All Forum Posts by: Todd Olson

@Niyi Odumosu cash down payment. Been studying real estate for years. Saving the whole time. Pulled the trigger and took action. Looking to hit a bunch of singles and doubles. Not all properties will be a home run. It’s more important to take a swing than to stand on the side line with excuses.  Check out @Grant Cardone to gain more knowledge. He is an inspiration. 

@Niyi Odumosu ask away. Pretty basic. Called listing agent. He gave me details. I went to check it out. Made a fair offer. Put 25% down and did a commercial loan. Got it under an LLC which is pretty easy in Delaware done by the same lawyer who handled the transaction. Had it just over a year. There's no secrets to offer. Just gotta research your numbers and take action.

LoopNet buddy. Commercial broker had all the connections to put it together for me. 

Hi @Jonathon N. I own an 8 unit C class building in Wilmington. Nice building in a fair area. I have property management in place since I am OOS. I do have some turnover, however finding tenants is not usually a problem. The management company has been getting calls for apartments. I would not overlook Wilmington. 

I have an LLC for my multi unit In Delaware. I use my property management teams address. My lawyer said I could have used theirs for a yearly fee. Hope this helps.

Is it possible for you to find a triplex in your area and live in one unit? Rent out the other 2. You could get an FHA loan of about 3% down. In a year you can move out and rent your unit. Repeat the process.

@Eliana Cabrera no I used a commercial loan. 25% down. 25 years. Will refinance in 5-7. I am not sure what you mean by “your place” in regards to property management. 

@Gervon Thompson All I can tell you is I put the standard 25% down and got a commercial loan for the rest. I used a community bank my agent turned me onto. My agent actually had all the connections in place including property management, insurance and inspections. That was a big help on my first purchase. I found the property on LoopNet. There are many creative ways to finance deals. Just search all over BiggerPockets. Hope this helps. 

No I did not live there. I saved and searched then pulled the trigger. I have property management in place. 

I went to the Grant Cardone school of thinking bigger. My first deal was an 8 unit mixed use. Single family is too small and hard to scale. I have 1 roof with 8 tenants. Financing was easy. If you can afford it. Jump in past single family.