All Forum Posts by: Reece Weatherford

@Joseph Cacciapaglia thanks for the quick reply, I'll check them out!

@Joseph Cacciapaglia I know this thread has been dormant for a year, but if you have the name of that local bank in San Antonio I'd love to get in touch with them. I'm considering a shipping container project in Corpus Christi. Thanks!

Hi all,

I am looking at purchasing a small multifamily in Pensacola, FL. I have come across a 3-unit that surrounds a pool. I'm hesitant about the pool, so I wanted to get some input. Is it worth it to buy a rental property with a pool? What kind of maintenance/insurance costs does a pool incur? The pool itself is not gated and there doesn't seem to be much room around it to install a gate. Thanks in advance for your thoughts!

Here's a photo:

@Patrick Daniel I think a seller financing arrangement with a one-year balloon might work. I’ll talk with the sellers tomorrow. I appreciate your suggestion! I’ll keep you updated!

@Patrick Daniel, unfortunately, being a college student I don't have access to a 20% down payment at the moment. I was planning to use FHA or VA financing to purchase the property.

For the same reason, a lease-option would not likely be feasible because I have rent to pay here in Tucson and a part-time waiter would have a hard time scraping two rents together. 

I will ask the seller about other opportunities as well. I’d love to work with you as I explore the Pensacola market. I’ll be in touch with you soon. 

For now, do you have any suggestions on how to ease their minds about their risk in “selling” me the property now with the money and title changing hands next summer? They seem very open to holding it if I can figure a way to cover their asses as well as mine. 

Hello BP! I’m a senior at the University of Arizona and I’ll be starting Navy flight training in Pensacola, FL next year. I’ll also be starting my real estate investing career. I need help crafting a unique deal. 

I’ve been researching the Pensacola market for the past few months and I have found an excellent small multi family that cash flows well and suits my goals. 

The sellers own the property free and clear, two units are currently rented, and the third is move-in ready. Their reason for selling is one of the owners passed away and they are selling off most of their rental properties. My only problem is that I can’t close on anything until May next year. 

I’ve been negotiating with the sellers to structure a deal where I place it under contract now with a COE in May. They can choose whether or not to place tenants in the third unit. This arrangement would actually be beneficial to both of us, since they’d be collecting the rents for the next 7 months that they’d miss out on if they were to sell today. 

I’m trying to craft this deal in a way that is safe for both parties. The sellers are very reluctant to agree to sell something 7 months down the road. I’ve offered a written contract to be recorded with the title company, proof that I will be commissioned as a Naval Officer in May, and proof of funds (just got pre-approved with a local lender).

I really want to make this deal happen. The sellers are open to negotiating with me, but they want to make sure they are protected. One of their concerns was if the house burns down or gets ravaged by a hurricane in the next 7 months. How can I mitigate the risk to them? 

This is a unique situation, and I appreciate your time in reading it and offering any advice. Thanks!

Reece