All Forum Posts by: Steven Haskins

Thank You very much. I have asked family members but many cannot spare the cash. I am an engineer by trade and have been out of work for nearly 3 years. I just started back working in November of 2013, so I do not have much saved in my 401k but I am going to try and borrow against it Monday. As far as credit cards, as I stated I was out of work for almost 3 years this really hurt my credit and my limits on my credit cards are too small. I do not want to completely dig myself in a hole on this transaction but I do seriously want to purchase the property and get my business off the ground. I will try to find someone to loan the money and structure a payback similar to what you have above. Maybe $10,000 at 5% interest for 5 years. This would be manageable for me. Just a note on the property both properties are large two family buildings all of the units are generating $650 a month per unit. The owner can easily get $850. Building 1 was originally priced at $75k and building 2 at $80k. I got him down as a package deal for $120k but he needs cash in order for me to purchase. He is willing to forego any interest but wants monthly payments and a down-payment. I think it's a great deal I could easily get over $3000 in rents from both buildings. This old guy is really out of touch as far as the market. Liam, I will view the website you recommended and hopefully there would be some funding for me. Again, I thank You.

Thank You Shera, I am pretty comfortable with the deal. I have been talking with my realtor and she has been consulting me on the deal as well. I want to pull the trigger but I can't. The question remains what do I do??

Hello Everyone, I have been grinding my wheels for about two months and finally my ship has come in. I met a gentleman who owns property here in St.Louis, he cannot do the management or upkeep his buildings anymore. Two of the buildings that he wants to get rid of are in pretty good shape and has offered to sell them to me. My initial offers to him was $0 down, zero interest, and I give a balloon payment for both buildings in 2 years from the date that I take over the building. Here is my problem even though I just purchased my FHA property in October of 2013 my credit is not up to 680 as needed in order to go through a bank, also working with a bank I would not be able to generate 20%-30% down payment. The seller wants some money as a down-payment he says he normally takes 20% down-payment, but he knows that I am starting out and he would do a lease option with negotiable terms if I gave a payment of $7k-$10k. I can get both buildings for around $120k, I believe I can get him lower he does seem to be motivated. He just wants to get out and not deal with realtors, banks, or tenants. What do I do? How do I get $7k-$10k. I want to buy and hold I do not want to flip, wholesale, or anything. This is the perfect opportunity for me. The rents are around $2600 per month. I can raise the rents because he has not done any updates in a while. How do I get the money??? I hear about all of the private money lenders where are they?? I need some good sound advise ASAP. I need to call this gentleman back next week. HELP!!!!

Hi Brandon, I'm trying to find the best ways to generate down-payments so I can keep purchasing, are there any archive podcasts available?

Hi Matt, I live in Lafayette Square and will be closing on an FHA 2-family in Benton Park. Now I just need to figure how to buy more without FHA and come up regularly with 20-25% down. Any ideas or help would be valuable.

Hello Everyone,

I stumbled onto this sight and it's amazing. I am closing on my first rental property on 10/31 and will have my business and license up and running a week or so after. There seems to be a wealth of knowledge and experience on this sight and I am excited to be here.