New Member from Los Angeles
Hello BP community! My name is Ryan Antista and I am new to real estate investment. I’ve joined the BP community to begin networking, learning, and sharing. In short, here’s where real estate started for me.
I have an opportunity to buy the house that I’ve been renting for over 10 years. I’ve developed a relationship with the owner and he’s given me a chance to buy the home for below market value. Here are the terms he proposed: 10-15% down and the remainder at 5% for 5 years (seller financed). I started doing research and connecting with people that have real estate experience to help me understand the details of this opportunity.
The opportunity will expire soon soon and then it will hit the market. If I don’t buy the house I’ll be looking for another place to live within the year. I’m working with a loan officer to determine what I qualify for and I’ve started looking at areas that I can afford to purchase in. My immediate area (90064) is generally over 1MM for a non-updated 3BR so I’ve started looking in other zip codes (90815, 90808, 90712 and adjacent areas). I have a full time job in Santa Monica so I need to stay within a drivable distance.
My full time job is online marketing and I am a graphic designer by trade. If this can be of use to any of you, that is how I can currently give back!
I look forward to being a part of this community!
Cheers,
Ryan
Most Popular Reply
@Ryan Antista Welcome to BP! Sounds like you may have a good deal. I would suggest posting more details on the house your living in now that you can do owner finance with. Everyone here would be more than happy to give input on the deal.
Details like what it is worth/what you are paying for it. What the terms are of the loan he is offering? Why is he selling? You may be able to get more favorable terms if you know his motivation.
Good luck and don't hesitate to reach out!