All Forum Posts by: Brian Whelan

thank you Bob- much appreciated! 

To hire! If it goes well we have plans to purchase more in quick succession so a good opportunity to build a working relationship 

Hi- Looking to partner with an RE Attorney in Hudson Valley area of NY.

We are submitting an offer for a multi-family so are eager to move fast!

Thanks

Thanks Larry- the guy wasn't to keen on the seller financing as he wants to get his estate in order and is not interested in long-term financing- despite my best efforts!

It's a pity because I feel it would have been a genuine win-win situation.

We are still going to put an offer in but will be going conventional with the financing..

I'm structuring an offer for a seller who has indicated he may be open to seller financing.

He's an older guy so wants it to be relatively short-term. I think I can make the numbers very attractive for him. Asking price is 250K and I want to offer an approx term of 120 months for payments. 

Just wanted to get some feedback on what a typical deposit amount to offer in this situation would be (5/10/20%???) 

Also, how much would a typical seller reasonably expect to make above the asking price by agreeing to financing it over a period of 120 months?

Thanks, as always!

Great points @Michael Boyer and thanks for your feedback! Funny you bring up thinking outside the box because today I read that the same college will be expanding there graduate programs and so the increase in grad students will most likely off-set the reduction in the  undergrad population..

@Ceril S.I'm not too familiar with the rent demand outside of the student population, I would imagine it's not as attractive but it's definitely something I will be considering.. What's your local college?

I'm looking at several properties in Poughkeepsie NY to purchase and use as student rentals. I've been analyzing the town for a while and would be interested in hearing from other investors in the area who are renting to students.

The numbers look very promising; low mortgage, high rents (especially when renting to 5 or 6 individuals)- even factoring in all the additional headaches of dealing with students, it still looks very promising!

I came across an article outlining how MArist College is planning on expanding there on-campus housing in 2017 with a huge investment. This stopped me in my tracks as it estimates an approx 40% reduction in the undergraduates seeking off campus accommodation. But there are several other colleges in the area which I could potentially target with the same properties

Anyway, would be interested in hearing people thoughts (good, bad or indifferent) on the area and strategy!

Thanks for the info guys.. the due on sale clause is something I was concerned about if negotiating with the seller direct..

@Todd Ebach to answer some of your questions with the info I have so far are below.. still trying to gather more..

1) Is there any equity in the property? TBD- working on getting this form the listing agent who hasn't been too responsive so far..

2) Are you going to hold this property or flip it? Hold- it's a 7 bed in a student town so I would be using it as a student rental..cash flow potential look's promising..

3) How much money do you have at your disposal? I have cash on hand for a down payment and access to private money if need be...

4) At what stage of the foreclosure process is it in? So far the only info I have is short sale; it hasn't reached foreclosure yet..

5) Are there other liens against the property? TBD..

I'm analyzing a short sale opportunity in a NY college town. I haven't dealt with one before and have been reading about how they can end up a painstakingly slow process!

I was thinking it be a smart idea to reach out the seller directly and try come up with an alternative method of financing; maybe to keep the banks out of the deal for now but keep the seller good on their mortgage payments- which I'm presuming is the issue bringing about the short sale in the first place?