All Forum Posts by: Erich Beyer

It definitely changes. Getting more information about the sellers situation is hugely advantageous to you. I would try for the 20k down and seller carry back the remainder. Would boost your COC return greatly.

You seem pretty intent on not losing this deal. The way I look at it, if something is listed publicly and is not getting offers, if this is your first offer there is probably a good chance two dozen investors or more have passed this over that know something you don't. Just be careful ; at 55k you don't have much margin for error. There's always another deal...

Did not buy it. It's going into foreclosure.

Hey all! My brother and I got a great deal on a 5 unit in Phoenixville PA. All units will be vacant when we purchase next month except one. The owner recently signed a lease with the tenant for $600 a month. Market rate is about $800. This normally wouldn't be that large a problem but we plan on rehabbing renting and refinancing this property (BRRR) and this will affect the appraisal value. Thoughts on what we can do? Purchase price is 300k, we will put 60k into it and it should appraise for 500-600k. Thanks!

If you don't know what a good return on your investment is, maybe you should consider something smaller or learning more first. Way better to mess up on a 100k single than a million dollar property.

Do it now before rates go up! Also you'll get out of pmi.

If you have a job you should be able to get a non recourse line of credit from a bank. If you don't friends and family is probably the way to go. You could combine that with hard money but I'm not sure I'd recommend that to a first timer... find a great deal and you'll find the money.

Mark and Anthony thank you for your replies I will reach out to you individually.

Most of our money will be tied up in two flips. We need a cushion for carrying costs until we sell the flips which will be about 1-2 months after purchasing the 5 unit. Your rates are average for hard money. We are looking for someone maybe in the area who would like to make a better return than their CD at their bank is getting them. 

Hey all, my brother and I have a 5 unit in Phoenixville PA under contract for 300k. If you know the area you know this is an incredible deal. We have two flips going that we will listing in a few weeks. We have a hard money lender we work with but want to raise 30-50k to give us a cushion for the rest of our business for the overlap of time when we haven't sold the flips yet. We are closing on the 5 unit on the 24th of this month, so the loan will only be 1-2 months but we will pay 15% Apr. Please let me know if you are interested. Thanks!