All Forum Posts by: Eric Munson

@Mark Douglas - Don't forget to ask for closing credit(approx 3%). This should help with the closing expenses. Good luck!

@Jake Thomas - There is no luck involved here. Way to talk directly to motivated sellers and take ACTION. Good luck with the property. 

@Chris Reel - I have used unsecured notes from friends or family for these type of deals. Credit card or personal bank loan would work also. You will need to have a plan for reserves and note payback so it needs to be a good cash flowing property with built in equity(for refi if needed). Closing cost need to be included so yes you need money to buy but it doesn't have to be yours. Just make sure you have a good exit strategy as I don't know the terms or #s of this deal.

@Thomas Brady - Sorry Tom this is not a good deal. When we take risks and deal with all the BS that comes with managing properties we want to make MONEY. I would hate to see you jump into your first deal and have it take money from you each month. We invest in buy and hold for cash flow and this property will most likely not have any. I would need more info regarding property age/condition etc. to give you accurate cash flow analysis. Is there a better cash flow area in your back yard?

@Ben Rutkevitz- That's how it's done! Keep them coming...

Well done! Good luck with it. 

@Michael Noto - Thanks for your willingness to share information. It should still cash flow well with those terms. Good luck with the property. Look forward to hearing about the next one. 

@Michael Noto- Great job!!! Does your commercial lender loan with a 30 year am? Can you share the terms? 

@Ben Rutkevitz- Congrats on taking action and getting your first deal.

I would suggest you sell it and use the funds to do your own rehab deal or use the funds for a down payment for a cash flowing multi. Good luck with the sale!

@Dawn Anastasi- I have had great luck using Postlets as well. Good luck with this rental. Thanks for sharing.