All Forum Posts by: Sarah Lockley

Thank you for this! I just bought a 5 bedroom and would like to rent out two of the rooms. This is extremely helpful. I would rent out more rooms but I only have 2 full bathrooms and one is the master, so I don't want to have more tenants than bathroom availability if that makes sense. It helps that I now know I don't need to go through an agent to find renters. I appreciate your time sharing this with everyone!

Hi everyone! I have the option to buy an off market 4-plex (technically - 4 townhouses). The BPO came back and the seller is willing to sell it to me at that price, with no mark up. All units are filled with reliable tenants who have a great rental history of on time payments.The only issue here is financing. If the seller sold me two of the 4, I could do it on my own, the problem is, all 4 of the townhomes are under one mortgage, and I'm not sure the seller wants to separate the places, especially since there will be a bidding war for these properties if it hits the market. Due to our past professional relationship, he is willing to sell to me before marketing it. I'm wondering how people go about finding financing/partnerships for investments such as this. I would love to help someone with whatever they are working on - I take professional photos, can do your administrative work, or just help with scheduling or manual labor, in exchange to pick someone's brain and learn how I could make these properties a reality. Thanks in advance!

Great question, thank you for engaging us and asking it! 

I would say not really knowing the value or a property and the down payment is stopping me. I have the money for a downpayment, but I believe that money is made when I buy the property. I went upside down on my house the year after I bought it, because I bought it at the peak of 2007 and in 2008 the market crashed and it never recovered. Even 12 years later when I sold it I was still upside down on the property. 

I want to make sure that everything is in place and I have a positive ROI. I am ready to take the plunge, but I think fear of the unknown is making me move at a slower pace than I should. I also don't want to rush into anything. I am learning as much as I can about business, finances and real estate photography on this journey so I can be of value not only myself but to others along this journey.

I am happy to find this community of other people who are in the same boat as I am and those who have been there and are accomplishing great things. It's very inspiring and although I am still new, I would like to help others as much as possible.