All Forum Posts by: Bruce L.

Also how this would be possible with no down payment.

Can someone explain the owner finance process on a multi family that is owned free and clear by the seller.

What more data do you recommend I gather?

I have found a 2 unit multi-family property selling for 750k. 

Taxes are $15k/yr

Rent roll is $4300/mo, or $51,600/yr

So gross operating income is $36,600 not taking into account vacancies and other potential expenses.

This leaves me with a cap rate of 4.8%.

The owner was not originally offering owner financing but they are open to hearing my offer since I agreed to purchasing near the ask. The property is owned outright.

I am still learning the process and would like to know from someone who has experience in this what a good offer would look like. 

My goal is to get into a few income properties in this area with as little money down as possible. Any strategies, suggestions, or links would be greatly appreciated.

I am searching for multi family properties. In my area they tend to be houses which are subdivided rather than apartment buildings.

I suppose I could search the MLS but I was told that anything that is publicly available is usually overpriced retail and that the best deals never hit the market.

What are some of the more creative, unusual and less known methods of finding good deals?

For exa

I recently went to the local town hall to ask about the real estate auctions. I was told they were separate and not part of the towns service but that they were held in the back parking lot. I found some notices posted on the wall indicating the details of each foreclosure and will be attending one in a few days. Not sure what to expect and just looking to learn. Any advice for a clueless first timer appreciated.

What type of requirements do they typically want to see for multifamily properties?

It would be interesting to be able to monitor water usage, electric usage, temperature and outdoor cameras for each property in your portfolio.

I have also seen newer houses with heated driveways to melt the snow -- this could save on snow removal and also reduce the chance of injury on the property.

You could also control door locks to let service people in to do repairs etc.

As for creating a selling point for tenants I think offering the ability to control lights, temperature and shades can definitely add value. These systems are generally stable and require very little maintenance.

I am surprised they didn't entertain the offer.

Perhaps they acquired the property for much less and can afford to sit on lower than average market rents in exchange for steady tenants.