All Forum Posts by: Katie Ann Mangan

Hi all,

My husband and I are looking for a small multifamily property to MTR in Grand Rapids, Michigan sometime this summer. We are out of state investors (currently live in Seattle, WA) but my husband is from grand rapids and we are excited to invest there! We have been working to build our connections and would love to connect with any other local investors or professionals in the area. We currently have an agent already but still trying to settle on a lender (looking for more flexible loan options). Ideally looking for an off market property if we can find one so would love to connect with any wholesalers or anyone looking to sell!

What we are looking for:

Small multifamily property below 350K. willing to do lighter/cosmetic rehab. This is for MTR's so we are considering neighborhoods semi-close to medical mile:

easttown, midtown, belknap lookout, creston/creston heights, west grand, riverside park, heritage hill, east hill. pretty much any area within 10 min drive of medical mile that is a safe and semi-nice or up-and-coming neighborhood.

Would love to know how everyone else is this market is fairing. Would love to know what everyone else is looking for and biggest points of pain in your business. maybe we can help each other!

thanks everyone, y'all are fast to respond! Yes I am aware of the due on sale and will definitely will inquire with the lender before I do anything. i felt looping in an attorney was a good place to start

@Doug Spence Main plan was to move it for liability purposes but again wanted to just connect with an attorney for best recommendations on how to approach everything first. and yes I do self-manage! it's not too bad!

Hello all!

My husband and I currently live and operate an STR house hack in Seattle, WA. We also own a beach property in gulf shores, AL

We are in the process of purchasing our next property in Grand Rapids Michigan and are likely going to be buying several there. We are wanting to move our Alabama condo into an LLC (currently under our personal name as we used the 10% down vacation home loan) and will want to probably start moving our michigan properties into an LLC once we have them.

My question is, does it make more sense to talk to an Alabama attorney or a michigan attorney to get this process started?

Any recommendations for attorneys in those areas would be great as well! Thanks!

Hello!

My husband and I are under contract for a condo in Gulf shores that we will use as a STR (we close this Thursday).

The seller is also selling the one next to the one we are buying. We used up all our capital and our debt to income ratio on the one we are buying but decided to pitch seller financing for the second one just to see what he would say. It has been on the market for 81 days and seller keeps dropping the price. They are an older couple near retirement and wanted to capitalize on the market and go ahead and get out. He said he would hear our offer in the seller financing piece so I am going to send him an email but I have a few questions.

1) we probably can only offer 0% down with 5-6% interest. I know not a strong offer so we know it’s a long shot but we figured we would shoot our shot. What terms are people giving these days? I’m thinking for a couple close to retirement it is a safer return than the stock market right now so mayyyybe?? Seller is super super nice so that helps and I don’t think he would get mad at a bad offer

2)Balloon payment

-i know that oftentimes there are terms for a balloon payment in 5-7 years. My question is about the tax advantages here, I know one of the main tax advantages for seller financing is not to receive a big lump sum payment to not have to pay capital gains tax but wouldn’t they just be putting that off 5-7 years with a balloon payment system? I understand the loan will be paid down some in this time but if you are doing payments based on a 30 year loan, it would not make that much of difference.

-for balloon payment, will it be difficult for us to refinance if we aren’t able to force a lot of equity? There will be some- the kitchen could us some updates but not a huge amount.

Thanks!!!

@Bradley Dosch what meetup do you attend? I often find it hard to go due to my W2 schedule (work until 7pm on a lot of weeknights)

@Chris McKenna wow that’s awesome! would love to connect in person if you are comfortable and talk real estate! Let me know if you are interested and what your availability is!

@Royce Moriarty yes let’s make that happen for sure! I will send you a DM

Hello! My husband and I are investing rookies in the Seattle Area. Last year we purchased a duplex that we are house hacking via airbnb/vrbo in Greenwood. We are looking to start investing long distance, very likely going to purchase a house in Gulf Shores, AL for short term rental in the next few months. We want to connect with people in the area that are also interested in real estate investing, especially long distance to help grow and encourage each other. We are both 28 but would love to connect with people of any age/experience level. Let me know if anyone is interested in meeting for coffee or drinks, etc. 

@Aaron Nelson yes would love to connect to talk about the Seattle area market. We would prefer to stay in Seattle limits if at all possible. We would be happy with any area north of lake union but are open to anything north of downtown. We would venture further as far north as Edmonds was though for a good property. I prefer to stay away from shoreline unless you have some really good neighborhoods. I work in shoreline and have a lot of experience with sketchy characters there. Thank you so much!!

Hello! My husband and I are new to real estate investing and looking to do our first deal as a multi family house hack in north Seattle. Would love recommendations for a lender and agent that knows the area well! Would also love to connect with anyone other investors in the area!