All Forum Posts by: Cody Barton

Hi everyone,

I purchased a townhome at the end of last year and am "house hacking" Renting rooms and living in one of them but am looking to continue acquiring more properties. I am trying to find owners of 2-4plexes in Arizona (preferrably within an hour drive of Mesa, Arizona) looking to seller finance. I am not sure of the best way to market to these owners, what I have started doing is find the people who have purchased them in 2009-2013 where they have owned them for a few years and likely have some equity. I look them up in the tax records and I want to create a letter of some sort to send to their mailing adresses but I am also not opposed to going directly to their door and asking if they are interested in selling. Does anyone else have a good strategy for finding deals like this, I have great credit, stable self employment income but I do not want to do traditional loans putting 20% down. Thanks in advance! 

Hi everyone,

This is my first time posting to biggerpockets so hopefully I am in the right section with this question. So I live in Arizona and I am looking for properties between $300,000-$500,000 that are anywhere between 6-12 units. I have investors that have funds ready to put into the property. So I have a few questions for anyone who has done something like this-

-I plan to get an LLC set up with myself and the two investors but am not sure what the share of the property should be broken up into- as I will be managing the property making sure it runs smoothly and will split 3 ways any type of repair costs/eviction costs that come up on the property but the 2 investors will be bringing all the money to the table for the down payment.

-I am also because it is my first multifamily deal uncertain of how to analyze the property entirely, I understand basics of cap rate and some of the things but not sure how to create a strategy of buying the right property with the goal of longterm hold with 8-10% cap rate if its best to buy something that needs a little work to up it to the rate or if I should go after something that is already performing.

Any feedback appreciated thank you!

Jonathan I just purchased my first home in October and went the conventional 5% down route.. You can keep it for a year then rent it out but what I did was find a home with the space to have roommates so I live in a 3bed 2 bath live in the master bedroom and rent the two other rooms out to a boyfriend/girlfriend they use one as their bedroom and the other as their office. This pays just about my mortgage so it allows to save more money towards future properties. Hope this helps (make sure you get good roommates if you do this)