All Forum Posts by: Jack McWatters

@Daniel St.Cyr talk to my friend @Jason Norton

I had an awesome phone call with him today I’m sure and guarantee he can answer your questions and help you out! Also I’m working on my first deal as well we should chat sometime :)

@AJ Leman AJ! Thank you for the response! Yes the offer is a seller finance and they have agreed to seller financing I’m waiting for a counter offer! The problem is because it’s such an expensive deal, the down payment it much more than I can afford, and I’m looking for an investor looking to partner or invest the money! What did you do for yours?

@Reece Iovine you know I was thinking about that as well but that’s actually a good point you make, the numbers show it would do good.

@Shiva Bhaskar thank you shiva! I’m looking carefully, and really looking to make sure everything is set but it looks like this deal may fall apart, I’m looking for investors to partner or invest at the moment! This deal is pretty good for the area it’s in!

@Tyler Bains thank you tyler! Yea this propert is hard to comp because there just isn’t many properties of similar style and unit size sold or for sale in the area. What would you suggest at that point?

@Whitney Hutten thank you so much I love reading new books! I may end up not doing this deal but it will be nice to have the info for the future because this is the road I want to go.

Hey guys, Jack here, I would like to start off by saying that I’ve found a good market, a good rental market. Good for buy and hold, and the problem that I am having is not deals, but money. I’m working a W2 job and I’m being frugal, I just don’t make all that much. I honestly and looking to meet with people who live in Billings who are also looking to get started to talk about how you finance your deals, and when you got started.

@Aubrey Tatarowicz thank you thank you! I plan on doing so, it is hard to run comps on this complex because there are not many being sold. Or have been sold in the area, but the need for rentals is growing and growing.

Hey guys I just put an offer on a 18 unit building cluster, the owner inherited the property from his parents, and wants to sell the property off he is using an agent to represent him and they have actually agreed to the idea of seller financing.

My offer is much lower than what he wanted for the property, and I expect a counter offer to my offer, but I view it as an amazing BRRRR strategy. There are 15 1 bedroom 1 bathroom apartments and 3 2 bed 1 bath units, they are all very different in rents but average about 600 for the 15 units and about 700 for the others. Even in the area it's at, I believe I can moldy update some of the units and increase the rents for the singles to 700-800 and the other units 800-900 based on the area. I have a new property manager that I know who is amazing and is willing to work for me if the deal closes, decreasing my stress and costs for management. The utilities are paid for by the owner and the only separately metered item is the electric. I still thing I can bill back the water sewage and gas to the tenants. And maybe keep rents close to the same and raise them yearly or according to laws.

I also because I am newer to investing, I’m trying to offer a buddy who is interested in real estate the opportunity to invest in the deal for the down payment since it is a little bit larger than I can do, After about 6 months to a year I’m hoping that I can add enough value that I can then refinance the deal and pay off my investor/s and the seller.

I need some BRRRR professionals to help me out here!

@Lynnette E. Ooo that makes sense! Well thank you for spreading ur wisdom. I appreciate it! I’m in the process of one deal right now so I’m not sure how I could do both at the moment haha! Maybe swing for the fences, am I right.