All Forum Posts by: Jay S.

@Mary B.  Thank you for the wish & information posted. Lol...I would say the same!

@Michael Evans  I would like to know how do you go about getting your market research that you need for the areas that you are interested in investing in. 

A lot of the time when I'm doing this I'm finding 2 to 3 years past data & not really up to date data like I need. I'm just wondering if I'm looking on the wrong websites or should I be aiming in a different direction to gather this information from a specific source(s)? 

Thanks

@Mary B. thanks again, I never knew about the EMD lending. I see you said your not interested in being a landlady anymore. Please fill me in on why you decided to go another route.

I like to hear different experiences so that I can keep them in mind, and/if they ever come my way I will be better prepared in the situation.

Thanks

@Curt Davis  Oh okay...that's exactly what I want to do. That is a very simple way to get going. 

I wonder how he structures these kinds of deals as far as terms & percentages go to both the seller & lender. I'm assuming his is pretty standard across the board with how high in percentages he is willing to go before he says "not going to work".

@Mary B. Thanks, the actual process for these different types of loans are very strict on qualifications to even get considered. Have you dealt with FHA type loans?

@Curt Davis  So if I come across a 10 unit property & the listing says $200k, 20% down & owner financing, & $1000 a month payment, I only can go thru the bank to get the 20% down payment ($40k)?

So 9/10 PML or HML will not lend on duplex, triplex, four-plex rentals, just banks pretty much? Just a nice wholesale type property that needs work that could be done to flip for the retail price is really what I should use PML or HML for?

@Ali O.  No problem & thanks for stopping thru & commenting on the post. I hear a lot of investors say find the deals first then worry later about the financing. Because if it's a good deal, the lender/investor will jump on it quick to make it happen to gain the profits.

I would like to hear about some of your creative ways of structuring the down payment for a property using hard and/or private money for a MF property when you had little or no money. While either using the bank to fund the rest of the payment or owner is willing to do owner financing payments.

Did you pay back the lender on time? Is this possible to do, if the numbers are good enough to cover the debt to both private lender (HML or PML) & owner finance payments or bank mortgage (whichever is used). As long as you break even or still able to receive a profit.

Thanks

It's nothing personal just business. Just make sure you have the right contract written up between you two so that you are on the safe in.

@Mehran K.  Ok thanks.

@Mehran K.  Thanks for that break down. I'm currently in talks with a motivated seller who is willing to do owner financing & she would like for me to send her a proposal. 

I'm in need of help in creating a proposal on how I would like to go about this transaction. I do not have it under contract, I have seen 2013 annual overview of the numbers, but no last 2 years official rent rolls & profit & loss statements (I'm assuming this would be give to me under contract once requested)... If you don't mind what would be a way you would structure this....(owner is willing to go down on price per unit)

10 total units asking price $49,900 each

Gross $65,700/yr

water & trash $2,000/yr

maintenance $2,000/yr

PT $900/yr

Payment $42,600 (not to sure about what all is include in this payment)

Profit $19,100

I know that this may not be exactly enough to go off on, but this is what I have so far. Myself & the owner have been playing phone tag a bit so...

Thanks