All Forum Posts by: Tim Winter

As Owen mentioned, it is possible with a smaller local lender, after you've established the relationship. 

I have done and seen recently some 80/10/10 deals, were you get traditional at 75-80% for the 1st, seller to take a 2nd for another 10-15% and then private money deal for the last 10% so you're in 0% of your own cash. It has to be a strong deal for seller or another 3rd party to do a 2nd in that situation. Much easier to find in a multi-family situation as you have less rules and regs if its commercial (5+ units)

What number of units and what part of town? Im a commercial realtor by day, sourcing off market deals for investors. Contact me for more info.

I'm surprised no one mentioned tax delinquents or probate? While its rare to get a MF through probate, it's not unheard of, and when a landlord hits hard times financially, the taxes being paid seems to go to the wayside. This is more prevalent with the smaller units, < 10, but they're still out there. 

If you're looking the Phoenix area, let me know. This is my focus at the moment. 

Cory,

Did you find a good agent? If not message me some of your requirements.

It's still considered a triplex. I'd double check with zoning and permitting before even contemplating converting it. You might be at the max for the area. (then you'll have to advertise it as a mother-in-law suite :)

Also, speaking from experience, buy an all-in-one kitchennette. You can get a wall unit or a small self-contained sink/stove/fridge like they do in long stay hotels. Much easier than building one out (and alot cheaper.) Avanti makes a good compact 30" unit, with a couple drawers.

If you have 100k in your IRA, why not trust deed invest it? little to no management and if the borrower defaults, then you foreclose and do the flip yourself?