All Forum Posts by: Seth Sias

Hi guys!

I am working on my first potential Seller-financed deal.. What advice can you give me on how to have the loan structured? How are taxes handled and are there insurance requirements? I want to learn as much as I can before my meeting so that I can have a well thought out proposal for both parties. Thank you for your help!

Hi guys! 

I am working on my first potential Seller-financed deal.. What advice can you give me on how to have the loan structured? How are taxes handled and are there insurance requirements? I want to learn as much as I can before my meeting so that I can have a well thought out proposal for both parties. Thank you for your help!

@Felix Stone definitely when I stopped renting and changed my mindset that I didn't need all the fancy things I had. Bought a duplex, live in the small side and rent out the much larger side and cash flow a little while living for free. The amount I save has allowed me to take my business as a Realtor to the next level!

@Anthony Dadlani definitely would be. With some updates inside, adding separate meters for water, and raising rents it would be an attractive listing. Send me a text, and after I finish working for the day I can run over some of the numbers with you

Hey guys, as the description says, I am looking for help funding a fourplex deal right down the road from me (in Ohio). I'm currently house hacking a duplex and not able to do another live in FHA at the time. I've run the numbers, and would be willing to pay 8% on a $300,000 investment. Owner financing is not an option either, already explored that route. Can refinance 2-5 years down the road, whatever is preferred. I am a REALTOR® and can be the agent on the buy side of the property. I am the owner of Sias Family Holdings, LLC and would like to place the property in my business name. If you're interested in this deal, you can reach me on here or on my cell. 614-330-8650

Yes it is!

@Remington Lyman I appreciate it! Hoping to do a house hack every year or two for awhile while also adding a few BRRRRs here and there. Need to get my income up as a Realtor first though!

Thank you! House Hacking is also helping me get my career as an agent started. I hope my property does as well as yours has, that's incredible!

Investment Info:

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

Purchase price: $155,000
Cash invested: $9,000

Current house hacking project in Circleville, Ohio

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

Great way to get started, no more rent payment

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

Lots of searching. Negotiated with a Realtor before getting my license myself

How did you finance this deal?

FHA loan 3.5% down

How did you add value to the deal?

Kitchen cosmetics (new island, faucet, cabinet handles) Built new porch for curb appeal. Minor updates throughout the home

What was the outcome?

Rented the larger side of the duplex out while Living in the smaller side. Currently cash flowing while living for free

Lessons learned? Challenges?

Do your research before trusting the agent's ad for the home. Found out midway through the deal the property was not zoned to be a duplex. Went through the process with my local zoning commission and obtained a non conforming use permit

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

A Realtor who is a friend and on my team, The Columbus Fox Group! Check us out. seth.columbusfoxgroup.com

Hi Greg! I would love to answer some of your questions. For the most part, it was a smooth transaction. My biggest hurdle was finding out that the property was not properly zoned for a multi family property even though it had been used as one for sometime. It had also been advertised as one. To overcome this, I reached out to my local zoning commission and came up with a plan to obtain a non conforming use permit. The process took about two months, but was ultimately quicker and way more cost effective than trying to rezone the home. As far as price negotiations go, the house sat on the market for awhile at 175kish I believe. When they dropped the price to just over 160k is when I finally decided to look at it. Put in an offer for 152, they countered with 159k with 4k in credits or 155k with no credits. As for my next purchase, I am going to try and use some equity mixed with savings from no longer having a rent payment. I'm really excited to move out next year and have both sides rented out! Already cashflowing while living for free