All Forum Posts by: Quentin Mitchell

I can't disagree with any of those points.

Commercial pro's

1. Financing is based on more on the asset than the credit

2. It can force appreciation easier by doing renovations and increasing rent.

3. More income potential

4. Multiple commercial properties can get you financially free quicker.

Commercial Con's

1. Harder to analyze for the less seasoned investor.

2. Harder to manage for the less seasoned investor due to more tenants.

3. Harder to come up with the cash to put down.

4. Harder to find deals without the right network of people.

Non-Commercial Pro's

1. Easier entry price.

2. Easier to manage for the beginning investor.

3. It can be done with limited knowledge.

4. Depending on what you buy, the first deal or 2 will not kill you.

Non-Commercial Con's

1. Harder to scale.

2. A lot of competition.

3. Harder to force appreciation.

4. So many options from flipping, buy and hold, lease options. It could be hard to focus because of so many options. 

Has anyone done a land contract or seller financing? How was the process and do you think there is a system to find these types of deals or it's just luck of the draw. 

In your experience will they do Heloc on multiple properties?

Sounds like by any means to get the deal done  good stuff.

I thought it would be a good topic to see how some people got funding when they first started, or even how they currently get funding hopefully this can help spark ideas for new investors.

Me: The first deal I ever did I partnered up with family and I got the initial money from a credit union. I just applied for a personal loan and used that money as my portion for the deal.

Share your stories!

I was wondering does anyone know anything about Adult Foster Care homes, from the little research I have done they can be profitable but I am not sure of all the red tape if any that is involved.

What are some of the good things about it?

What are some of the bad things about it?

Investment Info:

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

Purchase price: $15,000
Cash invested: $21,000

This property makes me 1500 per month with section 8 tenants with 1,236 guarantee from section 8 every month.

What made you interested in investing in this type of deal?

I wanted to buy a small multi-family to gain experience of more than one tenant.

How did you find this deal and how did you negotiate it?

MLS and I just offered less than the listed price.

How did you finance this deal?

Cash

How did you add value to the deal?

I completely renovated the property new kitchens, bathroom, refinished hardwood floors, electrical, plumbing, and windows.

What was the outcome?

Had the property appraised and it appraised for 57,000 so I did a cash-out refi.

Lessons learned? Challenges?

I almost gave up finding a multi-family property, because I kept striking out, but by staying persistant I was able to find actually what I was looking for and made it work how I envisioned, so I learned to stick with the plan.

Great formula that is what I do as well.