All Forum Posts by: Account Closed

@Tom S. hey Tom I appreciate the info. I have reserves that cover a (decent amount) per unit but I wanted to hold most of that for what ifs. That is why I'm looking for 100%. Worst case scenario I can do 30% but I don't want to. I'm looking for complexes that are value add with at least 50% occupancy but not 100 percent vacant. I am hoping that clean renovations of each unit I can have them available for occupancy in a short amount of time. However this is all theoretical until I find the right property and purchase. I understand that finding the right property is critical.  

@Cody Richman yes they have a year and one day to pay back taxes and fees.

@Account Closed thanks for the insight I’ll keep working trying to find those deals

Thanks will do. @Mike Dymski 

Ok so I am back in the saddle and I am looking at buy and hold real estate. I started my investing years ago as a flipper however now I am ready to purchase buy and hold properties. Since I have been back researching properties my goal is to purchase multi-family units. I am online looking at properties and what I have been looking at is out of my price range. When I see the prices I say that I may need to save for about 5 more years to purchase the building that I want. I have listened to Grant Cardone over the last five years and it is embedded in my brain that I should purchase at least 16 to 32 units. 

However I say to myself why would you wait to purchase in five years when you can purchase single family units now. I have the money, ability and know how to buy, fix, and hold. It is even more evident when I run the numbers that I should be purchasing SF units out of state. I feel that in five years I can have 100+ sf units. However if I wait to have the right amount to purchase that 16+ unit building Ill be even further behind where I could be in sf units. please leave your thoughts and advice on my UNITS ARE UNITS dilemma. 

Hey this is my first post but it wont be my last. I wanted to know is it possible to get 100 percent financed on your first multifamily real estate deal. I have gotten 100 percent financed on other real estate deals. Those were mostly deals under $100K and after I stabilized the properties I sold them. Then I took a break and now I am ready to start purchasing properties again. However instead of fix and flips like I did previously, I want to buy and hold value add multifamily properties. Currently I don't own any properties so this would be my first multifamily deal so to speak. I do have funds that can go to closing cost and lite renovations on these properties. I just want to know before I get started are their any hard money lenders or mortgage companies that are offering 100 percent financing for $300k deals. I am currently looking a potential deals of 15 to 20 units and half of the units are habitable and or occupied. The monthly income is about $6,000 but will increase when other units are leased.

I always tell people to buy like they are broke. Don't go and buy the most expensive house buy the cheapest house on decent street. That is almost if not move in ready. in Detroit your dollars can and will go far.

I am currently living in Charleston, SC and have been since 2007. I got my real estate license in Dec. of 2007. I bought my first property in the North Charleston area in 2009. I purchased it for $20,000 and rented it for $900 a month. Since that time those prices for rental are just about gone. You could buy great rentals until about 2014 and that's when the prices shot up. Now in those areas the houses are selling for $85k to $90K. There are off market properties but you have to do a lot of direct mailers to get the good prices. You have to be very consistent and can close fast. If you are looking for rentals, the properties are being purchased by larger companies and or large money funds like Berkshire Hathaway. Charleston has really great beaches so it brings a lot of Northern money and old southern money so that is increasing the cost of properties. You have an upside because you can us VA loans. I on the other hand was purchasing properties with cash and creative financing. Here is a great instance of current prices a property came up for sale for $60k in Summerville in the last two months before I could submit an offer the first week the property was listed they had close to 10 offers that were mostly cash. I'm not saying it cant be done but it is going to be hard. But it can be done. because I have purchased properties that were for sale for years and investors didn't understand how I was able to purchase being a one man show. So don't let anyone stop you all you have to do is keep putting out offers and you will get one. I don't want to keep boring you but also check out the tax sale Charleston county makes millions a year selling properties from delinquent tax payers. They don't have a system to help property owners pay their taxes monthly like other cities where I lived like Greensboro, NC. So Charleston has thousands of properties being sold at the tax sales. I have purchased properties from that sale as well.

Hoped this helped