All Forum Posts by: Ryan Muska

Who doesn't like a good seller financing deal?! Unfortunately I am not looking in the CA markets, but I hope someone is! Best of luck finding a buyer!

Congrats on completing a full reno! That is definitely not an easy task!

I see a lot of people entering the multi-family market because of the advantage it has for primary home purchases (I/e: being able to use the rental income to help qualify them for the loan)

Also, Jersey City is a hotspot for investing right now. That and Hoboken are gentrifying areas and allow for a lot of potential. Really, anywhere in the northeast part of NJ is a good place to look as the appreciation is HUGE. 

@Rick Borgo it's possible she didn't even use a commercial loan if the property sq ft of the property was >50% residential. 

Not in the New Orleans market, but always glad to see people hopping on the forum! Welcome!

 They said it was due to the condition of the roof...that I just got fixed by the seller.

Love these posts!

First off, make sure that this property is going to be worth it. The worst thing to happen would be to get this loan from your family and the property ends up being a bust.

That being said, make sure you have it all written down, checked by an attorney, and then notarized. You can make all these verbal agreements, but money is a powerful thing that tears relationships apart. So, having it written down is a safe bet. 

There only needs to be one name on the deed, yours. Unless the other individuals want to be on the deed, there is no reason to have multiple names on it. Even if they want to put a lien against the property (which your mom technically will be doing) she does NOT have to have her name on the deed. It actually might muck things up if her name IS on the deed (that is a question for a RE attorney). 

As far as getting money from your grandpa and who it passes through, I can't imagine it being much of an issue if you are "planning on making the money a gift to [your] mom and then a loan to [you]." 

My biggest recommendation is getting a lawyer to assist you on this. It may be expensive but it is definitely going to be worth it. 

 Net cash flow is good, but in your plan you should have money put aside for capital expenditures. Those include plumbing, new roof, heating, etc.

After you have put aside money for those expenses, then the rest (barring you have paid everything else off) is net cash flow. And, like Kevin said, it is always good!

It is an awesome opportunity! 

One property, less risk due to more units being able to pay the mortgage. 

Surface level, it's easy! But make sure you do your due diligence, multi-family comes with it's own plethora of headaches!

Hope all is well with you, too, Marcus! 

This forum is a great place to gain knowledge and insight, keep using it to your advantage!

If you work with a shady bank/lender, I'm sure that fear is not too irrational. That being said, I would say that most mortgage professionals are not going to twist your arm into a new mortgage with them. They may provide you options that may in some way benefit you, but the end decision is all yours.

With this new duplex, are you planning on living in it as a primary? My only concern is that you will need to put at least 15-25% down on a NOO Investment property.