All Forum Posts by: Marc Thomas

I have found a few great deals for the potential of a small MF but they are currently described as commercial. I would love some advice on how to go about getting this done. And how to present to the owner so it can be more enticing. The 1st floor is an office space; upstairs there is 3 large apartment. Is it possible to switch this from a commercial to residential? I would love to use an FHA to obtain these buildings but struggling how to go about doing so… Will the seller be less motivated because it isn't an regular traditional loan; does going in with an FHA deter the seller

@Tom S. thank you for the great advice. Yes the property is 100% owed by him. If he agrees to the deal I definitely plan on getting it appraised and restructure if necessary. Thank you once again!

I would like to know if I have a good deal and if seller would bit…

I know an individual who has a 4br 2 and a half bath; unfinished basement in a great inner city location. 
I’m a newbie to real estate and I’m trying to get a seller to agree to a seller finance deal. I don’t have a lot of capital as of yet but I have an okay job making 85k a year. So I know this couple whose husband is in the army and 5years out of retirement. I’m offering 3k down payment and every fiscal year (seller choice on time) he will receive 3k; monthly there will be a payment of $800; the length of contract is 8yrs. In time frame seller would receive 100,800. I would pay property taxes. And if I’m able to buyout contract early there would be no penalty. I have the option to update and do additions (i.e finish the basement). The homeowners insurance would be paid by owner and if any damage occurs I would just receive money I invested. 
Property is appraised at 92k. As of now he has tenants paying 1600 a month 

Can I get some advice. Should I approach differently?

@Justin Windham thank you for replying to my post. This site is very resourceful in all aspects that I am lacking. The connections that I am making and the education that I’m gaining daily is very beneficial.
Im now looking into hard money lenders so I can get a jumpstart on my MF journey. 

@Barry Ruby I am definitely trying to educate myself on every aspect. I am now reading Investing in Real Estate with No and Low Money Down by Brandon Turner. My next read is How to invest in Real Estate the ultimate beginner’s guide, also by Brandon Turner.
I want to succeed and build generational wealth for my daughter and I. Showing her how to make money work for you is something that’s not going to be taught in school… 

Right now I’m at a job I hate (making 90k/yr) with no room to grow. I’ve talked about doing this a few years but was nervous. I don’t want to continue running in this rat race. I would love any advice that you are willing to share. 
I made a promise to myself that this is the last year I want to be working for someone else. I am going to keep that promise. 
Thank you so much for your response!

Thanks for the advice Carini! I’m happy that I started that process! And I don’t want any issues with the IRS… I heard horror stories!

I’m ready to invest in my passion…multi family homes but I have a dilemma. 
I have been wanting to invest in multi family but getting my affairs in order before I do. I owe taxes and currently handling that now; I have a tax attorney assisting me with this issue. Now I'm ready to dive into investing. I am saving up capital so I will have the option to get a conventional loan on the properties I have my eye on. I haven't forgotten about the FHA loan but I know that I would need either a triplex or quad to have enough for CAPX and to have a profit.
I want to know how do I start out if I don’t have enough capital as of yet but my credit is good ( 700+). Would I be able to leverage my credit and my previous work history to get started? I have the momentum and I don’t want to lose that. I’m also nerves about what may be said about the taxes I owe when trying to purchase. Can anyone help me with these questions/concerns?