Reality Check Please. - Posted by Tim

Posted by Patrick S. Lawson on March 27, 2006 at 15:15:47:

A downpayment of 15% - 20% and a property with strong financials should get you in the game.

Reality Check Please. - Posted by Tim

Posted by Tim on March 27, 2006 at 12:52:13:

I think my desires are a bit out of reach but here it goes.

I want to own multi-units, 50+

I have no experience in property managment

No Down Payment

Fico avg 696

Bankruptcy in 2001

I assume I don’t have a chance in hell?

Somebody tell me what I should do to accomplish my goal of owning multi-units. Mortgage brokers opinions welcomed.


Re: Reality Check Please. - Posted by Jimmy

Posted by Jimmy on April 03, 2006 at 08:18:15:

I seller-finance properties to people with credit profiles far more compromised than yours. and so do other sellers out there.

Watch the newspapers. Look for opportunity in non-traditional places. Look for properties that have been on the market for a long time.

If you can develop the ability to handle problems, you will (a) get in the game a lot quicker, and (b) make some money.

Problems = Money.

Re: Reality Check Please. - Posted by def

Posted by def on March 28, 2006 at 19:53:29:

you can try some sort of seller financing with the owner. get the owner to carry 80-90% and borrow the rest from private money so you can show conventional lenders that you’ve invested some risk.

you have to determine the vacancy factor, gross rents, net operating income, cap rate, etc. this will help pay off some of the debt service with any income produced by your tenants.

you can try to set up some sort of syndication or tenancy in common to raise the capital in exchange for fractional ownership.

start off with a duplex or 4plex. 50+ units is ambitious.