All Forum Posts by: Philip Bashaw

Christopher,

I've only heard about NPN's and never saw a breakdown. Does this mean the $105,000 note, 1st lien, negates any other liens? Sounds tricky, but very profitable

Very cool. I'd love to see the results. I only know one name on the list...Joe McCall but haven't invested any money with him.

Jorge,

How long does your business need to be established. I'm new to real estate and don't gave an entity set up yet or a business checking account.

Brandon,

I got my first deal off mls and did well with it by negotiating down from 99k to 58k. It was an older owner occupant that just wanted out. She moved to a senior living apartment.

I am doing a minor rehab on it of about 5k. I plan to rent it out for $950/month. It wasn't trashed, but I am redoing 1 bathroom to make it more functional, painting, cleaning and repairing the laundry room floor.

Phil Bashaw

Maybe call a local commercial broker?

I'm new to multifamily too and want to start with a small 12-20 unit building in Atlanta that needs updating. 

Did you guys happen to catch Brandon's webinar about apartment investing? He has a theory that there are a lot of baby boomers that own buildings, want to sell their building or building and retire with some cash flow from owner financing or selling outright.

I believe that's true and I'm currently scouting properties in Atlanta and looking for financing

Corey,

What is a great rate? 10% + 2 points. That's a great rate for me!

15% + 4-5 points is very common and not considered a great rate. 

Please include a few details because no one wants to fill out another application to find out the rates are just the same as any other hard money lender. Personally, I'm looking to do JV deals with private money lenders and offer a 60/40 split for 100% financing.

Thanks

Swat,

I'd love to see the more experienced investors comment on this because I think it would be good to get their take on it. Its obvious that the seller doesn't want it anymore and personally, I'd be looking for the best possible price and asking him what he really wants for it, what was he planning to do with the money and so on...I'd push to the point of pissing him him off. 

A successful, local wholesaler here told me that when your offer makes you uncomfortable, that's a good offer or the offer you should make on the property. I'm very interested in this because I'm looking to start making offers very soon in my area on small apartment buildings.

Phil

I know FHA only requires 3.5% down and have great rates as well. You can make an online inquiry with Quicken Loans. They do a lot of FHA loans and I believe they will lend on 1-4 unit properties.

Phil

I know FHA only requires 3.5% down and have great rates as well. You can make an online inquiry with Quicken Loans. They do a lot of FHA loans and I believe they will lend on 1-4 unit properties.

Phil

I've researched getting a commercial FHA loan with less than 8% down, but these take a lot of time. It doesn't cover repairs and has some pretty strict qualifications and take a long time.

Does your seller have a certain time frame they want to sell? One of the qualifications of this loan was having experience in property management and showing reserves to cover deferred maintenance. You can do some research yourself based on your due diligence and relationship with the seller. @Christopher Telles is right. We can't comment on what we don't know about the property...