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21 February 2025 | 4 replies
Things started picking up speed, like a snowball rolling downhill.
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11 February 2025 | 5 replies
Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont?
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29 January 2025 | 5 replies
I plan to sell it and roll the funds over and NOT cash out.
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25 February 2025 | 3 replies
Save the cash unless you think a quick spruce-up (paint, minor fixes) could push the short-term rental rate higher.
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25 February 2025 | 24 replies
That advice is to actually not push or pull but to figure out how she really wants support and try to meet her exactly where she currently is.
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4 February 2025 | 7 replies
I have been trying to be understanding but it has been pushing too much.
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18 February 2025 | 4 replies
I would have expected her to push for full answers to my questions or add further clarifying comments/questions based on her own experience with other sponsors.
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20 February 2025 | 7 replies
Then I'd push those factors out if there were no good comps. 2 miles, 6 months. 2 miles 12 months , etc.It takes some local knowledge to know when you're pushing those parameters out too far to be useful.
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31 January 2025 | 42 replies
When is the app rolling out?
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25 February 2025 | 8 replies
I purchased the building for $430,000, other investors reached out telling me I overpaid, but didn't realize my building rent roll once occupied would be $7,300 instead of the $5,200 they underwrote sitting behind their computer screen.