All Forum Posts by: Michael Williams
Michael Williams has started 65 posts and replied 199 times.
Post: Down payment for duplex?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Kushaal Malde:The seller is not willing to carry, he wants out of owning this property and he wants to use the profit from the deal to put into his business. I'm partnering with family on this deal, they have the capital and I'll have to give up some equity in the deal also.
"Private/hard money, family, partnerships" --> Start there!
Alternatively...
Have you approached the seller to see if they are willing to carry?
Have you considered house-hacking, where your LTV requirements would drop to 3.5-5%?
Post: Down payment for duplex?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Tom S.: Thank you, I've decided to partner with family on this purchase, they're coming into the deal with capital.
@Michael Williams Your best bet is to make it your primary residence so the downpayment could be a low as 3.5%. For funds, remember you're allowed to use 401k / retirement accounts, if you're comfortable with that.
Good luck!
Post: Down payment for duplex?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Joe Bertolino: The zip code is 95822, its in the Hollywood park area of Sacramento. I've decided to partner with family on this purchase, they have the capital. But there's multiple offers so far so I'll have to rush to make the deal go through hopefully.
What’s the zip code? That may or may not be a deal worth doing.
Post: Down payment for duplex?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
An owner of of a duplex (Both sides 1 bed/1 bath) in Sacramento is willing to sell his property to me ($475,000) in the next two months. I have nothing right now for a down payment, I'd need about 20%-30% as a down payment. Private lenders? Family? Hard money? Partnerships? How can I get a down payment for this property in the next 2-4 weeks?
Post: I NEED HELP! Buying duplex in Sacramento
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Going to keep it short. An owner of of a duplex (Both sides 1 bed/1 bath) in Sacramento is willing to sell his property to me ($475,000) in the next two months. I have nothing right now for a down payment, I'd need about 20%-30% as a down payment. Private lenders? Family? Hard money? Partnerships? How can I get a down payment for this property in the next 2-4 weeks?
Post: How to find what a property will rent for?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Check the zip code of the property you're interested in on zillow, redfin, etc. and you can see how much similar units are renting for in the area and I shoot for the most conservative amount of income when doing my analysis. And drive around the area and see if its an up and coming neighborhood, is there a starbucks nearby, is it close to public transportation, how far is it from down town, these factors allow you to charge market value and you'll be able to increase rent over time.
Post: Sell my new rental for a 30k profit or keep renting??
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Depends on what your goals are. You could refinance and pull cash out the property to repair those discrepancies now or sell it for a profit. You could use the profit from the sell to buy another investment property, maybe get into multi family?
Post: What are your daily struggles?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Originally posted by @Brady Wiley: I'm only looking in the Sacramento area right now. I have been driving for dollars when I can for the last 2 years and I have a binder with over 1000 multi family properties (5-30+ units) apartment buildings. I contact my county assesor through email, I could go in the office and use the computers but I haven't because of Covid. Then after I get the owners address and name I use a skip tracing service that allows me to get the owners personal info (address, phone, email, etc.) , I hired personal assistants on upwork to write letters and cold call the owners for me, its hard to find the time for those things because I have a family and full time job. If and when an owner agrees to hear my offer I'll have my agent contact them on behalf. But I haven't thought about using fb ads or creating a webiste, I'll look into creating an automation system.
@Michael Williams What markets are you looking in? Do you have any kind of automation set up? Fb ads, websites? Anything like that?
Post: Duplex Deal - Looks Good to Me! Yet no one's interested?
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
If I were to invest in this property I'd need to know how much I could conservatively cash flow for in this area. And if it'd be worth the investment. What kind of caprate would this type of property get? Taxes? etc.
Post: Renter of 16 years just moved out.
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Now you're able to renovate/update the unit and raise the rent, hopefully above market value for your area.