All Forum Posts by: Victor Steffen

Hi Dan, Welcome to BP! Looking forward to seeing you around the forums.

Onward! -- Vic

Welcome, Stephen! The website looks great and is very responsive, who developed it?

Ouch.. 200-300 dollars per month for an indefinite period of time that will never compound in your favor...

Consider looking for a duplex, triplex, or quad in your target neighborhood that cashflows. Tuck that cash away and use it to convert the space into the single family home of your wife's dreams once you two decide the timing is right for a move. Also- the place will be plenty big enough for your growing family. 

Good Luck!

Hi Eric, the absolute best way I've found to analyze a new market is to strike up a conversation on the Facebook Marketplace. Look for apartments listed for rent in your target market, then simply message the seller. I've made some really great connections this way! In my opinion- speaking with 3 or 4 sellers in a market will paint the clearest picture possible. 

-Side note* you will find owners who really struggle in certain markets while others seem to thrive. Ask the thriving investors why they think their units are doing so well. Some owners will cite their unit's proximity to a major attraction (university, hospital, corporate office etc...) others will explain how they are the only duplex around offering garage space. You never know what might make a property HOT in a particular market. 

Good Luck!

Hello Pavankumar- consider creating a keyword alert on your profile for triggers like "Albany" or "Poughkeepsie". That way every time somebody uses those words in a post you will be notified and you will be able to connect with the folks actively working in your target market. It's a great way to start networking and learning from local experts.

No disclaimer needed. If you can't discuss these things here then where can you??

IF the property does cash flow, and I say "if" because 1000/month debt service only leaves 400 to cover things like insurance, vacancy, management, maintenance, taxes, utilities, and capex... THEN it sounds like you have a good deal on your hands with the seller financing at face value. In an ideal world you will own a cash flowing asset and be able refinance into a conventional mortgage after 5 years, and 75% of the equity in the property will cover the balloon.

Convincing any lender to take second position on a note will be a tall order. Also- Gross rents equal 1400/month. You will be paying 1000/month to the seller, plus your debt service to the bank (~850 / month)... You will be cash flow negative on this deal.

Hi Al,

I think it is important to establish that you are not specifically looking for "investors".. You are looking for a way to fund deals. There are a variety of creative financing strategies that do not use investors- Brandon Turner's book "Investing with no and low money down" is a good place to start learning.

Now to answer your question more directly- I personally found each of my capital partners "by accident". I like talking about real estate and will work to bring it up in discussion whenever possible. If they are interested in getting into the game they will usually ask to continue the conversation- or ask you to let them know if you find anything interesting.. That's where the relationship starts.

Good luck!

I think @Adam Cherko may be able to help you out.

Hi Peter, Welcome! Are you taking any steps right now to increase your cash flow and reduce your expenses? BP is a great resource, I know you will find a lot of value here. Good Luck!