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All Forum Posts by: Michael Schlink

Michael Schlink has started 2 posts and replied 4 times.

I found a house where I would like to retire in a few years. It’s $349k with $49k down, $1500/month at 4.5%. I plan to rent it out for a few years, then move there myself. We originally planned to close at the Title Office, but they won’t do it unless the seller pays off his mortgage before we do the seller finance deal to me. Seller wants to keep his mortgage in place and take payments from me with a notarized promissory note. Are there some things I should look out for? Should I hire a RE lawyer?

Thanks for the advice

Post: Starting Multi Family

Michael SchlinkPosted
  • Posts 4
  • Votes 0
Quote from @Joel Case:
Michael,

Long Beach has some nice duplexes sprinkled throughout the city that have come on the market the past few years that have always seemed decently attractive to me. I would steer clear of Via Don Ray in Long Beach though. Same goes for the multi-families in the back of Savannah Pines, there is always a unit or two for sale, but the people I have talked to who have looked at them state the quality is not there, especially for the prices they want. Reach out if you have any questions.
Thanks Joel
Did you see the one on stilts for $350k the listing said rents for $5k a month?! Got my blood pressure going but then I found out it’s only cuz the owner has a sweet deal to rent to the military for short term rentals. I’ll keep looking. 

Post: Starting Multi Family

Michael SchlinkPosted
  • Posts 4
  • Votes 0
Quote from @Susan Maneck:

Start keeping your eye out now. Are you only looking for properties in the Gulfport area? 

Hi! I’m looking for the Gulfport/Biloxi area because I have a great property manager in place there and haven’t learned how to find one I would be comfortable with elsewhere

Post: Starting Multi Family

Michael SchlinkPosted
  • Posts 4
  • Votes 0

I have been self employed in a business outside of RE for almost 20 years and trying to find a way to invest that gets me retired from my business in 10 years. I have about $200k to invest and looking for multi family in Mississippi cuz I have experience with a great management company there for my SFH and my friends have 4 plexes and SFH managed there.

Should I wait to invest? Should I buy more SFH's and duplexes?

Thanks for the insight