All Forum Posts by: Scott Osborn

Originally posted by @Owen Schwaegerle:

That is a fantastic story! Thank you for sharing your success and being an inspiration.

How did you finance the deal?

The bits and bolts are that I was able to use some equity from my duplex I purchased 4 years ago. So I don't have any down payment money in the deal. I plan on putting about $10k into it and when I'm done there should be plenty of equity left to get my $10k back and clear the lien from my duplex so the new place can stand on its own after the BRRRR process.

Originally posted by @Nathan Platter:

Hi @Scott Osborn ,

Congratulations on taking action! That's often where REI's get stuck because they do everything pre-deal but seldom do a deal.

What 'channel' did you use to find/offer/close on your 4plex? Brokers, PM's, BP, Zillow,...?

 It was really a true word of mouth deal. Crazy to think that those are still out there. Because I’m a mortgage lender I was able to do most of the work myself. Had my lawyer review the contract but that was about it. Was able to use my own institution for the loan, so it was great from step one. 

Per Brandon’s suggestion in the podcast that came out today, I just wanted to share my 2017 90 Day Challenge success story!

I am a full-time mortgage lender and part-time investor that was trudging along as a landlord for about 4 years. I was discouraged and was in the middle of trying to sell one of my three units when I was introduced to BP by a friend last summer. I ended up consuming a year’s worth of podcasts in about 60 days leading up to Brandon’s podcast about the 90 day challenge. 

After listening to his podcast, I decided to take on the 90 day challenge to purchase an investment property by the end of the year and used the new knowledge from my BP podcast binge to start reaching out to find a deal.

Specifically, I took Brandon’s advice from when he was looking for his mobile home park and started answering the question of “How are you doing?” By saying, “Good, I’m looking for a multi-unit rental, have you seen anything?”

Just one week went by when I was approached by a work associate who told me they had given my name and number to a seller who would be contacting me about their off market property for sale.

As of November 9, about one month after the 90 day challenge podcast, I was able to close on a 4 unit apartment that would double my cash flow, enable me to value-add equity to the property, and BRRRR out my money into the minor updates this spring.

Since listening to the podcast and joining the BP community, I have a rekindled love of real estate investing and can’t wait to see what my next step in this journey will be!

Thank you Brandon and everyone at BP!!!!! 

Originally posted by @Jay Patadia:

All,

I am out of state investor holding few SFH in NWI and planning to buy few multi families. I would like to get connected with commercial mortgage lender and REO broker located in NWI. I am in that are next week and would like to meet lenders and REO brokers.

Can anybody recommend?

 Hi Jay, 

I do commercial lending here in NW Indiana out of Lowell. If you have any questions or need follow up, shoot me a PM. 

Thanks and safe travels!!

Jorge, my first deal was a duplex I bought at foreclosure with no tenants and my second property was my former residence that I kept in the portfolio to rent out. So I’ve never had to deal with inherited tenants. 

And I also thought it was strange that the PM company was the one who supplied the lease and not the owner, but hey, I’m pretty green, so I’ll just look at it as a learning experience. 

Thanks for the help everyone!!

Hi All, I’m a newbie to BP and I’m sure this exact situation has been talked about multiple times on this site, but I also wanted to have this post serve as my introduction post as well. So, hi! I digress, my situation is that as of this AM I’m under contract on a 4Plex in Northwest Indiana and was shown the financials by the owner and two of the four units are currently past due on rent and he said he’s not sure how the property manager has allowed the tenants to get behind. One is 3 months behind and the other is one month behind. My previous rental purchases have been vacant so this is new to me. Can I fire the property manager once I close? The leases are in the name of the property management company. I manage my other rentals myself and a property manager was already a detractor, but now that I know they’re letting tenants stay for free, I don’t want to mess around and need to get the property manager out ASAP. Help! What do I do?!? Thanks for the help in advance!!!