All Forum Posts by: Casey Roloff

@Garland Young.  I haven't paid much attention as the prices are much higher than my local area.

@Robert Shedden.  You are correct, no mortgage on the property.  Seems like a smart decision to outline the mortgage payoff in the sales contract.

@James Canoy. Good question! Personally, I feel like I may have been over my head had I purchased this property as my first deal. I began with several SFR rental properties & moved on to a fourplex. At the beginning, each issue was a big deal, and I would deal with the problem first hand. Now, I've learned that there is a process for resolving issues and nothing is worth getting too stressed out about, and I've been able to delegate most of the tasks to managers, and/or contractors. I'm grateful for the knowledge and experience that the initial properties taught me and feel that I wouldn't be able to capitalize on deals like this with out it.

@Treavor Clune. My first MFR property was a local fourplex. I actually created a deal deep dive for that property as well. It's listed under the investment portion of my profile.

@Josh Cook. I began investing with SFR properties, and being completely uninformed I thought it would be great to acquire a 15 yr mortgage and rent the property with no cash flow. I didn't take vacancies or capex into consideration. I held the property for two years and luckily came out ahead due to appreciation. During that timeframe I was introduced to Biggerpockets and began analyzing the local market and found that MFR properties had the best returns for buy and hold investments.

I expect the property to cash flow between $2000-$2500 per month, after taking into consideration all expenses, capex, and vacancies.

@Justin Frye. I will cash out refinance once the property is stabilized and I have raised the NOI creating a higher market value. I'll then reinvest the funds into an additional property. Check out the BRRRR method, mentioned frequently during the Podcasts.

@Farrukh Amini @Jason Dufault @Trey Mattox @Mary Mcallister @Justin Frye

Loan Terms - 500k Purchase Price @ 20% down.  5 yr Interest Only @ 6% Simple Interest.  No pre-payment penalties. 

@Bill Goodland. All of the above. The seller didn’t want to deal with all of the additional paperwork required with conventional financing. She was worried about the tax implications and liked the idea of an additional stress-free, steady stream of income.

@Stephen Stokes. Seller financing Bullet Points.

-In Depth Knowledge

-Confidence

-Tax Implications

-An additional $100k interest received given 5 year balloon

-Steady, Stress Free income to supplement retirement

@Stephen Stokes. You’ll laugh but this was the only door I knocked on. I created my short list of properties and found that this property was in a trust. Further research found that the widowed owner lived locally and this was the sole apartment complex that she owned. I knew I had a great lead at that moment.

I would have continued door knocking but I put a 31 space mobile home park under contract shortly after and all purchase funds were tied up.