All Forum Posts by: Ty Dunse

Hello all! 

I have been reading, watching videos, and listening to podcasts for years now about different avenues of real estate and think that I have learned lots. 

When I was listening to a bigger pockets podcast a month or so ago, they were talking about taking action and that you can learn all you want but if you don't take action, it doesn't matter. So I said screw it, started driving around my town looking at multifamily properties and taking down addresses for ones that I liked the look of.

When I got back home I searched the property records for the owners and sent hand written letters to ten or so people asking if they were interested in selling, and if so to give me a call. A few days later sure enough, a person that owns a 4-plex I liked hit me up and asked what I would offer! I asked him for the numbers on the property and said I would let him know what I would offer in a few days. 

The 4 units each rent out for $1600/mo each bringing in $6400/mo total. The building is 8 years old and the seller is the one that build it. It is located just across the street from the college in town minimizing any vacancy hopefully. Property Taxes come in at about $3700/yr and the snow/lawn would probably be around $1500/yr. (Owner does lawn and snow in house now.) Seller is currently paying taxes on an appraised value of $388k. 

Honestly, I was hoping to feel out a potential seller finance option, but don't know how to approach that as an offer. Obviously going through the bank would be more of a hassle and I probably wouldn't get approved for anything. (I'm 20 years old and no consistent employment as I am just finishing school.) I know that if the seller would accept anywhere from $450k - 600k, it would be able to cash flow and build a bridge for a refinance down the road. 

Actually getting out there after years is pretty exciting! 

Let me know what you guys think!

-Ty

@Marco Bario I would love to take a look at the numbers on this. I've been asking myself this question on the thread for awhile now too and it was great to see someone asking exactly what I was thinking! Lol! Appreciate any feedback. 

That's an awesome approach! I like to think that a no is a sign of effort in an area where not many people dare to travel. If you play the odds, someone is bound to like what you have to say and do business with you! Keep after it!

Hello all! Let me introduce myself, My name is Ty and I live in South Dakota (I know middle of nowhere lol)! 

This is my first post after a long time of scrolling and reading what everyone else has to say. I can finally say that I have committed to finding a deal (If its a good deal) before my birthday in July! I have read countless books including a few out of the bigger pockets store, and the classics like think and grow rich, and rich dad poor dad. I have found myself crunching numbers on random properties throughout the quarantine and thinking how I can make things work including how to approach the folks that own properties. My core reason of typing this is too look for some input from the wise real estate people of bigger pockets. 

The market that I live in is a college town so has all kinds of rental opportunities and its fair share of terrible property managers haha. I am conflicted on trying to purchase a multi-family deal in town as I will most likely be moving away in about 12 months. I have thought about jumping into a house flip over the summer but can see that I will most likely get rejected by lenders for only being 20 years old with little credit. I plan on networking and talking to more and more investors in the market over the next few months to build relationships.

I appreciate any feedback you guys have! Stay safe!