All Forum Posts by: Ryan Hesselberg

@Joe Villeneuve He owns the property free and clear. How about a balloon after 5 years then? In that five years, I can add value to the property and when I go to finance with a lender it's a great deal!

@Jessica Hamilton I would suggest you house hack before flipping. And you should get experience. I know you mentioned you're not working full time. Maybe you said why and I missed it. Get a job with a property management company in your area. Should be a great way to get some knowledge in what you wasn't to do.

@Gail K. Thanks for your response! I ended up going with adhesive backed LVP. So far so good!

@Joe Villeneuve thanks for responding! The reason he would take the deal is because he can't get 200k. His agent told him 150k. That's why I would give him the 200k if he financed it with zero down zero interest. Then we both get what we want. I thought I made that clear but obviously not lol. Does that make sense?

Hey! I'm looking to purchase I multi use building that has value add. Seller wants 200k. He had a couple agents lol at it and guess is worth 150k. Seller said he may be open to seller finance. I'm thinking of giving him what he wants (200k), as long as he accepts my terms of 0% interest and zero down. I figure if I were to get a 150k loan for 30 years at 4% with 20% down, I'd end up paying 206k over the life of the loan anyway. So he gets his 200k and doesn't take the tax hit up front and I get a low payment and keep my capital, which will help me fund the rehab. What am I missing? Thanks!

I'm finishing a basement. Floors are all I have left. I have about 425 square feet of floor space to cover. It's currently old vinyl tile that possibly has asbestos. I covered a section with porcelain tile that turned out nice and adhered well. My original concern was that maybe the tile wouldn't adhere and I didn't want to rip it all out. So I only did bathroom and laundry room. I'm currently thinking of loose lay vinyl plank. Any ideas?

@Mel Park lol that's kinda how I saw it as well. They formed a union. Creatively points

@Ray Brown seller bought it from previous owner who did full reno and set rents below market value.

@JD Martin Rents are (copied from above to give you more info, but I didn't send same letter because the units aren't similar): $650 for the one bedrooms. The units are large, high quality, and fully updated. I have other other units that are much smaller go for more. Keep in mind these are also in a commercial building with beautiful historical character in a downtown setting. The back unit is being raised from $650 to $850. The front unit is larger with a better view and has tall ceilings and windows like what you would see in an early 1900's commercial 2nd story space. That unit is going from $650 to $850 after lease is up, and then to $1000 the year after that. Keep in mind before we bought it, it was gutted to the studs and completely remodeled. New electrical, plumbing, appliances, etc. They havn't been raised in over 5 years and 5 years ago $650 was below market rents even then for my area. So, yes I'm playing catch up.

@Steve Vaughan Rents are $650 for the one bedrooms. The units are large, high quality, and fully updated. I have other other units that are much smaller go for more. Keep in mind these are also in a commercial building with beautiful historical character in a downtown setting. The back unit is being raised from $650 to $850. The front unit is larger with a better view and has tall ceilings and windows like what you would see in an early 1900's commercial 2nd story space. That unit is going from $650 to $850 after lease is up, and then to $1000 the year after that. Keep in mind before we bought it, it was gutted to the studs and completely remodeled. New electrical, plumbing, appliances, etc. They havn't been raised in over 5 years and 5 years ago $650 was below market rents even then for my area. So, yes I'm playing catch up.