All Forum Posts by: Michael Maloney Jr.

Hello, I have a couple questions about a commercial property. This would be a big deal and It’s a little out of my league, and I want to be taken seriously with the seller.

This property has two units upstairs, a 2-1 and a 1-1 with a commercial lease to a salon on the bottom.

They’re asking 700k for the property and I have a little over 10% liquid, (80k). Also a local realtor owns it and has it listed.

Is there Anything creative I can do to possibly buy it? I would like to live in the 1-1 up top and hopefully get in at a low down payment, with renting the 2-1 and to the salon on the bottom. I would say it’s a B property in a great location in a growing city.

Welcome Zachery,

I’m in the Pinckney area and It is great to other see local investors on this site. Meeting up would be great. Let’s meet up for some coffee.

@Anthony Edwards

I will pm you

@Anthony Edwards

Following. If nothing comes up, let’s start one. I am in Livingston county. Looking forward to hearing

Hello, Long time, no talk.

Bp'rs I need some advise. I found an off market duplex with an absentee owner, he lives 250 miles away. I've spoke to him over the phone a couple times, very nice guy, but he's intimidating, and very stern on selling price. Owner is 70+ yrs old does not want to deal with seller finance, and he's been in the business for 30+ years.

I know the area very well and honestly this duplex is probably worth the selling price but it also needs probably 15k in updates and repairs.

I am meeting with him on Friday for the first time, and I need some advice and some pointers to talk him down on the price a little bit. This will be my first rental property and the cheapest bank is wanting roughly 55k to close. That is a lot to chew on for my first deal so any negotiating advise to get that lower will be much appreciated.

Thanks - Michael

Hello, Long time, no talk.

Bp'rs I need some advise.  I found an off market duplex with an absentee owner, he lives 250 miles away.  I've spoke to him over the phone a couple times, very nice guy, but he's intimidating, and very stern on selling price. Owner is 70+ yrs old does not want to deal with seller finance, and he's been in the business for 30+ years.

I know the area very well and honestly this duplex is probably worth the selling price but it also needs probably 15k in updates and repairs. 

I am meeting with him on Friday for the first time, and I need some advice and some pointers to talk him down on the price a little bit.  This will be my first rental property and the cheapest bank is wanting roughly 55k to close.  That is a lot to chew on for my first deal so any negotiating advise to get that lower will be much appreciated.

Thanks - Michael

Craig, Very good idea. I would also be interested depending on what time you were thinking. I have a very demanding work schedule that might interfere, please keep me posted on what you decide.

Hello everyone, For the last four years I’ve been studying, reading and listening to countless podcasts about real estate, and I’m proud to say I have my first rental under contract. Let me tell you a little about these past few years. Almost to the month four years ago I bought my primary residence. I knew I wanted to get into investing but I also wanted to move out of my parents house and into my own, so I bought a 1400 sqft 3 bed 2 bath home. I went through and did some updates to flooring, interior and exterior paint, etc. Although i had some rough financial times with work slowing down and issues at the house, I’ve had plans to sell it for roughly 2 years now, especially after I started talking to a co-worker that had about 10 rental units at the time. But I still didn’t have a plan or another place to go. Turns out said co-worker is retiring this year and has been slowly selling off properties. He’s an old school, old timer that’s been doing this for the past 35 years and I’ve been hounding him for his knowledge on the business. And turns out he has a duplex for sale. Then just three weeks ago I was sitting around with some friends and threw out the idea that I wanted to sell my house and move into a duplex. A couple of them said I was crazy and then one of them along with his wife said they would love living in that house for their first home....... Just 1 week ago we signed the purchase agreement for the sale of my house, and 3 days ago I signed the contract for the duplex. Im crossing my fingers but a lot can still happen from now till closing but If this deal holds up and everything closes properly it’s going to free up around 1200$/month in expenses. I owe it all to my family and the bigger pockets community for teaching me the specifics of real estate and the importance of personal finance, patience and persistence. I want to thank you all for everything. Always Keep pushing forward and happy investing!!!

Make investment great.......Again!

Welcome Terry Rose to the forums. This is the place to be to learn and grow your business. Search the forums, set up keyword alerts, and read the blog posts. Tons of information here to take advantage of! Good luck to you and happy investing.