All Forum Posts by: Alex M
Alex M has started 1 posts and replied 2 times.
Post: Buying property at a very young age
- Woodinville, WA
- Posts 2
- Votes 0
Originally posted by Brian Hoyt:
Who knows, the guy might be willing to owner finance.
Yes, I think that's the term I was looking for. My dad mentioned something about him being willing to do that.
Originally posted by Brian Hoyt:
But in all reality, the owner would probably laugh (to himself at least) about the prospect of a barely 18 year old kid with no experience and little capital having the wherewithall to make the monthly payments.
This is my biggest concern. I realize that I have very little to bring to the table. The biggest thing I have is time I think. My uncle runs two restaurants and my dad runs a small business. According to my dad, if 100,000 dollars or so was put into this building it could make a huge difference in the value. The only reason it isn't fully leased out is that it's not in as good of condition as the surrounding buildings. So a partner would be putting money into this building that I would be managing and improving in hopes that in a few years it's going to be sold for a lot more than was invested and the improvements could bring in more tenants. That is what I would have to pitch to them.
Thanks for all the responses guys!
Post: Buying property at a very young age
- Woodinville, WA
- Posts 2
- Votes 0
Hello all,
My dad just sold a commercial building so he has been shopping around for another building to buy. He has found one that he is set on buying but he says there's another one right across from it that would also be worth buying.
Now, according to him this property is probably worth around 2.5 million or it will be in a few years, and the guy is selling it for 1 million. And he's willing to make some sort of payment contract without banks being involved (I honestly know nothing about this so sorry for the lack of knowledge). My dad briefly outlined how the tenants alone could make monthly payments and such. So the problem I face is this: I am 17 years old (almost 18 if that counts for anything), I have very little money, and I don't know much about this kind of stuff although my dad has always talked to me about it. My question to you all is this... do you think it would be possible for me to acquire this building at all? Do you think it would be possible for me to somehow convince this guy to let me "buy" this building from him and make payments to him from the tenants rent payments? I would obviously need some sort of support and I have an uncle and a few other people who might be willing to go into this with me.
The idea of starting young excites me as this is what I have always wanted to do and an opportunity has presented itself. I just don't know if this kind of thing is even within reach at my age and knowledge level.
Thanks for any helps!
-Alex