All Forum Posts by: Jordan Archer

I want to buy multifamilies with high equity, and I would like to get them with seller financing @ 100% This sounds difficult to pitch to a seller, and was wondering if someone had any good tactics/selling points. One angle I wanted to try offering to refinance the property after so many years of owning it, so I can pay them off with a bank loan. Anyone else have any good selling points?

I signed up for a free trial to an MLS service the other day that took my credit card information, and I had 7 days access before I had to make a purchase. I'm wondering if thisn't isn't the legit MLS that everyone is talking about, or if you can buy access?

To answer you question in short, I see 5 - 10% rent should go to unexpected repair and major catastrophe costs.

However, to be conservative, you want to make sure you dedicate half the value of your rent (50% rule) to cover all expenses, not including mortgage. For your case you can look at a conservative cash flow as:

CF = Rent - 0.5*Rent - Mortgage

CF = 0.5*Rent - Mortgage

CF = 0.5* (1050) - 600 = -75.

Your case does not meat the infamous 1% rule, which states your monthly rent should be 1% of purchase price. (ie. 0.01 * 109,000 = 1090 = Rent).

If you want to neglect these rules, your deal might be too marginal to make any profits.

@Brian Gibbons That's great! Thanks for the summary.

@Account Closed I was considering MF as 2-4 units.

Thanks @Allen Maris , I'll give that a shot.

Is there a limit to the amount of multi-families I can acquire through subject-to/seller financing? Is there a law stating that I have to wait so-and-so amount of time between each acquisition?

Without having to experiment (and wasting money!) I was wondering what search criteria has produced the best subject-to financing results?

Thanks @Brian Gibbons , that really helps.

What would the expected time frame be to have all this completed?

I was wondering what I would have to do (as a buyer) as the intermediate step/steps between getting a seller to agree to do subject-to financing, and me actually owning the house? I assume there is some sort of contract that needs to be handled by a lawyer, but is there any other significant action I would need to take?

Hello BP,

I would like to know what the best way to gain experience in wholesaling might be. I'm new to the game, and don't want to lose everything I have on my first deal, so I was wondering if there might be someone who could point me in the right direction. I was considering going to my local REIA, and networking with wholesellers/flippers to see if I could gain some experience by offering them some of my time. Valuing homes and repair costs is very new to me, so outside of memorizing the mls for a certain area, I don't know what a good way to start is.

Thanks for your help!