Wholesaler · Houston, TX · Member since 2014 · 13 posts · 4 votes
Hi BP family,
I recently received an email regarding a multi-family 23 unit apartment complex just outside Houston. So far I've visited the property, taken pictures, and spoken to the broker who works with the owner. I'm a newbie investor, so I don't have a liquid assets to purchase the property, other than the EM required. I've sought funding through my local credit union but, they require too much down to secure funding. And a hard money would request astronomical points and fees. So I've been reading about the master lease agreement, which is an awesome idea (thanks Brandon Turner). Regarding the master lease should I do A intent to purchase contract first, providing they are willing to do the deal?However, I'm not sure what my next step is. Any suggestions and/or advice would be greatly appreciated.
MHP Investor · Green Valley, AZ · Member since 2013 · 85 posts · 26 votes
10y
If your a newbie investor why are you looking at such a big deal? You are jumping in over your head I think, don't even have the cash to get the financing plays a big role
He's going to have the same amount of work on this as he would a 5 unit, might as well go big i'd say - if it cash flows basic maintenance will be covered by that and due dilligence should give him breathing room to save up for roof repairs and the like.
Investor · Towson, MD · Member since 2014 · 12 posts · 0 votes
10y
Hello Arun Chhaptar,
I am local in the Cleveland market. I saw you have pending deal, good luck. Are you looking for more deals in the Cleveland market?
I recently received an email regarding a multi-family 23 unit apartment complex just outside Houston. So far I've visited the property, taken pictures, and spoken to the broker who works with the owner. I'm a newbie investor, so I don't have a liquid assets to purchase the property, other than the EM required. I've sought funding through my local credit union but, they require too much down to secure funding. And a hard money would request astronomical points and fees. So I've been reading about the master lease agreement, which is an awesome idea (thanks Brandon Turner). Regarding the master lease should I do A intent to purchase contract first, providing they are willing to do the deal?However, I'm not sure what my next step is. Any suggestions and/or advice would be greatly appreciated.
Thanks BP family,
Marcus Joseph
If your a newbie investor why are you looking at such a big deal? You are jumping in over your head I think, don't even have the cash to get the financing plays a big role
Richmond, VA · Member since 2015 · 19 posts · 18 votes
10y
I think the biggest hurdle you'll run into is getting the broker to go for it and get on your side with the owner. He or she is probably used to being paid the standard way. You'll have to find a way to pay the broker.
MHP Investor · Green Valley, AZ · Member since 2013 · 85 posts · 26 votes
10y
If your a newbie investor why are you looking at such a big deal? You are jumping in over your head I think, don't even have the cash to get the financing plays a big role
He's going to have the same amount of work on this as he would a 5 unit, might as well go big i'd say - if it cash flows basic maintenance will be covered by that and due dilligence should give him breathing room to save up for roof repairs and the like.