Sounds like you dont have enough money to buy more than one. Make an offer for one, a bank will not finance multis for you if you dont have a relationship already.
If the seller isnt willing to split the props, then i guess you will not have a deal.
All of the strategies mentioned above are good. However, its pretty much the SAME as throwing low ball offers and hoping one will stick.
Only a fool will sign away future rents/appreciation and STILL ultimately be responsible for the mortgage if things don t work out. Im sure there are a few fools out there, but it will be tough to find this type of seller.
The other type of seller will PLAY YOU for a fool and let you try and rent out difficult /problem properties.
Unless you have a very very unsteady income, you need to do some more work. Call a realtor or make some more calls to your large local banks.
20% down w/FICO over 700 is an easy deal, at 9% or lower, should be very easy to do. You have the wrong connections, thats all.
nobody? . . .
. . . (crickets)
Sounds like you dont have enough money to buy more than one. Make an offer for one, a bank will not finance multis for you if you dont have a relationship already.
If the seller isnt willing to split the props, then i guess you will not have a deal.
great advice... THANK YOU!
All of the strategies mentioned above are good. However, its pretty much the SAME as throwing low ball offers and hoping one will stick.
Only a fool will sign away future rents/appreciation and STILL ultimately be responsible for the mortgage if things don t work out. Im sure there are a few fools out there, but it will be tough to find this type of seller.
The other type of seller will PLAY YOU for a fool and let you try and rent out difficult /problem properties.
So be careful and watch what you sign.
Good luck
Thanks man!
Have you thought of some profit sharing arrangement like FHA is doing w/ the bailout program?
Quote:
On 2008-08-20 12:27, cjmazur wrote:
Have you thought of some profit sharing arrangement like FHA is doing w/ the bailout program?
Can you go more in-depth with this?
Cap rate is a much easier tool to use. Take Net Income, divide it by Asking price, and you get the Cap.
Example $100,000 NOI, $1,200,000 Asking price = 8.3% Cap. Simple.
The Higher the cap, the stronger the return
Great answer. Thank you!