solution would be doing a rent to own option for a couple years and basically subleasing it so then when the time was up we could get a loan for it with no money down because of the equity. The monthly mortgage/taxes/escrow/HOA would be about 1800. I'm not sure what the rental income would look like. With it be a 3/2.5 lake house in a great neighborhood I think it could be rented for at least 2300-2500 but I'm not as familiar with the market there.

Any ideas or suggestion? Would rent to own even a possibility? 

I’m wondering if it is ever possible to snag seller financing for a multi family property that is listed by a real estate agent on the market? How would real estate agents be compensated when you were not using a bank and seller financing instead? Is it reasonable to reach out to the agent about the property asking if the owner would be interested in seller financing?

Will do. Thanks!   @Kayla Givens

Thanks for the input @Russell Brazil. @Kayla Givens I am connected to a couple but not sure how much they have done with multifamily/investment properties so I hadn’t reach out yet! Also with the potential deal being with someone I know I wasn’t planning on using an agent. Is that a bad idea? 

I am considering putting in an offer on a duplex that was built only a few years ago. Each side has a rental history of being rented out for $1600 a month. They are about 1400 ft.² each with three bedrooms two bathrooms and a garage built on a crawlspace. If these were priced individually they would probably go in the 250 to 275 range. But individually as a duplex what would be a reasonable price? My current rental properties are town houses and I am considering house hacking and using an FHA loan to purchase this property. Someone I know interested interested in selling but it's not on the market(no asking price). What would be a good offer/what can I do to figure out what a good offer would be?