All Forum Posts by: Mike Lowery

Michigan Investors. Hello, I am an investor in Milwaukee, Wisconsin, however my brother is looking at getting into the real estate game. He wants to house hack and is looking at duplexes, triplexes and four families. He currently lives in the Upper Peninsula, but is looking to move to the lower peninsula. What are some good markets in the LP? Doesn't have to be near any specific place, just fair valued properties where you have seen some good cash flow. Ideally 10% CoC return. Let me know your thoughts!

Gerrit Bruni send me a PM, I have a few ideas.

John Meurer I'm interested in learning more about the property.

Where are the multi family properties located? I would be interested in learning more, especially off-market.

Marcus Auerbach I'm currently traveling. Can you please PM me details of how you can finance this deal?

Buy Solid Investments

Thank you all for the responses, it is much appreciated. I do have to say that there are plenty of good options and points being presented, but the one that stood out was about not getting strung along. In the end we have to determine if they will offer any sort of financing AFTER educating the wife. Hopefully this is something his real estate attorney can assist with. If not then we have to seek conventional financing and purchase it the old fashioned way. Most importantly though is to keep pushing forward and making progress either towards a sale, or walking away and looking for other investments. Thanks again guys!

Chris Low and Patsy Waldron it sounds like the sellers wife wants something more finite. Either they will keep the property or sell it outright. The seller is frustrated as well and is asking his attorney to perhaps provide insight on the situation so the sellers wife doesn't feel like they are getting burned or carry the burden of all the risk. We have tried verbally agreeing to some sort of owner financing deal and was reaching out to see if anyone has heard of other options we may have besides the tradition lease option or seller financing. The property is located in Milwaukee, Wisconsin and we feel like the price is fair. Ultimately we would like to get into the deal with less money down as this seller has at least one other four family we would be interested in as well and we don't have enough capital for the down payment on two four family properties.

My partner @Jonathan West and I have found an off-market four family that we are interested in purchasing from a seasoned investor. This property is in a great location and the numbers work out based on our conservative analysis. We want to build a relationship with the seller as he and his mother will be looking to get out of the game in the future and it would provide us the opportunity to purchase his investment properties prior to them hitting the market. 

The purchase price has been agreed upon at $185K. The most recent comparable is located a few blocks away and sold in November of 2016 for $209K. While we could get conventional financing, we are trying to think of creative ways to finance this deal. The seller's wife is not happy doing land contract, but my be willing to carry a second for part of the down payment. 

It appears as if the seller is dealing with a lender that also has an early payment penalty clause for about another year, so we were looking into helping him out with that and possibly taking over ownership, but not recording it and paying off the loan until the penalty lapses. 

Any thoughts on how to structure this without doing a conventional loan?

Chris Heeren when you say borrow the capital does that mean tapping into private money resources? Is this how you've done all your deals or did you get established first in order to provide this opportunity?