All Forum Posts by: Misty C Traylor

What is owed to the realtor when you do owner financing on a deal like this? 

Thank you both for your insight. Due diligence meeting scheduled. Good initial meeting with the bank. If not full owner financing My biggest concern will be finding ways to make up what the loan doesn’t cover. Could probably work up something creative with owner. I still have homework to do on the property.  

I have the opportunity to purchase a 31 unit apartment complex for 1.6 million. CAP rate of 6.5%. Current manager not aggressive so there is opportunity for improvements. Open basement with opportunity to create tenant storage rental space. Roof and CH&A units up for replacement soon. The owner is willing to owner finance. If you had the opportunity to set up owner financing on an investment like this what would your numbers look like? Would you offer 20% down? What would be an acceptable interest rate for owner financing? I want the offer to be good and would like this groups opinion on what a good owner financing offer would look like that would benefit the buyer and seller.

I'm stuck. So stuck that when I logged on I realized I still had a post I had typed but never posted a few years ago when I started listening to bigger pockets (posted today). 3 years ago I did actually find a tax delinquent property attached to my current property and am now selling to the neighbor for a $5k profit. So that counts as a first deal, right? However I haven't done anything else. The execution is the hardest part. I have saved a good amount of cash. My home is paid for and I have an equity line I could use. I struggle with which avenue to pursue. Id love to have a vacation home rental but don't know if with all the HOA,fees, etc if it would actually cash flow. Or do I choose smaller local residential property for my first deal to get experience. Or go bigger and find a $600k property and pay cash for the down payment. Debt scares me. What advice would the seasoned folks have for me ? Thank you in advance.

I am new. Have not made my first deal. Sponge for information at this moment. I want to invest in multi family property. I have had my eye on a 6 unit complex (4 in one building and 2 in the other). Did a walk through. The property needs some love. The biggest thing that sticks out as odd to me is that 4 unit building is facing the woods and what should be the front is flat. In my walk through I can easily move the front doors to face the front of the property. It sits on 7 acres. I would give a rough estimate of approx $100k needed in repairs.  It is empty except for 1 unit. A local physician owns it. He is 77 years old and purchased it in 1986. When searching for an apartment to rent you would not know this property exists unless you drove by and it is off the beaten path but still in the city area. My question for this group is... With the property being mostly empty what questions should I ask myself of why? Am I missing something? Would you stay away from an empty complex?