All Forum Posts by: Rob Shipley

@Shea Spinelli it actually went so good I didn’t refinance it.  I’m still using the seller finance note and slowly letting it pay itself down.  

So here's my situation. I have an old house I have under contract I'm paying cash for and planning to flip and hold. I decided to put it on Craigslist prior to close and just see what would happen. Low and behold I have a cash buyer for my asking price. I didn't plan on it being a wholesale deal but it turned into one! So now to ensure this guy will close ... can I open up a separate escrow and put his earnest money in it even though I don't own the house yet?? Obviously he wont let me just keep his earnest money myself. Or do I just have to hope he shows up to the double close with the full funds? Thanks for any help!

Does anyone have a solid lease agreement for multi family they can share with me? Thanks

Ralph C. Yes all 3 buildings are separate

John Leavelle thanks for the info John! But this is considered residential because it's a Triplex, Fourplex, and another building similar to the Fourplex but the current owner turned the downstairs units into storage for his tools. I'm going to see lenders asap today actually. But even if I can't refi for awhile.. the property still cashflows really well.

Ralph C.

Yes.. I will need to fill 2 units after close, but at 100% occupancy I will cash flow around $3500 as of now. My GC and I have already done a walk thru and made a plan of the things we're tackling first etc. It's a C+ to B- neighborhood. It has mostly home owners that live around the property... cap rate with the sales price I have it at is 18%. What will the bank want to see when I go to cash out refi the property? I'm familiar with single families but it's much different on multi unit properties.. just need a little advice on what to plan on happening

Buying a 9 unit below market value with seller financing. Adding 2 units to a current storage area and updating the property.. then refinance the property with a bank and pay off my existing seller financing note. Need advice on how to go about structuring this deal and and legal advice I might need. Thanks

Looking for a CPA in the Dallas / Fort Worth area specializing in real estate. Thanks for the help!

Nathaniel Busch thanks! I appreciate the information and will definitely look into it.