All Forum Posts by: Marc Rice

I recently purchased my first commercial (5+) apartment building near Columbus OH and was able to get seller financing on it! Here are my thoughts on the pro's and Con's of seller financing something like this.

Pros:

- Because the seller was willing to carry a mortgage, we were able to close in 3 days. This allowed me to be competitive.

- No mortgage meant no underwriting and no additional lender fees, saving me thousands in closing costs and of course a lot of time.

- The seller was willing to take a lower than market rate interest on the property, simply because He said he was happy with it.

Cons:

- The Seller needed cash up front so I ended up putting 49% of the purchase price down, this was a huge chunk of capital upfront.

- The property also needed a heavy renovation, and since I didn't get a construction loan, I had to front the money for renovation.

Overall there are still good deals in the Ohio market, some make for good seller finance deals, and some do not. If this deal had not been so competitive I probably would have been better off getting a construction loan on it. Just figured Id share as a lot of people always say they want seller finance deals, but its not always the best option.

Hello, all!

I am new to REI and have loved learning more about the process through Bigger Pockets. I do not yet have any properties, but am spending as much time a I can learning until I feel confident enough to purchase my first property. However, I find myself questioning whether or not I can be successful whenever I consider the fact that I will have to act as a landlord. I am hoping that someone may have some advice in regards to overcoming the fear of being a landlord with no experience. Any personal experience/advice, helpful books, etc. would be greatly appreciated! Thanks in advance to anyone who is willing to share.

Hello Everyone!

My name is Max Klitchman and I recently got into real estate investing just after graduating college. I have lived in La Grange, Illinois my entire life and I would like to connect and network with other investors, lenders, general contractors, agents, brokers, and any other real estate related professionals that work in the area. I am specifically interested in the western suburbs within Cook County and DuPage – Areas like Berwyn, La Grange, Westmont, Lemont, Naperville, Glen Ellyn, Elmhurst, ETC.

As of last week, I got my first property under contract in La Grange Park with the plan to fix and flip the house. Being so new to real estate, my resources are very limited at the moment and I am looking to expand my connections to learn more about the industry.

Thanks & I’d love to network with you!

Max Klitchman

Hi everyone! My name is Zach and I am senior at Bucknell University and graduating this spring. Post graduation I will be working at a civil engineering firm in New York City, but aside from engineering I asprie to start investing in real estate as a form of passive income. Eventually, I would like to grow my portfolio into a full time gig. As I am young with not a lot of capital to my name, I would love some suggestions on edjucational materials to allow me to get a head of the eight ball before I start aquiring properties. Thanks and I cant wait to be part of this community!