All Forum Posts by: Jon Mark

@Simon W. $2864/month

@Ned Carey Let me rephrase, I’m not broke by most people standards, I make between 100-130k a year at my job. What I mean is, I don’t have 18k set aside for closing costs, and it would take me about a year to save that. The deal itself will cash flow approximately $2000 a month. My business plan is to not take any profits for the first year or two, and set aside between 24-30k in a separate account for repairs, vacancy loss, and maintenance

@Jason Gines

Cash reserves? I am going to be honest, I am broke right now, which inspires me even more to do creative financing

@Simon W.

Yes I believe its a good deal, off market deal, currently at a 10 cap, with some value adds I can make it an 11 cap.

It will also cash flow . 

11 units gross rent - 76k

Water/trash - 2900 (value add opportunity)

Insurance - 4500

Tax - 5600

Maintenance - 1500

Repairs - 1900 

Vacancy loss - very low

NOI - 5k/month

I found a multifamily property that is open to owner financing the entire property, but I do not have any money for closing costs Is it possible to add the closing costs to the note the seller will be holding, if the seller pays closing costs? 

Example - Seller agreed to finance 600k deal

Closing costs - 18k

New agreed upon price is 618k (18k over list price) because they are paying closing costs

Deal will still cash flow

What other methods are there to solving this issue?

Thanks

Jon

@Simon W. Closing costs would run approx. 18k, which I unfortunately do not have right now

@Simon W. Yes 100 percent. It is an estate sale that the kids do not want to operate..

I found a mutilfamily property that is open to owner financing the whole deal, but I do not have any money for closing costs Is it possible to add the closing costs to the note the seller will be holding, if the seller pays closing costs? What other methods are there to solving this issue? Thanks Jon

@Jessika Baptist I’ve been enjoying his podcasts, I’m sure I will enjoy his YouTube channel. Thank you

@Bryce DeCora I haven’t considered that concept. Thanks for the idea