All Forum Posts by: Shane Farmer
Shane Farmer has started 4 posts and replied 14 times.
Post: How to negotiate when buying multiple properties from one owner?
- Posts 16
- Votes 7
Quote from @Andrew Garcia:
Hi @Shane Farmer, if the numbers make sense at the asking price, I would go for it.
The relationship is worth more than saving a few thousand on the purchase price.
Thank you. It's helpful to think about it this way. Ensuring that we build trust around the relationship definitely seems more important. Current numbers roughly work out to $450/mos cash flow and 6% CoC ROI.
Post: How to negotiate when buying multiple properties from one owner?
- Posts 16
- Votes 7
Quote from @Bill B.:
How long ago did you purchase and what is the price range?
$25k more than you paid might be a steal in a market with 20-30% appreciation if these are $150k properties. Especially if you purchased more than 3 months ago. An even bigger steal if these properties are more expensive unless you’re in a master with little to no appreciation whole the rest of the country as skyrocketed.
We bought it back in October for $300k. The places are in Southern Minnesota, close enough to the cities that you get commuters and in a nice pocket community that has seen good growth and stays alive thanks to a couple colleges, which it seems would be feeders for the tenants in these places.
Post: How to negotiate when buying multiple properties from one owner?
- Posts 16
- Votes 7
We're currently in the market looking at small multi's and we've come across a seller who has two duplexes listed. We've confirmed that they're open to considering a package deal for the two properties. We own the most recent and comparable comp on the market and got it for $25k less than what each of the properties is listed for. I'd love to know how to approach negotiating two properties at once, what we should be thinking about, how to make it appealing to them while being profitable for us etc.?
Additional info: We know they have several more properties in town so I want this to be a winning deal for everyone so that we'd be considered a go-to when they decide to list the others.
We have purchased our first rental property in Minnesota but we live in California so I’m in need of referrals.
Please recommend to us an (1) Insurance Broker and (2) a home warranty company that other investors are happy with in Minnesota.
Please send me your mortgage brokers or lendsd recommendations in Minnesota. Thank you!
Post: Background - 90 Day Challenge - Core 4 search - OKC
- Posts 16
- Votes 7
@Christina Labowicz
I’d love this information too please!
Post: It is posible buy two rental property every year ?
- Posts 16
- Votes 7
@Theresa Harris
Purely out of curiosity, where do you find homes for $30k? $200k is a down payment where we live. Thanks!
Post: Hot neighborhoods in southern Minnesota
- Posts 16
- Votes 7
@Dillon Dale that would be wonderful! I'm really trying to build my contact and knowledge base back in MN now as we begin this process. I moved after I graduated HS so it's been a while since I've been able to get my finger on the pulse of the area.
Post: Hot neighborhoods in southern Minnesota
- Posts 16
- Votes 7
@Tyler Putrah wow, no kidding it's a small world! Yes, I'd love to jump on a call. Thank you for the offer. I'll accept the invite and we can connect from there.
Shane
Post: Hot neighborhoods in southern Minnesota
- Posts 16
- Votes 7
@Noah Chappell Thank you. We're starting with family but fully invested in building out a team. It's just a way to get our feet under us as we start on our journey. We're not locked in to any area in particular so if there are areas where we could be finding 1% deals then we're open to it.