All Forum Posts by: Rob Shipley

He wants $25k down

Need help with seller financing!! I'm looking to BUY a small 9 unit complex. The seller is older and would like this to basically help with retirement. He's even willing to go 2% interest!! But he wants around $250k for the complex... need some advice on how to structure the deal AND what price I should counter with. Basically need help with structuring the deal and possible value adds on the deal. Below is info on the property and I will attach financials shortly. - each unit rents for $695-$750 a month - almost always 100% occupancy - currently ALL bills are paid - built in 1930s but its actually been updated and in good shape - had a fire from a candle 1.5 years ago and that's the reason for the recent high repair costs etc. - 2014 net income was $25k - 2015 net income was $34k - 2016 net income projections are $40k - owns stove and fridge in all units - does all repairs and maintenance himself

Looking to partner with a good friend of mine who is a GC in the area. I have my real estate license and find the deals where he obviously knows the construction side of things. What is the best way to go about this partnership??? I am wanting to use the BRRR strategy of buying low rehab, rent, refinance. Then hold the property. I have heard some partners say they will literally switch out properties... one partner gets one then the next deal is given to the other partner etc. Not sure what is the best way to structure the partnership... any advice would definitely help!!! Thanks

Looking to partner with a good friend of mine who is a GC in the area. I have my real estate license and find the deals where he obviously knows the construction side of things. What is the best way to go about this partnership??? I am wanting to use the BRRR strategy of buying low rehab, rent, refinance. Then hold the property. I have heard some partners say they will literally switch out properties... one partner gets one then the next deal is given to the other partner etc. Not sure what is the best way to structure the partnership... any advice would definitely help!!! Thanks