All Forum Posts by: Dillon Dale

@Stefon Pegram before you quit, use your w2 income to qualify for a mortgage, and I would buy a house hack if I were in your spot. This is what I did when I was in your situation in 2018. I quit the job I hated a couple months after closing on my house hack, and I took a job that paid less but I liked a lot more. Two years later I am now entirely out of the rat race! You can do it too, good luck!

@Thadeous Larkin I've done gift cards or rent credits in similar situations, which have been received well

@Michael Cline talk to as many lenders as you can. If it's a good deal someone (should) be willing to refinance it. You'll get mostly no's since it's not traditional, but just got to keep asking around

@Jonathan Paul Shortt push forward and finish. If it were easy then everyone would be doing this. Learn your lesson and do better next time

@Michael J. Ray if your friend is making money, I doubt they would want to lease it to you with an option because they would make less money that way. You would likely be better off doing marketing elsewhere to find someone who no longer wants to manage their properties but still want some cash flow

@Alex Fisher

You're in the right place to learn more about real estate investing!

1) check out Grant Cardone on YouTube. He is focused on multifamily apartments, but he teaches how to value commercial deals, and pretty much every aspect you need to know, plus he's entertaining, although some may find him arrogant.

2) you can, but I think a better question would be should you. I would say a buyers agent is a good asset to have on your side

3) buyers agent's fees are paid by the seller. If the seller already has an agent, he/she can dual represent you both and take the full commission, which can motivate the agent to get the deal done, but then he/she may not have your best interests in mind. If you find a seller who does not already have the property listed with an agent, you could potentially negotiate a lower price by not having to pay a commission

4) I like the idea, especially if your business will occupy a part of the building. Office is not as competitive these days, so that could be an advantage for you as well

@Leonard M Kleuser congrats and good luck!

@Freeland Wilson I would not give tenants financial advice. They're all adults and if they haven't figured it out by now they likely dont want to learn. Fix the place up and better tenants will come

@Jade Jamison I did and I would do it again if I had to, but I cannot speak to your situation. Just have to ask yourself if you are comfortable with that or not. I suppose having family or friends to support you if everything goes wrong is a nice cushion to have. Basically just play out the worst case scenario and see if you could live with the consequences.

@Abraham Lozano that sucks. I experienced a similar situation on a deal. Just keep asking around. Call everyone. If still no luck maybe an attorney can help you close depending on your state laws