Man I'm blown away by the response! Thank you guys.
@Joshua Bendaw: Thank you so much. It's awesome to hear of people in similar situations. I am still pursuing that method of financing for sure. I've since contacted 4 small multifamily owners directly so we'll see how it goes. Keep in touch. I'd love to hear how things are going for you.
@Caleb Heimsoth: I definitely understand that. The rent pool may not be ideal but I may not be able to break into the market at higher rents. The margins are tough to make work. I'll keep searching for sure though. I'm going to try my best to calculate and control my risk before moving forward.
@Joseph ODonovan: Thanks for the reply. So my offer was contingent on a walk through with a contractor. It was also contingent on true rent rolls and expenses not just a proforma.
@Hattie Dizmond: I definitely agree. Once I stepped back to look at what I was offering, it makes sense that it wouldn't be super appealing. At least I tried. I'm going to try to continue to come up with these creative options. It's tough. I'm determined to make it work. Plus, when my income goes up, I'll be able to make more moves with traditional methods. I just don't want to wait. "Patience is a virtue.....or something?" I don't think I have that personality trait. haha
@Chaz Mathias: Awesome! I'll definitely look into that book. I'm reading land lording on autopilot now. I'll add that one to the list.
@Amy Good: Great! Hello from the Southeast! Let me know if you look anywhere near Augusta, GA. I went to medical school there and know the area well. I'll be looking there in the future for sure.
@Deadrick Colbert: Definitely like that quote. I'm fine with low balling. I just need to figure out how to make reasonable low ball offers!
@Charles Dobens: Very good points! I'm gonna keep making offers for sure. I'm also pursuing some more traditional financing options as well. The owner financing would just really get me off the ground I think. The journey continues...
@Lee Hackett: Absolutely! Keep me updated on your journey for sure! I think we can find motivation in each other's successes/failures for sure!
@Chuks Erinne: That is a great point and I've been reading about deals structured in this way. I guess I'm just worried because it eliminates one of my exit strategies (Selling) because I would owe more than it is worth technically. If I can moderate my risk, I think this is a great plan and I'm going to rerun numbers (Possibly at no interest) and see if it will work.
@Jessica Muto: Congrats! Keep me updated on your journey. Perhaps we can learn from each others trials and tribulations. I've been finding a decent amount of properties for sale by owner on craigslist surprisingly. That has been the only way I can get the conversation going.
