All Forum Posts by: Nikki Closser

@Allen Williams thank you!!

@Yige Huang nope, there are no restrictions on down payment. It's all an agreement between the seller and buyer and, as long as both parties agree, you can do whatever you want! I just made sure it would be an attractive enough offer to this guy based on what I learned about him and his situation. There are tons of references to do seller financing on the BP podcast episodes, but I can't remember which ones off the top of my head. That's how I learned all about it. For CAP rate, it varies greatly in my area and I honestly couldn't tell you what the average is here. If we had purchased it at asking price of 297K with the NOI that it was when we bought it, the CAP rate would have been 9.26%, but I'm not sure what ended up being at 290K that we paid for it.

@Clarence Stevens the one regret I have in life is not house hacking a duplex when I was younger! As far as getting a bigger multi family, I think it depends on what your goals are. For my first deal, i wanted something that cash flowed more than a couple hundred bucks. And that was really hard for me to find in a duplex or SFH.

@Richard Hayes I found it on realtor.com 

@Matt Greer haha!! It’s actually pronounced with a short o, but maybe I should say it the other way during deals 😂

@Thea Jenkins thank you! Yeah, I for sure want people to feel cared for! It kills me how many landlords just do not give a sh*t 😳

@Bodie Jones thanks for the advice! We did Airbnb with our Seattle house for a while. I actually used Airdna and the results were a bit questionable

@Anthony Jackson thank you!

@Brian G. that was a big part of it. Also, most banks have a seasoning period before you can cash out refi and our credit union is 2 years, but they will do 80% loan to value. We didn’t want the down payment cash tied up that long. And we knew that we could force appreciation by raising rents and get a mortgage on it to get some of our cash back soon than that. 

@Dado Vucak my husband and I are both from Michigan and moved back here in January now that we have two little kids. Otherwise, I wouldn’t have known the MI market at all! Knowing this state like the back of my hand has been SO helpful. 

@Bianca Sackey thank you! You know, the only regret I have in life is not house hacking when I was younger. I’m 43 now with 2 kids and it’s just not happening at this point 😂

I was a landlord for 10 years for a condo I owned that I only rented because I bought at the height of the market in MI in 2004 and then the market crashed and I was moving to Seattle and was so underwater on it. I HATED being a landlord. For that and for Airbnb. So, we decided up front that we would have a property manager for whatever properties we bought from here on out. Our agent is actually also a property manager, so we are using him. We are only a couple months in, so we will see how it works out after a year and reevaluate.

@Mike Biasatti correct. The seller is essentially the bank, but you both decide on the terms.