All Forum Posts by: Nik Doukas

Today was another offer lost to $10K over asking (I was surprised). Starting to wonder if I'm going about my search all wrong. I'm working with a fantastic realtor but we can't seem to find a good first place. I'd love a small multi house hack or a SFH with the opportunity to force a bunch of equity (to then get a HELOC and use it for more deals).

Aside from limited supply in the area, I think a self imposed challenge is that I'm currently only really looking at MLS due to wanting to use a low down payment for owner occupancy.

Is there a way to use a low downpayment option for an off market deal? Anyone have any experience moving into a place with a land contract/seller financing on it?

Thanks!

I just saw 2 great buildings on one lot, great house hack potential except for 2 potential obstacles. Backstory first, obstacles below.

The rear building has 2 beds and 1 bath with potential to add maybe a studio apartment as well. Currently the tenant (seller's son) uses the potential studio space as a gym (great setup tbh) and they've lived there for (3) years.

Front building has a HUGE 3 bed 1&3/4 bath apartment over commercial space (little office great for an attorney or insurance biz, etc). Front building has Garage built into the side of front building. 

Seller's mother was the owner and passed away earlier this year, she's looking to simplify and sell to avoid having to deal with being a landlord. Her 2 siblings have no interest either.

The rub is this:

-Buildings are priced really high for the area in the condition they're in ($315,000 together)

-Seller has her adult son staying in the rear unit charging him and his wife about half of market rent ($525 currently)

I am seeing my numbers work out (FHA 3.5% down, living in the vacant apartment above the office, still paying $500 or so to live there) around the $240k-$250k range. And that is still with raising the rear tenant's rent to market (~$1100).

I really like this deal, I can see it being a great long term asset, but I can't justify paying anywhere close to what it's listed for. I'd also hate to be the bad guy and jack up the rent on her son and daughter in law, I'm getting the sense there's still some conversations to be had within their family...

My question is this: How do I go about making my offer in the $240k-$250k range while still being respectful of the family history they have here? 

Thanks in advance BP 

@Adrien S.

Adrien, sounds awesome! Sending you a pm

@Nicholas Smith

Thanks Nick! Sent you a message

@Daniel Guerra

Awesome! Would love to chat over a cup of coffee!

Hi All,

Since I’m so new and have been in the learning and saving to invest phase (and will be for a while) I’m looking to meet some of the pros in Northwest Indiana that’d be helpful to a newbie investor.

I'd love to meet a realtor with local insights and experience that also understands the BRRRR and buy and hold games.

Does anyone know a realtor who’d come highly recommended that would be willing to let me buy them lunch to pick their brain?

I’m not interested in wasting anybody’s time or asking someone to work for free, but I still need to know who I’m calling first when I need an agent!

Thanks!