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Wonder how I purchased a 4 plex at a BIG discount in the hottest market in the country – Las Vegas, NV? I was able to purchase this property nearly $40k off the market value by being persistent, patient, and convincing a seller to use seller financing to sell the property to me.
If you’re a beginner and haven’t been able to land a deal yet, hopefully this video will show you that sometimes you need to be really persistent when pursuing your first investment property.
*** How I Found the Deal ***
I purchased a list from ListSource of small multi family owners in Las Vegas.
I wrote handwritten mailers multiple times to every owner.
A few owners called me from my mailers.
One owner owned the property 100% and was open to seller financing
*** Seller Financing ***
Seller provides the financing instead of a bank or traditional lender
I offered him the option of holding a note of $240k, 5% interest, amortized over 30 years, no balloon
*** The Numbers ***
Purchase Price: $260,000
Interest Rate: 6.5%
Property Taxes: $1,600 / year
Insurance: $168 / month
Gross rents: $2,550
*** The Deal ***
My first deal will hopefully be my worst. This is my first 4 plex investment property and I made a lot of mistakes. This deal taught me how to buy real estate investment property. The property likely will be break even or slightly negative cash flow. Finding and closing on this 4 plex investment property was a great real estate crash course for a beginner and I learned a lot. I’m hoping this deal will help me land future 4 plex investment properties in better areas.
———- POPULAR VIDEOS ———-
★ From $0 to $4,500 a Month in Income ★
↪ https://www.youtube.com/watch?v=wp3ogxvDZQY
★ From $4,500 to $7,000 a Month in Income ★
↪ https://www.youtube.com/watch?v=MLCPhSLUbKM
★ From $7,000 to $10,000 a Month in Income ★
↪ https://www.youtube.com/watch?v=SBb9VFkaA
★ How I Went From $0 to $100k Net Worth in Under 3 Years ★
↪ https://www.youtube.com/watch?v=eYy1BN4iGBA
———- FAVORITE REAL ESTATE BOOKS ———-
Multi-Family Millions: https://amzn.to/36tjiny
The Book on Rental Property Investing (Bigger Pockets): https://amzn.to/2TWmfud
Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple: https://amzn.to/2Rp5I0g
The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits: https://amzn.to/37syiDE
The Book on Flipping Houses: How to Buy, Rehab, and Resell Residential Properties: https://amzn.to/3aNaI6P
The Book on Estimating Rehab Costs: The Investor’s Guide to Defining Your Renovation Plan, Building Your Budget, and Knowing Exactly How Much It All Costs (Bigger Pockets): https://amzn.to/2TWQcus
Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties: https://amzn.to/2Rqp9po
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The 4 Hour Workweek: https://amzn.to/2RNnRnr
Shoe Dog: A Memoir by the Creator of Nike: https://amzn.to/2GtcY4R
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Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley: https://amzn.to/36ojwfF
The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal: https://amzn.to/36wHupr
Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future: https://amzn.to/2OeuxKD
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The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph: https://amzn.to/2RNoiOB
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Deep Work: Rules for Focused Success in a Distracted World: https://amzn.to/2tGEk55
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Talent is Overrated: What Really Separates World-Class Performers from Everybody Else: https://amzn.to/36sOJP4