All Forum Posts by: Account Closed

Hey Robin, I think it's a solid opportunity as well. Can you elaborate on ways I could get taken advantage of? Being new, I'm sure there's much I could learn more to avoid unfavorable lending.

Hey Stuart, I appreciate the reply. I haven't discussed with the seller one-on-one as to why they would hold the note, although I understand the benefits of why one might. I will also mention that their initial terms are a 5 year ballon with the first 2 years being I/O.

Can you clarify by what you mean by a good basis? If you mean whether the building is a good buy or not, if I can get the seller to my terms, I'm certain that it would be if the cost of the downpayment isn't exceedingly expensive, hence my post. I wouldn't jump into a deal just because the seller is offering to carry the note, if that's the concern.

Hi, relatively-new investor here with a couple single-family homes looking to move into a my first multi-family property. The property I've set my sights on is a 9-plex where the owners are willing to carry 70% of the loan at a 5.5% rate for a $1,800,000 building. Currently, I have about 10% of that in cash and I'm struggling to source the remaining 20%. I have equity in both of my properties that I can leverage against if necessary, but I'm wondering how I would go about finding private lenders to discuss options. Any advice?

Investment Info:

Single-family residence buy & hold investment in Longmont.

Purchase price: $612,000
Cash invested: $36,000

After my first home purchase went so well, I decided to attempt the same strategy again. This issue this time, however, is interest rates had increased numerous percentage points making the possibility of living for free much less likely. To combat this, I did a 2-1 buydown to temporarily lessen my monthly payments.

Soon to be 5 bedrooms, 5 bathrooms, 3,822 finished square feet.

What made you interested in investing in this type of deal?

Once again, this property had a great setup for house-hacking considering every room had its own bathroom.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

I am finishing the basement. This should add significant value and allow me to pull out my investment and more when it's time to refinance. At the moment, this house loses me about $1,000/month with me living in it, but once the basement is finished, which will include a walkout and kitchen, and my interest rate matures later this year, this home will bring in about $287/month without me living in it.

Investment Info:

Single-family residence buy & hold investment in Longmont.

Purchase price: $612,000
Cash invested: $36,000

After my first home purchase went so well, I decided to attempt the same strategy again. This issue this time, however, is interest rates had increased numerous percentage points making the possibility of living for free much less likely. To combat this, I did a 2-1 buydown to temporarily lessen my monthly payments. At the moment, this house loses me about $1,000/month with my living in it, but once the basement is finished, which will include a walkout and kitchen, and my interest rate matures later this year, this home will bring in about $287/month without me living in it.

Soon to be 5 bedrooms, 5 bathrooms, 3,822 finished square feet.

What made you interested in investing in this type of deal?

Once again, this property had a great setup for house-hacking considering every room had its own bathroom.

How did you finance this deal?

Conventional mortgage.

How did you add value to the deal?

I am finishing the basement. This should add significant value and allow me to pull out my investment and more when it's time to refinance.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $520,000
Cash invested: $57,000

I purchased this property when rates were at their bottom as my first home. I lived in the home for about a year and a half and during this time I rented out the other three rooms which allowed me to only pay ~$200/month plus my portion of utilities. Now, the home is rented out fully and bringing in a decent monthly return. I did not have to do any updates or renovations to this home as it was a fairly new build upon purchase.

5 bedroom, 4 bathroom, 3,446 square feet.

What made you interested in investing in this type of deal?

This home had the perfect layout for a house-hacking situation.

How did you find this deal and how did you negotiate it?

I found it on Zillow. I did not negotiate as this was when nearly all homes were selling above list so I was grateful to even get it at asking.

How did you finance this deal?

Conventional mortgage.