All Forum Posts by: Rob Shipley

I'm closing on a 9 unit property in the next few weeks. Should I consult with a CPA specializing in real estate prior to close?

Brian DiCola I found this deal from a yellow letter mailer. He had owned the property for 50 years! When just starting out investing and trying to find deals... yellow letters are the way to go. I've come across some amazing deals. You NEVER know people's situation. Almost EVERYTHING is for sale... just depends on what you're offering and the owner's situation.

The problem recently was with the vacancy was 2 units haven't been used for awhile because of a fire due to a candle one of the tenants was burning. Normally it shouldn't take that long to rehab, but he's and older guy and does all the work himself. THANKS for the response and idea on zero down!

Here's my issue.. if I'm going to net 40k that's only $3,300 a month. And if I'm giving him $2,000+ that only cash flows basically $1,000 a month on a 9 unit property. Am I looking at this the right way?? I can cash flow $1000 a month on a few single family properties with less headache..

Ok so after looking at some of his future expenses he just called and wants to change it to a 10 year term... I asked him what he really needs out of this deal, and he now feels that he needs at least $2,000 a month for him and his wife to live comfortably. Here's the deal guys... this dude is super nice guy.. really old.. and doesn't even know what a cap rate is. He's allowing me literally to write up the seller financing addendum. He just wants to deal with a good guy who he has a relationship with and get his $2,000 a month. NO balloon payment. I do feel there's definitely value adds to this property. #1 is raising rent. What's the best way to structure this where it's a win win?? Should I look into lowering the sales price now? Thanks for the help!

Thanks.. just signed an option to purchase agreement for $250k and negotiated with him from 10% down to only 3.5% down ($8,750). So it looks like this.. Sales Price- $250,000 Down Payment- $8,750 (3.5%) Interest Rate- 2% Monthly Payments- $1220 Term- 20 years Pretty sweet deal.. thanks for the help guys!!

Thanks for the help!

Looking for a hard money lender in Texas for a flip, rent, refi.  Already have the property locked up.   

Thanks Mark! I'm an investor in the area and know the market pretty well. Just never invested in a multi-unit. Only single families.. thanks again for the help!

Thanks for the help Mark.. So I should go ahead and stick with the $250k?