All Forum Posts by: Michael Opper
Michael Opper has started 4 posts and replied 8 times.
Post: SFHs to Multifamily (apartments)
- Wake Forest, NC
- Posts 9
- Votes 2
Quote from @Jackson Ebersole:
Hi Michael,
Getting funding for a down payment on real estate can be challenging, as most of the funding typically covers the other 80-90% of the property's price. However, there are several options to consider beyond using your savings. For example, you could refinance one of your rental properties at a low Loan-to-Value (LTV) ratio.
If you prefer not to involve a partner in the down payment, you might consider asking a family member or friend for a loan. Ensure you have a clear agreement in place to avoid potential issues.
Real estate crowdfunding platforms, such as GoFundMe or Kickstarter, can also be used to raise funds for a down payment. However, this approach may require a compelling story or project to attract contributions.
Some people opt for personal loans to cover the down payment, though this can come with high interest rates.
Lastly, some private lenders may base your loan amount on the property's as-is value rather than the purchase price. If you're buying the property at a low price, this might allow you to cover 100% of the price with the loan.
Regards,
Jackson.
Really appreciate that Jackson!
Also, who or what profession would help me look at an opportunity to understand if its a good deal or not?
Post: SFHs to Multifamily (apartments)
- Wake Forest, NC
- Posts 9
- Votes 2
I'm looking to buy my first multifamily, apartment complex. I currently have a handful of single family Section 8 rental properties.
Ultimately I'm looking to understand the best way or multiple ways of coming up with the down payment for something that’s priced in the 2M-3M range. I’d prefer not to have a partner if possible. Thoughts on pulling money out of my primary residence to cover the down payment or are there better ways?
If anyone has experience making this jump, I’d love to pick your brain!
Thanks!
Post: Raising rent after purchase
- Wake Forest, NC
- Posts 9
- Votes 2
@Brad Hammond thank you. They’re month 2 month so I “can” adjust whenever. As part of the closing I had new doors and a new kitchen floor installed. Not out of my pocket, but not the point. 
Post: Raising rent after purchase
- Wake Forest, NC
- Posts 9
- Votes 2
@Tim Herman that wasn’t helpful and not what I was asking. Thanks
Post: Raising rent after purchase
- Wake Forest, NC
- Posts 9
- Votes 2
Is it fair to raise the rent after just purchasing a property that already has a tenant living there? They have been paying a very low amount for rent for a long time and I only want to do a modest $50 increase.
Post: Raising rent after taking ownership
- Wake Forest, NC
- Posts 9
- Votes 2
Just purchased a new property and can’t decide if I should raise the rent with the existing tenant. They’re currently paying on the low end of rent for the market. Thoughts?
Post: Security deposit for current tenant?
- Wake Forest, NC
- Posts 9
- Votes 2
@Karl B.
Got the deposit at closing.
Post: Security deposit for current tenant?
- Wake Forest, NC
- Posts 9
- Votes 2
I’m getting ready to close on a house that has a current tenant that’s renting at a month-to-month. When I take possession of the house should I require the tenant to provide a security deposit even though they’ve already been living in the house for many years? Or just take over the month-to-month rent?