All Forum Posts by: Sebastian Lee

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $76,000
Cash invested: $2,100

type: duplex
Purchase: 76,000
Appraisal:100,000

The owner did not want to list the property to save on realtor fee’s, so a friend of mine who is friends with this guy brought me the deal. I called my local appraiser and got an opinion of what it should be worth, he told me 95,000. So I called my banker and told him the details, he said he would fund it for 0 down if my purchase price was less then 80% of the value. I offered 74,000, he countered 78,00, and settled on 76,000

What made you interested in investing in this type of deal?

I’ve been actively looking for small multi families

How did you find this deal and how did you negotiate it?

A friend brought it to me, I told the seller what I could pay and we met just over my original offer

How did you finance this deal?

A wonderful SMALL TOWN bank that I’ve built a relationship with

How did you add value to the deal?

By purchasing at a low price!

What was the outcome?

It’s been fantastic so far, the tenants were screened thoroughly so we haven’t had any problems, they even signed up for online payments the first week.

Lessons learned? Challenges?

Interesting tenants isn’t always a nightmare if the previous manager is a professional

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jason Sarazine from Coldwell Banker in Owatonna.

The way I understand it you would just forfeit your earnest.

What's your take on coded door handles? I'm on my first rental property and am putting in new exterior doors and bought the keypad door handles. Does this make sense or is there some issues with giving out a code instead of a key

Hey guys I'm wondering if anyone has suggestions on where to go for learning to use quick books desktop for house flipping. Google is actually not being overly helpful, and quick books as it turns out is not as simple as I thought it might be. Thanks!

I don't think you're looking for advice, I think you're on here to peacock about once being a financial advisor and that your getting an inheritance. There's very successful people giving great advice and your responding with a word vomit of what you know. Set your ego aside and listen ;)

Education in all things real estate should be the top of mind all day everyday for at least a few months. I'm positive after that things will just start to naturally advance so long as you are a doer and not just a dreamer. Goodluck!!:) BP pod, best real estate advice ever pod, rental property owner and real estate investor pod <---- IMO start with the last one I mentioned, there is SO much information that you will have an excellent grasp on the important themes of RE by the time you get to the current episodes

While I appreciate the honesty, remember just because you're not succeeding in something doesn't mean the next person can't. Your lack of success is ultimately a result of something your doing wrong, not big corps and syndications conspiring against the common man.

Just my two cents, but if you have no money and this is your first deal you should definitely keep your W2 job. Even if just for another year

That's awesome! I've always wondered about Albert Lea. My impression of it has always been yes there's cheap houses but will anyone actually pay the rent?! Apparently yes!

Hey I'm wondering if i lease to own one of my rental homes to someone can I still take a HELOC off of the property as long as the option to buy isn't up yet??