Owner Finaced My First MF! STOKED
Hey all!
Today was an exciting day as I have my first Multi-Family deal in the bag pending a good roof cert we are on to closing. I secured the deal with owner financing @ 5% . I am beyond excited about the opportunity because I am acquiring a cash flowing property that is fairly maintenance free all brick is my favorite feature , plus, I manage properties already so we just add this one to the stack.
One tenant pays a year in advance and will put the account in great shape from the get go the other he has been there for 8 years and the apartment is in great shape. The other three units are on section 8 and have been for the past 8 years on average. All apartments are in great shape and tenants are happy, I have already been through the entire building and I am jazzed up about it. I am cash flowing with the current tenants and their current rent so I am happy, yet, when we get one turn over each unit stands a $100 - $150 increase...
In the words of the late great Bart Scott former New York Jett's Linebacker "CANT WAIT!"
even though I will... As long as I am cash flowing and they keep the apartments up like that I wont change a thing.
Best part, the negotiations on the owner finance have developed into a relationship where further investing is on the horizon. Fantastic! Especially after my meeting today with a commercial lender and hearing that they want more proof of income.
Beings it is my first taxable year as a fully independent 1099 employee "responsible adult", you know, the moment Mom and Dad prepared you for, a 46% dip in income has warranted the banks speculations. I left them a copy of my business plan and gave them a couple of days to review it, I put a few fictional deals into the plan to portray my vision; they either want to make money or someone else will.
My current deal is going to open the door to many more, I will keep everyone posted.
Cheers & Happy Friday
-Shane