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All Forum Posts by: Will Stewart

Will Stewart has started 19 posts and replied 43 times.

Post: Seller financing help needed

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Eliott Elias:

You're going to have to convince the seller why it's the best option for them. Propose an interest rate that is unbeatable, they will make better returns than if they put teir money in the stock market or anywhere else. You take care of maintenance, taxes, and any property BS.


 Eliott, I am very new to all of this. I am trying to learn all the ins and outs of seller financing. As of now, I am having trouble making my numbers work but I continue to adjust them in an attempt to. Maybe that is to my detriment lol. Thank you again for your reply.

Post: Seller financing help needed

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Andrew Postell:

@Will Stewart are you examining just 1 apartment unit?  Or an entire apartment complex?


 Andrew! First, thank you for your service. Both of my grandfather's were military and it is an awesome service you and all the others have given. Second, it is just a single unit in a college apartment complex. I have a 14 year old daughter that has her heart set on going to this school and I thought it would be best to just go ahead and purchase an apartment and rent it until she goes, if she even ends up there. 

Post: Seller financing help needed

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8

I am currently looking at an apartment and in negotiation about possible seller financing. I am new to all REI so I am looking for anyone that has expertise in that world of financing, or to be pointed in the direction of someone that is.

Post: Opportunity to purchase AirBnb but need financing help

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Addison Watson:

Hey @Will Stewart, if you don't have the capital to take on a 20-25% down payment, I would first ask the Seller if they are open to Seller-financing. If that's a "no", start thinking about friends and family that you could work a debt deal with. I recommend debt on all STR deals if you are going to be the person managing and dealing with the issues that may arise. Your down payment will be between $70k and ~$87k, and if you can find mostly debt for a property that will return $35k to $40k annually, then you can pay off your friends/family within two years (give or take a few months, variable depending on your contribution). This whole premise assumes you are looking at more traditional financing 75% LTV from a standard lender.

You can be as creative as you want in these sorts of deals. I'm not sure about your familiarity with securities laws, but be aware that raising money from third parties may trigger some obligations and filings if you are looking at swapping equity for money. Spending money for an attorney will be worth while. 

I'd love to know what area of the city you are looking at for a STR. I've looked at a few in the loft district/Morris Ave recently.


 Addison, thanks for the information. I am really looking into the Auburn area. I have a teenage daughter that I would like to get an apartment for and hold it until she goes to school. That AirBnb looked great but I have decided against it as there was a lot that was required to swap ownership with AirBnb. I was not prepared for all that needed to be done. I would love to connect though as it always helps to have more resources to pull information from. 

Post: Opportunity to purchase AirBnb but need financing help

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Jon Martin:

I would run your numbers again to be sure you are actually profitable. $34K net for a $350K property is on the lower side for an STR and sounds borderline break even once you figure that will have to pay for water, power, cable, lawn care etc. Unless you see this as a strong appreciation market I would look elsewhere.


 Jonathan, I decided against the property anyway. There is a lot that goes into acquiring an existing AirBnb that I was not ready for. Thanks for the information as well. 

Post: Opportunity to purchase AirBnb but need financing help

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Frank Avallone II:

Hey @Will Stewart, I would love to help answer any questions you may have! I'll send you a connection!


 I appreciate that Frank. 

Post: Opportunity to purchase AirBnb but need financing help

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8

I have been presented an opportunity to purchase an existing AirBnb fully furnished for $350K which is about $30K under what it is valued. I am very interested in the area as it is a location I have wanted for about a year. However, I am trying to look into some creative financing. Does anyone have any good advice or know people that would offer good advise? I have tried reaching out to some of the bigger names on instagram but, I know I am one in many that send messages to each of them. I am really just trying to figure out a way to get into this property as I know from previous financial statements, it should cash flow about $35-40K net. Thanks for the help.

Post: How do you find a good Mastermind?

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Brandon Rush:

Hey Will, 

I am a member of the W2 Capitalist mastermind. Would be a great fit for someone in your current position. No it is not free, but relatively inexpensive. Would love to share more info if you are interested. Reach out!

Good Luck On Your Search!


 Brandon, Is that the mastermind with Jay Helms? He and I are from the same area and used to do youth camps together! I am actually set to talk to him on Monday. Thanks!

Post: How do you find a good Mastermind?

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Richard Loniewski:

Check out Flip More Deals, I started with them 6 years ago, owner Doug Beck solid guy he helped me get my first deal.


 I will definitely have to check them out. Thanks!

Post: How do you find a good Mastermind?

Will Stewart
Posted
  • New to Real Estate
  • Alabama
  • Posts 43
  • Votes 8
Quote from @Lien Vuong:

Check your local FB group or IG if there’s something people belong to and start networking from there. There’s likely a mastermind or two in that space that you’re not aware of. There’s likely a fee but should not be anymore than a few hundred dollars monthly. 


 Believe it or not I do not have FB and I just recently got IG. I don't really know how to use it. Haha!