All Forum Posts by: Zachary Olley

@Kevin Sobilo he has mentioned that the seller did a seller financing deal on his last property that he sold for him and that he might be willing to do it again. I don’t think he was offering it to me on behalf, just saying what he did in the past.

I have found a 65 year old selling his portfolio and the wholesaler said his last multi family was an owner finance deal and is open to doing it for a triplex that's is fully rented out. Advice on how to give the wholesaler a cut and how to structure the deal for the seller? Other rentals he owns are SFR that are up for sale too.

@Tyron Betton I am in the same exact boat as you and have the same plan. I have spoken to a local lender and was approved for $175k for an FHA 203k loan (allows you to finance up to $50k in renovations). I have found 2 duplexes in my area that fit what I'm looking for in renting one unit and living in the other. When looking focus mainly on the 2% test for when it would be fully rented out, 50% rule on expenses, and don't go in with the expectation that you'll make money from cash flow on the first year it's fully rented out because things break. I'll connect with you and we can follow each other along with this step by step brother!

@Andrew Postell 2

@Andrew Postell I put less down and live for free and will cash flow nicely once I move out and rent it out fully

@Andrew Postell wasn’t approved for it at the time

@Mark A. Kenny I have looked at Zillow to compare their Zestimate of comparable multi family houses and it seems like it’s based off price per sqft. I have found a 4bed 2bath 2/1 1,600 sqft at $65/sqft and on the other side of town something similar is $100/ sqft. Just not sure how accurate Zillow is and how reliable these estimates are.

@Justin Williams you can refinance to a conventional loan after 6 months of occupying the property. I’m looking into so that with a 203k loan right now.

@Stephen Kappre great advice thank you!

For South Jersey Investors and appraisers. What are think you look for when determining the ARV for a multi family? It can be hard for someone new and only know to look at local comps but I feel like comparing a MFR to a SFR is not the right way to go.