All Forum Posts by: Michael Le

Hi @Account Closed, I think the only way you would have a deal with no buyer would be if it wasn't really a deal. So I think you should focus on finding the best deal you can and the buyers will flock.

Welcome @Jorge Aguilar. You're starting young so you're way ahead of where most of us were. So congrats on having your head on straight so early on. In addition to reading and the podcasts, I would suggest going out to some local meetups and get to know some of the investors there. Even if you're not ready to make a move quite yet, you might get lucky and fall into an internship of sorts. Or better yet, go out there and force your luck and grab that internship for yourself.

My opinion is that you should focus on medical school. It's never too late to get into real estate. And there will always be deals. People don't stop investing in stocks because they missed out on GOOG or APPL. People still make money even now.

Medical school is hard enough, especially in the first couple of years. (My two eldest brothers are doctors, my wife is an NP and my family is replete with medical professionals). Once you're done you will have many opportunities opened up for you that you don't have now. You will have money and a reputation you can rely on. The $50k you might or might not make trying to buy and manage this 4-plex while in medical school is not worth the stress. You'll make that much in just a few months in the future.

You can just do it on LegalZoom. It's not too complicated. Cost is about $360 plus the state fee of $300.

Hi @Mav Larson, you didn't post other crucial information. Owner financing of $220k but at what interest rate? Amortized over what period of time? Is there a balloon so that 5-years down the line you have to refinance? Since you mention getting the payment under $1000/m then he would have to finance it at 3.59% amortized over 30 years. Are you sure that's a rate he's willing to do?

Even so, at that rate you might be getting negative cash flow. Using the 50% rule you can expect expenses to be half of the gross monthly income. So that leaves you only $1000 a month for debt service. So basically $0/m cash flow.

If you were living in one of the units then maybe it'd be worth house hacking. Otherwise I don't see why you would do it.

Awesome story. Thanks for the all the details too. Congratulations.

Welcome to BP, @Candice Cucco. My advice would be to start out by enjoying the good, free information you can find right here on BP. Read the blogs and listen to the podcasts. Eventually you will want to act on this knowledge but get your good foundation first.

Welcome to BP, @Violet O..

Welcome to BP, @Boots Swikert. There is a lot of information on this site so if you want to learn, that won't be a problem. There are blogs and podcasts about multifamily properties if that's what you're interested in. You can meander your way over to the forum dedicated to that too.

https://www.biggerpockets.com/forums/432-multi-family-and-apartment-investing

Welcome to BP, @Paul Scribner. I hope you become active on the forums so we can all learn from your experience.