All Forum Posts by: Jon Wesner

@Chris Purcell they are pre-approved for a conventional loan 5% down, but I usually don't sell my rentals. The only way I might consider selling is if I carry the note. 

@Adam Adams they have been asking to buy home for a while 

@Account Closed they claim to have qualified on a conventional loan with $22k down.  I am waiting to see the details of that loan.  

They have 22k down payment and their credit score is over 800.  My attorney claims that foreclosure in CA takes 6 months and will cost about 6-8k.  If they stopped making payments for 6 months plus the foreclosure costs would eat up that 22k down, and I would end up probably worse than I am now just collecting 1900/month.  I do like the idea of being the bank instead of the landlord.   

I own a single family residence in CA and the tenant approached me about buying the property.  I own the property free and clear and am contemplating carrying the note.  Home is worth 375k.  I have no idea where to start to structure this deal so any advice would be appreciated.  I am currently collecting $1900/ month rent.  Thanks

Hi, the market on the central coast of Ca is crazy with 4% cap rates and very low multi-family inventory.  Instead of waiting to buy I have decided to start looking for land to build apartments on.  Any advice or direction on how to start this process?  Should I start small with a 4 plex?  I own a construction company, but we specialize in remodels and single family construction.  

Andrew Campbell that is awesome! Would love to hear more detail about your journey. I am just getting started and am currently trying to learn as much as I can. My goal is to partner in 5000 doors in next 10 years.

Hi Scott Graham , I have a BS from Cal Poly, SLO in Ag-Business, finance and appraisal. I farmed for 20 years. Sold my business and started investing in real estate, startups and a construction/development company. I love analyzing deals and solving problems.

I checked out some properties just off Las Vegas blvd on casino center. Rough neighborhood. Condemned buildings, tear downs, homeless, empty lots. Talked to a nearby business owner and he said the city is going to shrink Main Street down to a 2 lane road and widen sidewalks to attract foot traffic to the area for all the restaurants. They call this area the Arts District. Condemned buildings with an asking price of 1.75 mill. The building I looked at had an asking price of 1.5 mill. NOI supported that price, but all the tenants were month to month, and most of the units were studios. My gut is telling me it would be difficult to manage month to month tenants and the culture of the neighborhood being an absentee owner.

https://archpaper.com/2016/04/las-vegas-is-proposing-a-new-downtown-master-plan/ Above is an article about the Vegas re-development project.