All Forum Posts by: Manik Sewak

Google voice is super easy and you get 1 free phone number to use for calls and texts. Exactly what you’re lookin for trust me

Are you a broker? If not you are just looking to assign the deal as a wholesaler. A broker could advertise properties publicly. As a wholesaler, we have some restrictions. I’d say if you’re going to post on 

Facebook /Craigslist which is the public,  don’t include the full address. Only the street name. If someone inquired you could release full address. If it’s a private email list that you’re sending to, then you could include full address. Be sure to include all the details and then you have a marketable /assignable contract.

Btw. What area is your deal in? I wholesale in Bradenton/Sarasota, Tampa, Venice.

@Michael Ealy could you take a couple minutes and analyze this deal on LoopNet? It reminds me of your deal where you used the brrr strategy.

It’s been on the site for a few months and no one has taken it. Located in booming Jacksonville, fl. Selling super cheap, extreme value add. 

I’m curious why other investors are passing on it. There’s a university 6 blocks away too. 

Would love to hear your thoughts on this...

https://www.loopnet.com/Listin...

@Taylor L.Thanks Taylor! Ill have to check Jacksonville as I'm only a few hours drive away.

Talk to an experienced real estate agent in that area to See what your best options are. You need to know exact numbers to determine if that is worth it. 

How long has property been for sale? Doesn't hurt to make an offer. Worst case scenario, the property doesn't fit your numbers and you move on to the next.

@Taylor L. Could you suggest a couple cities where there are still decent Multi Family deals?

Another question on top.. What interest rate have you seen on owner financed properties? is there a typical % or does it completely vary? Have you seen owner financed rates match with traditional bank loan rates?

I have a HML backing me for my multi family ventures, but the high interest will kill cashflow, so that is why I'm looking for owner financed deals where the interest could be better.

Looking for some more insight in purchasing a Multi Family of 5 units or more through owner financing. 

From you experience, what do % owners usually want as down payment. 

Have you ever bought one with 0 money down?

How do you hunt down these properties that have a probable chance of owner financing, in other words, while looking at details online, what traits are you looking for that could show you the owner may finance the property.

Very Important question: Lets say you have found a really good deal for a multi family and you are strictly looking for an owner financed deal. You like the numbers on the t12 and rent roll and have seen the area and exterior of the property. Do you setup a showing knowing you will make an owner financing offer, or do you mention to the Seller's agent that you're interested in setting up a showing but only if seller is willing to owner finance? Mentioning beforehand will save you and the agent some time, would it not? If owner is not considering financing at all, isn't it just wasting time to go see the inside and then make a useless offer after?

Also, surprise surprise, I am looking for an owner financed Multi so reach out to me if you have something!

Thanks!

@Michael Ealy This is such a motivating read. You got your buy in money back, 2.2 million profit but probably more, and 15k positive cash flow. Not only that but principle of the loan going down every single month. Im just starting out on my Multi_family ventures but this really set the tone of whats possible. I would definitely keep the property and take the cash flow, and move on to the next one.