All Forum Posts by: Joseph Mosby III
Joseph Mosby III has started 2 posts and replied 4 times.
Post: How can I use my current position to get to a better position?
- New to Real Estate
- St Louis, Mo
- Posts 4
- Votes 1
So, I have a job that allows me to travel anywhere on the globe for free (small fee for international flights), and it's really cool. My parents and people who personally know me always tell me about how good of a position I'm in, but how can I utilize it? I'm 21 with a good credit score, I save a lot of money, and now I'm able to hop on a plane and fly wherever I want. I just need some direction on how I can use my position to get to an even better position. I don't want to use where I'm at just to travel and spend money to look cool or just because I can. I really want to make something of this, if it's through real estate, networking, or some form of business, I just need some type of direction.
Post: I'm looking to seller finance self-sufficient apartment complex
- New to Real Estate
- St Louis, Mo
- Posts 4
- Votes 1
Quote from @Todd Wheatley:
Congrats on getting started with real estate!
Can you elaborate on why the conventional lending options are working in your favor? You mention having a good credit score and decent amount of funds saved so knowing exactly what is causing the options not to work will be helpful.
Seller financing can be a great option for both buyer and seller but isn't the easiest method of financing to start with. I would encourage you to think about seller financing through the seller's perspective - what will benefit them? They will 1) need to trust you as the buyer so focus on building that trust every time you speak with a prospective seller 2) want a steady source of income via your loan payments. This can be a great option for sellers looking for a fixed income stream (e.g. retirees, self-employed, etc).
Good luck!
It was job history. After I graduated high school, I went to college for a semester then dropped out (I wasn't really sure what I wanted to do). when I got home, I had got a couple of jobs, but I made most of my money from side hustles, so my taxable work history was very inconsistent.
Post: I'm looking to seller finance self-sufficient apartment complex
- New to Real Estate
- St Louis, Mo
- Posts 4
- Votes 1
Quote from @Chris Seveney:
@Joseph Mosby III
You can search public records for the owner and contact them. Typically on a MF the owner will have leverage so chances of OF on MF is more rare, especially the larger the deal.
Have you ever owned a a single rental property?
Multifamily is a complex ordeal for both owning the real estate and managing the business, I do not recommend it for someone who has never owned real estate.
With the help of some family and a hard money loan, I rehabbed and rented out a single family property month to month for about 6 months before selling the property(2019). That's about all the experience I've had. I don't get what would be so complex if all i's are dotted, and t's are crossed?
Post: I'm looking to seller finance self-sufficient apartment complex
- New to Real Estate
- St Louis, Mo
- Posts 4
- Votes 1
So, I'm looking to obtain an apartment complex that recently went back on the market, and I feel seller financing is my only option towards ownership at this point. On smaller properties (4 family) I've tried hard money, FHA, and conventional. Even with a good credit score and a decent amount of saved funds, none of the options really played in my favor. My question is how would I find the owner of the property, and even if I found the owner, how would I get them to entertain a seller financing option? Also, if you guys think there are better ways for me to get to ownership, I'm all ears. I'm 21 and I've been at this for about 2-3 years. It's definitely not as easy as it seems.