All Forum Posts by: D Kirk

I just need to find someone to work with on my first multifamily deal

@Evan Polaski

I think i'm just going to skip the inspection report have a gc come in to do a walk through if I do the deal myself. Biggest thing is going to be structural or foundational issues as long as that is solid it's okay. Going to find seller financing deals with 0-10%, finding limited partners who want to double their money in 2-3 years and cover all cost, pure sweat equity.

If i close on a multifamily thats worth $1m now, 10% down seller financing so bank isn't involved, after value add it's worth $1.5m, that's a 5x on cash. It doesn't matter if I lose out on 50k from an inspection. It's all about grinding and finding a good enough deal. Or I could bring deals like this to a guy that's doing the same thing as me with more experience and learn from them and split equity with them.

There's plenty of ways to navigate this, I agree with you if I had 200+ units I would do an inspection for each property I buy, it's no problem then but I'm trying to do my first deal.

@Gino Barbaro, @Evan Polaski, @Adam Bartomeo

I certainly believe it's possible. It sounds like I just need to find a senior partner to work with to bring good deals that has the capital and experience to help me close on deals for 3-5x returns. Am I wrong? As long as it's a good deal

Hi, i'm looking to purchase multifamily apartments in the next few months ranging from 5-40 units. One of the issues I have come across is the inspection cost for the building. Even if I do find a good deal where the numbers line up inspections will cost anywhere from $500-$3000+ for a professional evolution. I'm wondering if there are any strategies pros employ for multifamily inspections where it can be either done using other people's money or if a cheaper solution would work such as hiring a local property manager/agent to do a walk through. What strategies are you guys implementing to optimize this cost? 

Hi,

I've been researching seller carry back financing for multifamily, and have talked to a few commercial lenders willing for the seller to carry the down payment for a apartments. My question is once I have a deal signed for an apartment with seller carrying back down payment I need a partner/guarantor which would help qualify for bank loan with their income and cover closing costs.  I'm not sure if most investors would be open to this deal structure for equity if I presented this to them. The biggest challenge I see for this is risk for the equity partner because the bank would be in 1st position, seller would be in 2nd position, and equity partner would have to be in 3rd position.

How do I get a guarantor aboard for the deal? And do I have to close this deal with short term private money lending first then get the equity partner in afterwards?

Any creative finance pro's know how I would structure this with what I want to do here with the seller carryback?

Hello,

First time poster here, I am looking to start virtual wholesaling properties in Seattle and I am currently based in Toronto. I was wondering if anyone knows if it would be best practice to set up a sole proprietorship or corporation for this. Also would wholesaling in the US be allowed without being a US citizen? Would I have to pay a US tax and Canadian tax on my profits?

Please let me know if anyone has some experience with this.

Thank you!