All Forum Posts by: Scott Rist

@Mario Alexandrou

I have flipped 4 houses on my own and own a rental in Boise.

I also worked for my Father for many years flipping houses in CA and helping with His rentals.

@Rob Drumundefined

Both of those are near the top of my list right now.  Thanks for that insight.  

Ok.  Lets put the real estate opportunities at lower price point at the top of the list.  I'm well aquatinted with what the expensive parts of the country bring.

So, I'll rephrase to say...

What emerging cities can you recommend with a low price point, good cash flow, as well as a good quality of life, strong outdoor community, and progressive thinking.

Thanks folks.

Hi folks,

Its been awhile since I've posted as I took the last year off to travel and take it easy after my last group of flips projects in Boise.

I'm in a position now where I would like to get started again in RE and looking for a new investment market/home base to do that in.  I'm currently back in Northern CA and was in Boise, but don't plan to get started in either market.

I'm ready to start buying and holding as well as finding a place with a great quality of life for myself.  I'm single with no family, about 250k to work with, and an additional 2k/month from a side business that takes up none of my time.  I'm really looking to commit to an emerging market for about 4-6 years and maybe move on to a new one.  We will see about that though.

Here goes:

1.  Somewhere with low to no state income tax.

2. Somewhere with prices near or under $100k (as I have $250k to start with and would like to work on a few projects at a time)

3. A large (1/2 mil+) metro area with smaller surrounding towns (as I personally enjoy living in a small town, but like to conveniences and investment opportunities of a city)

4. Somewhere progressive, healthy, outdoorsy, and young. (I'm a 33 year old, leftish, whitewater kayaker, and do a lot of yoga if that helps)

5.  Somewhere with good weather at least most of the year.  I still plan on traveling most winters, but would also prefer not insanely hot/humid summers.

Basically, I'm just looking for ideas for places with a good quality of life, low cost of living, low entry to investment properties.  

Hopefully I'm not being to vague.

Looking forward to what you all have to say.

Scott

Amazing post.  Thank you so much!  I'm currently reading "how I turned 1000 into a million in RE" by William Nickerson and between this post and that book I know that to be a great path.  He is all about trading up.

Thanks again.

Scott

Very cool!  So as for the terms, did you need to do much negotiating?  I'm very interested in how you got 0% does the payment balloon fairly quickly?  Would love to hear more about how you negotiated.

Thanks,

Scott

Any tips out there would be awesome.  I'm meeting with the seller in a couple days.

Thanks!

@Tatiana Cooper

Thanks a lot @Jonna Weber.  I'm look forward to heading out there!

Hi folks,

So I recently got a lead on a landlord interested in selling off his entire portfolio. 

I have only spoken with him on the phone and have a meeting with him at the end of the week.  

For what its worth, he just seemed like a down to earth older gentlemen.  He was definitely not a wheeler dealer type.  

Here is the info I have:

He owns about 30 units most of which are in "C" class neighborhoods.  

He is sick of managing them and is motivated to sell some or all

He is willing to owner finance at 10% down and 7% over 30 yrs (as soon as he said 7% he said "but that is negotiable")

He is very open to creative ideas to get the deal done.  

All of the properties are built in the 70's and none are in need of "major" repairs.  He said they all could use some work, but have been well kept.  He is a retired carpenter and I can tell the type of guy that cared for what he owned.  At least from my impression.

He mentioned he would like to do a 1031 exchange, but if he doesn't have something lined up its not necessary.  He is talking with an investment company that would manage any future deals for him.

Bottom line is a wants an easy deal, and is very interested in selling as a complete package. 

So my Questions are:

1.  With a bulk deal like this what type of further discount, if any, should I plan to factor in to an offer?  I figure if I could by all, or a big chunk, of his properties it would make things much easier for him, thus implying a deeper discount.

2.  If he owner finances the deal, will he be able to spread his taxes out throughout the payoff of the loan?  I read that somewhere and mentioned it to him.  He was interested to know more.

3.  What have been favorable terms, that might not be obvious, that you have put into your owner financed deals?  I've never done one.

4.  Any other experiences or negotiating leverage you can think of when buying an entire portfolio?

I look forward to any advise.

Thanks,

Scott Rist