All Forum Posts by: Quincy Jallah

Hello BP Community

I am in the beginning stages of trying to sell a smaller (6 units) MF property by myself. I am looking through communities, exchanges, groups, and distribution lists to locate a buyer. I am fielding any stories of individuals trying to sell commercial MF and how that process has gone for you. I understand the inherent difficulties and I appreciate the warnings some of you may offer, but I am specifically looking for anecdotal takes on past deals and attempted deals. Also, if you have a network of buyers or anyone looking to grow a portfolio, please message me!

@Tim @Chris thank you for your input. I appreciate the advice!

 I didn't know as much as I thought I did. Thank you for that nugget. What do you reckon happens when the buyer's agent doesn't get a split. I'm certain it's rare.

@Caleb I'm at the top of my budget and need to cut costs. The fact that the commission comes from the seller is exactly why I'm doing this. The market is booming here and I need to stand out with my offer. The seller will see the savings of not paying a buyer's agent and hopefully deal with me. I'm obviously hoping I won't be creating a headache for the seller as I navigate the closing process alone. (Not my first but it is my first unaided)

@Russell that is sage advice. The buildings of have occupancy certs for 4 legal units. I don't like "unofficial" anything. The loan is a VA and not FHA. I understand there needs to be a vacancy and I'm not looking to evict anyone in regards to TOPA. I'm not 100% informed on the particulars of TOPA, but I will hire a real estate attorney to ensure things go smoothly.

@Justin that makes sense. All opportunities require some risk and I'd rather fumble that ball than sit on the sideline for this chance. 

I'm just soliciting input for my edification here so I only ask for people to share seasoned advice or plans of attack.

I am looking to purchase my third property under the house hacking model. This place is in Washington DC and I've lived in the are for a few years.

I have been slogging through lenders and I have finally found two companies that can cater to the type of mortgage and funding that I need. I am expecting a pre-approval letter today. Luckily there are 3 properties currently available that I would be happy to match the listing price with an offer today.

About me: I own a SFH And (2) multifamily properties that I used realtors to buy. I have the energy to do the legwork on closing this deal and the acumen to at least research things I'm not intimately familiar with (legal training outside of real estate). I'm not an expert but I'm eager to learn and I am capable of actual legal research beyond google. The only reason I am considering this is to save the seller money in the hopes that my offer will be more enticing. I understand I will have to deal with the seller's agent, title company, lender, and district assessor's office (deed work). It's my first post so forgive me if I'm unclear or crass. Posting this in multiple forums.

Question: What am I missing? Given the very brief overview, are you cautious about foregoing a realtor in my buying process? Interested on your thoughts.

I am looking to purchase my third property under the house hacking model. This place is in Washington DC and I've lived in the are for a few years.

I have been slogging through lenders and I have finally found two companies that can cater to the type of mortgage and funding that I need. I am expecting a pre-approval letter today. Luckily there are 3 properties currently available that I would be happy to match the listing price with an offer today.

About me: I own a SFH And (2) multifamily properties that I used realtors to buy. I have the energy to do the legwork on closing this deal and the acumen to at least research things I'm not intimately familiar with (legal training outside of real estate). I'm not an expert but I'm eager to learn and I am capable of actual legal research beyond google. The only reason I am considering this is to save the seller money in the hopes that my offer will be more enticing. I understand I will have to deal with the seller's agent, title company, lender, and district assessor's office (deed work). It's my first post so forgive me if I'm unclear or crass. Posting this in multiple forums.

Question: What am I missing? Given the very brief overview, are you cautious about foregoing a realtor in my buying process? Interested on your thoughts.

I am looking to purchase my third property under the house hacking model. This place is in Washington DC and I've lived in the are for a few years. 

I have been slogging through lenders and I have finally found two companies that can cater to the type of mortgage and funding that I need. I am expecting a pre-approval letter today. Luckily there are 3 properties currently available that I would be happy to match the listing price with an offer today.

About me: I own a SFH And (2) multifamily properties that I used realtors to buy. I have the energy to do the legwork on closing this deal and the acumen to at least research things I'm not intimately familiar with (legal training outside of real estate). I'm not an expert but I'm eager to learn and I am capable of actual legal research beyond google. The only reason I am considering this is to save the seller money in the hopes that my offer will be more enticing. I understand I will have to deal with the seller's agent, title company, lender, and district assessor's office (deed work). It's my first post so forgive me if I'm unclear or crass. Posting this in multiple forums.

Question: What am I missing? Given the very brief overview, are you cautious about foregoing a realtor in my buying process? Interested on your thoughts.

Thank you Anthony. I purchased and moved in back in 2017. I have since moved out and have all four units occupied. I am just late to the party here.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $455,000
Cash invested: $12,000

My very first investment as a VA loan House hack.