All Forum Posts by: Chan M Stagg

I understand there is a fee for the “option consideration” but that feasibility couldn’t be higher than $5000 I wouldn’t imagine. I’m talking about when working out the financing if there could be a percentage of the purchase price put down towards the purchase of the home, such as how a bank or lender would do it. Otherwise, if they are just purchasing the option to buy from me, I fail to see how I would be making a huge amount of cash in this deal, other than what I would make when I sell the home. 

I was looking for some answers to the generalized subject of renting to own a property to a buyer. My two biggest questions are, is it legal to do this on a home that has a mortgage or line of credit attached to it? And two, is it common to ask for a large down payment, such as 10%-20% of the purchase price? And what is the recommended route to go to get this contract drawn up if I was to do this type of deal?

Hi Michael! Thank you for contributing your experience and knowledge. My biggest hesitation in multiple door units is the amount of tenants I would have to deal with. My line of thinking is, the more tenants, the more odds of problematic people. I have and have owned many rentals that I have in turn sold, and my average cap rate on those is about 9.5%. To me, that is pretty good. I also vet my own tenants and do maintenance/repairs myself. It would be nice to have a company do those things for me, but I believe even a property management company will not do as thorough of a job of vetting as I would. However, I would like to talk to you more about anything you could teach me. It is my goal to become a full time real estate investor and I welcome any help with this I can get! : )

Okay sounds great! And just FYI I am not new to the RE investing game. I have been flipping and/or holding rentals for many years now. I am new to the idea of multi-family rentals however. I am also in search of a lender hi would work with me in more of a co-op, as every one I have dealt with as of yet has required 20% down no matter what the circumstances are and does not take my experience into regard. I currently own 3 rental properties, so much of my money is tied into that. But I will definitely reach out to you!

Hi Steve, do you do a lot of investment property loans in Tampa? And if so, do you know a good agent to use over there that understands the ins and outs of multiple family units?

Hi Jim,

I am also a relatively experienced investor that started out around 14 years ago, although I have been in and out of Real estate through that time. I too am looking to meet some people who are like-minded to me as I am considering getting back into it more on a full time basis. I am near Melbourne but if the investment works for me I am interested in your neck of the woods.

Hi, I am a relatively experienced RE Investor and I am considering looking into multifamily opportunities. Does anyone have advice as to what is a good avenue to search for these? I have seen a few advertised in Florida, but none near me in the Brevard County area. I talk to multiple RE agents but none seem to know how to find multifamily sales, especially at a good investment price. I am in search of duplexes or quadplexes, with a return of at least $20,000 a year.