All Forum Posts by: Nathan Waters

@Bill Gulley

 I agree with what you said. I didn't mean to over simplify about grown ups making decisions. Like I said, honesty and transparency are critical. I personally would never want to profit by deceiving someone in any way and wouldn't respect someone else that does so. 

@Jamal L. , Congratulations on the deal. Ignore the negative responses. The fact of the matter is, these were adults making decisions about their own assets (seller and investor). If the Seller really wanted to try to find a direct investor on his own and save 6K, he could have done it. Maybe the seller was not aware of how to go about doing this. He could have chosen to go the route of listing with an agent but didn't. I don't see anything unethical as long as honestly and transparency was at the forefront of the deal. Good luck on future endeavors.

Thanks @William Morrison for the advice. I'll have to look into it.

This is a great topic. I'm really looking forward to reading more about it. I have an out of state house I am hoping to exchange in about 12-18 months. Any insight I can gain from here is greatly appreciated.

I live in Illinois and own a rental in upstate NY. It sucks. Granted its a single family home and doesn't have the greatest cashflow. But I can't wait to sell it when the lease is up and reinvest closer to home. Some others can probably speak with more experience, especially regarding multifamily homes which I have not yet done. But I'm a hands on person and want to be able to respond myself rather than hire a contractor for small level issues. Especially while I am gaining experience in leasing.

 One of the homes is on Minocqua. I am not very familiar with this area which makes me a bit hesitant. Its about 1 hour from where I live which is is farthest distance I would feel comfortable investing. I would prefer staying a bit closer, but if the deal is good, I may go for it. they are going from 50-90K per home. Only one is currently rented, the others have just been rehabbed. I have enough income to cover expenses while finding tenants, Do you have a link or pictures with some information of the homes you are looking to sell?

Tony, Do you have any experience as far as Joliet or Park Forest? I am going to look at a few single family homes this weekend in Park forest. 4 homes with one owner, free and clear and a motivated seller willing to take on seller financing. Sounds like a decent deal with reasonable Cap rates, but the taxes are insane. The other area I like is joliet. Its a little closer to where I live and taxes are reasonable by Illinois standards. Any input?

 Newb here. What is TK?

 He's kind of both. There is definitely some value in what he says. But I agree. More preacher than teacher.

As a veteran with 10 years, I have a little experience. I agree with the comment above about using a VA loan to purchase multi family. Start looking into property managers that you can trust now before you get deployed or stationed elsewhere. This can throw a wrench in things and complicate an already difficult situation. I did 3 live in fixer uppers over the years, made a nice profit on 2, and turned the 3rd into a rental when I left the area. I still have it rented 6 years later to military families. Currently I have a 40 month lease. I've been lucky because I no longer live in that state and I have had low vacancy and repair costs. But I could have just as easily gotten burned had the home not been suitable for renting to local military families. Do you research and good luck.