All Forum Posts by: Mark Webb

awesome thats a great goal, a lot of people are on the same path. considering your likely to have that entire $10,000 go towards closing costs, down payment, and some up front minor repairs. your really going to be left short handed if something happens. having reserve funding is always important with buy and hold because your very first rental tenant could be getting evicted in month 2 and it has happened to investors. I don't know your financial situation , however if you own a home currently as a primary residents maybe you could use a home equity line of credit as a means for emergency funding or even reserves. my advice personally would be to make sure whatever you do you prepared to stay in this business long term and not get knock down or even out on your first deal. 

hope this helps!

hey carol, I frequently go after seller financing whenever possible. it depends on what your comfortable with asking. typically ill offer 6% on a term they are comfortable with. I of course try to get the 30 year amortized. however thats not for most sellers. 

so you could ask for a 15 year amortized for them to carry the entire term or even a offer a 15 or 30 year amortized with some sort of a ballon payment (maybe year 3,5,or 7) and refinance once you have the equity 

hope this helps!

Hey Zach , if you intentions are to buy for long term I would personally go with the lower rate however if you undecided maybe save the cash for now to possibly get into another deal and refi later if you decide you want to keep it for the long haul. 

The best thing you can use to professionally show all the data is the BP calculators and you can use them for free up to 5 times as a free member.

I would contact a few TOP real estate agents in your area to ask for referrals and why they use that title company. price is the difference I hear most people chattering about for choosing a reliable title company when its apple to apples.

I'm really curious about this post and would love to know if anyone has any information on this process. It sounds illegal to me, considering the true liability of mortgage is still on the sellers. just curious to as why he wouldn't try to take these properties subject to the existing mortgage. is he compensating the seller at all?

wow this was a loaded post! 

the lending process is different for commercial property. they do base it more on the performance of the asset as opposed to you personal income. also you capacity to handle those units, if you have never been a landlord before your not likely going to be given funding. typically they want 25% down for commercial as well. I've seen folks get 90% LTV on small apartment complex but it wasn't their first rodeo and they had relationships with the lender.

Some things to consider is that you are responsible for a few more expenses than your standard SFH. you'll have to pay for attorney, CPA, landscaping, trash removal, and possibly pest control as well. if your considering owner financing any units off a apartment complex every unit must be individually metered.. that said you will more than likely have to do a condo conversion. can be expensive because you have to pay the county, a attorney, and architect a lot of money to get it processed.

your typically going to have higher repairs, maintenance, and vacancy with apartments because they are places that turn over more quickly compared to the desirability of a SFH. with that said the management side of have all 10 units in one place is amazing so when problems arise in different units your not driving all over the place to 10 different SFH.

I hope this helps!

From my understanding you are required to accepted it, however verify your local laws. the only way around this is if they don't fit your screening criteria. so if across the board you don't accept smokers or anything else along those lines that are not a protected class you can deny the tenant. I'm curious if anyone else here has the definitive answer on the section 8 law. hope it helps

@PeTika T. hey petika,what would be your goal for your first deal?

Are you looking for a buy & hold or a Flip? 

@Mushfiq S. Hello, im a local investor and real estate agent in the Central Florida area. are you interested in continuing to invest in Florida? 

If so I would be happy to assist you in locating your next investment as your boots on the ground,  either from local wholesalers or the traditional market