All Forum Posts by: Justin Thiesse

Could you share the time and place.

If they really have 250k to put down. Then they need to talk to more mortgage companies. They could probably buy it with 3% down and have enough money left to make payments for 4 years. Something doesn’t add up. Sounds a lot like a Nigerian Prince email I received.

I have all of my tenants do a automatic deposit into my bank account. I have them sign a form I got from my bank and they attach a voided check. It doesn’t cost me anything. It works very well.

I didn’t always flip and rent multi family units full time. It took me 18 years of working full time and flipping on the side to do this full time. The thought of going back to a W2 job definitely motivates me to work hard everyday!

What is your price range of properties you are looking at?

The big question is why don’t you borrow the money from the bank and lock in the interest rate for at least 5 years. I believe interest rates will go up in 3 years. I also believe you are overpaying for the property to get owner financing. Remember you make your money when you buy the property by not overpaying.

On new properties I buy. I usually raise rents as much as I legally can right away. This will flush a few out and I can make the updates then. I really don’t want a empty building, but generally I only lose less than 10%. I also like to do this before I get to know them.

Cap rates in South Dakota are 7 to 10. Depending on the property. As interest rates rise, it should be interesting to watch.

Just wondering what everyone is getting for interest Rates on commercial property. I am currently doing a loan at 5% at 20 year amortization 5 year fixed. I have been told people are 4.5% at certain credit unions but have not found that. Any suggestions??

I would tell him you will give him his full deposit when all of his stuff is out and the place is clean and he hands you the keys. There is no shame in this. Change the locks immediately.