All Forum Posts by: Matthew Mckibben

   Hello, My name is Matthew McKibben, and I live in Minnesota. I'm looking at my first rental in St. Paul and have the option to use owner financing. I'm both really nervous, and excited all at the safe time. I've never gone through the process of buying a home because the wife and I decided instead of buying a single family we would get a multi family and "house hack". My wife and I have been wanting to get into real estate for awhile now, and I've been learning as much as I can over the last 3 or 4 years. I have read and own about half of the books on bigger pockets and am on number 250 of the podcast. I try to read the forums everyday, and go to local meet ups once or twice a month. So now that I've given a little bit of a back story I will go into what I'm looking for from the community of Bigger Pockets.

   I'm wondering if anyone has advice on how to go about purchasing a multi family with owner finance from someone that's done it before. What were the benefits and draw backs for you personally? Did you inherit tenants and if so how hard was it for you to train them to how you run your investment? 

    If anyone also has any advice on how to take advantage of the amazing opportunity with owner finance when it comes to negotiating a better price, or rates that would be very helpful as well. Really any advice is more then welcomed. I'm going to be meeting with the seller tomorrow afternoon so I'll be able to update this post with more details on the property after. The seller is my current landlord in the small apartment building I live in now and he's in the process of selling off his smaller properties so he can reinvest the money into commercial real estate. This 3-Plex is the same property that he started with 4 years ago. 

   I have to say all of this is coming together because I tend to talk to anyone that will listen about my goals in real estate, and when he came into my unit last year to inspect the building before buying it I just started to ask questions. Since then I've been doing work for him and have taken him out for coffee multiple times to ask questions. Since he knew I was serious about doing this I was the first person he came to when he decided to sell. I'm currently self employed and working on getting my real estate license so that's part of the reason I'm looking to use owner finance. I hope this post didn't turn out to long for people. Again any advice and feed back is graciously welcome. I hope everyone has a great holiday season and a happy new year. It looks like I'm going to have a lot of learning experiences in the up and coming 2020.

Ok, I'll make sure to follow up and see how things are going with your plan.

Hello BP,

     My name is Matthew and the ladys name is Alexandra. We are trying to reach out to find any wholesales to take out for coffee, or a bite to eat and see if we can find someone to connect with. We've gone to some real estate meetups in the area, but haven't yet met anyone that does this type of investing. 

     I would love the opportunity to help out, and learn all at the same time. Feel free to message me if you are a wholesaler yourself, or may know a direction I could go to eventually meet some in my area. Thank you for anyone that reads my post, or have any advice on what I can do to better my chances. I love the PB site. We are really excited to continue learning about something we have become so passionate about.  

    I'm also willing to travel if someone it's in the twin cities area. I'm in hugo so about 30 min north of St. Paul.

This is something that I've been thinking about as well. I'm 31 now but when I was 18-19 I had an issue with drinking and I contribute having a safe place to live away from where I grew up as a factor in turning my life around. I feel having lived through that could give me a unfair advantage on providing a safe, clean living environment for others to better their lives while also making a living. It can be good money and a lot of people get their rent paid by the government, or a lot of treatment centers like Nuway pay for their sober living as long as they go to treatment. 

  I just want to say I love this idea and I look forward to seeing if you go this route. 

   Hello, my name is Matthew.  Glad to hear that you have rejoined. I've been coming to BP off and on for a year and a half now with the last 9 months of really diving into my education. I'm going to be getting my pro membership next week. 

    We have a lot of the same goals so I hope I see you around on here to see your progress as the years go by. Best of luck to you. 

@Arieal Lewis the fact that you are 23 and looking I to this and on BP is a great start. I'm 31 now and wish I started at 23. I dont have a rental as of now but I'm getting closer everyday. Keep this mindset and itll pay off. I dont make a ton but I've been putting what ever I can away even $20 out of each paycheck adds up. I've been saving up for a couple years now and am starting to look at deals.

I am yet to get my first rental property, but I've been reading books, on BP, and talking to people for the last 5 years. Slowly getting more involved, and putting in more effort. I think what has been holding me back is fear that I'm going to mess things up. I come from a lower income family, and I'm at a point in my life now that I'm doing ok for myself. I want to go much much further in life though. I've met a good group of guys that have helped me get over this fear, but I just need to take the money I have saved up and pull the trigger on a good deal that I find. I started going to as many meetups as I can last month so I'm going to take the time to network, and hopefully have a deal started within the next 9 months.

P.s. I'm in Minnesota is anyone ever wants to link up and have coffee.

@Tim Swierczek Hello my name is Matthew. I know this is an order post, but I'm new to bigger pockets and realistate and looking for meet ups to get involved. If you still know of locations I would love to join in. Thank you in advance.