This is a question that came in…
Question (Joe): “How different is the process of buying a bank-owned (REO) four flex versus if you just buy it from the bank versus a single family?”
Answer (Mr. Cash Flow): “A bank selling a four flex and a bank selling a single family treat those sales almost exactly the same.
The seller is going to list it with the realtor. Is it a local bank or?”
Joe: “Yes it is a local bank.”
“I’ve talked to the realtor about what the rental rates are for that neighborhood are at that point, I was waiting for further direction. I don’t know what to do, where to go. I just don’t know. “
Mr. Cash Flow: “Okay. The next step is always to make an offer.
Joe: “For these types of properties how much do you offer? And on a commercial property, is it all based on credit? If it’s all rented out it’s going to bring in $2,300 per month. The process of making an offer that’s going to be possible to me to buy. “
Mr. Cash Flow: "This type of property can be a great cash flow property. The thing about this property and other type of property is you really need to have your financing lined up if you are planning to hold onto the property instead of flipping it.
The best type of lender for this type of property is a local bank. You can buy it with a hard money loan or a loan from the a private lender, but usually you have to go to a bank or mortgage company to an interest rate that is low enough to make a property like this cash flow."
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