All Forum Posts by: Phil Harris

I have some elderly neighbors.  Unfortunately one of them passed away a few months back.  The children of the couple are reported to be moving the woman somewhere else.  I happen to need a place for my parents as they are getting older.  Home is worth about 400k.  It is a bit more than I would like to spend for my parents but it is very very close.  I'm not too sure how to proceed with this.  I have the money to put down but it would wipe out all of my accts.

So are you suggesting that if someone is selling a place for say 100k, I lowball them at 70k?  I don't see how I can be very competitive at that rate.  Wouldn't it be easier to just partner with them at that rate?

I've hit a bit of a stumbling block and need some help.  I am having issues with putting up 20-25% down on an investment for conventional financing.  I am looking at multifamily properties with no more than 4 units currently.  I've got the cash to put down and don't mind putting it down, but I'm worried about the cash running out and getting stuck in the properties I've purchased.  Not to mention the cash is tied up in the market right now and the markets are doing very well.  I've considered equity partners and think this might be my best bet.  Any place I can go to research this better on how to structure a deal like this?  I'd like to be able to do 3-4 deals a year.  I need roughly 16-20 doors to be able to walk away from my current job.

I think if you are willing to travel 2-4 times a year to check up on these places and your team you will be in good shape.  Too many people entrust their money to someone else and it is out of sight out of mind until something goes wrong and then its too late.  I think investing out of market is ok, just stay close.  Can you get there within a few hours by car or by airplane?

Frustration is setting in, and not sure which way to go.  In the past 6 mths. I sold a rental of mine in hopes to better myself and increase my business.  I have yet to purchase anything.  I am working with about 25k in cash, and have another 40-50k available in personal loans available.  I should be golden, but I am getting stuck.  I suppose my fear is that I will only be able to buy one property?  I am trying to leverage this money as best as possible so I can eventually walk away from my job in transportation.  I am not afraid to travel.  I feel like I am priced out of my local area, and have been looking for the past several years in Ohio.  My interest is multi family 3 units or larger, and my focus is long term.  My goal is to be able to buy 3-4 properties with this money now, and within a year or two be buying one a month.