All Forum Posts by: Alex Jean Baptiste

Speaking to the seller of a 3 family. worth 1.3M. They only have $250,000 left on the mortgage and are looking to buy another place out of state outright in cash. (for $400-500 if that information matters) I want to offer to pay off whats left of mortgage plus what it would cost them to buy a property cash else where and then have them being the mortgage holder for the difference. Idea is to use a private loan for the 700-800k to cover the payoff and new property and then pull money out of the property itself using the refinance (I doubt I can afford the 1.3 amount through a refinance) I'll rent out the units and pay the sellers monthly but I'm running into a wall thinking about paying the private loan or the initial money borrowed. 

I've been reading so much about creative financing and would like to really throw this idea out to the seller this week. What say you? What blindspots do I have? Has anyone ever done this and it did or did NOT work?

Hey guys so for those investing in buy and hold what is the minimum cap rate you’re settling for in these two areas Boston, Massachusetts and Brockton, Massachusetts. And then secondly what is the your realistic cap rates youre going for where it’s a pretty good deal. I’ve seen some in Boston from 9-12 posted by other agents however I’ve only come across lower.

So again what’s the minimum and what’s the realistic ideal.

So I’m new to this so either this strategy might seem fairly simple to some or maybe it’s a terrible strategy.

3 family owner may have a property for 800,000. Could you have them agree to selling it to you for $600,000 using a private lender. Refinance to pay private lender and have a contract with the seller to pay them a portion of the rental income up to the leftover dollar amount?

What are the pros and cons with this strategy?

I look at it like the seller might be intrigued in getting paid for their property overtime while not being a landlord anymore.

My margins would be very small initially however overtime could be great. Or even use a

@Kavi Where in Hyde park are you? I live in Hyde park. I think it’s a good area and growing in popularity. You might want to consider gutting out one unit at a time because you’d rather get ahead of the fixes than be forced to fix it afterward. (I mean if you’re really saying that things can go at any minute) other than that: property management is definitely the way to when you hate answering to someone. Get a quote from a company. I can recommend some if you’d like?

@Dave Van Horn thanks for your response. so I am pretty sure I know what they are and the auction process however how does one find out what houses are qualifying for these sales? do i just find the auctions? am i allowed to go to a county tax site?

What do you guys know about tax liens? How to find them how does Massachusetts handle them? Each county handles them differently I believe, so how does one find tax liened properties only and go about purchase them?

@Charlie MacPherson yea it has been an odd thing. So they are retired if i didnt say that above,and theyre receiving funds from their retirement from Canada. So maybe the income is not what it would be for a full time worker but not having debt should help. maybe it is a history thing i dont know so far. i thought id see if they can get it under a foreign loan status if that would help their chances. 

@Harjeet Bhatti yea ive been telling them to speak directly with the lenders to see if it was a mistake but they verbally were told that it was their status that was a problem. 

im going to dig more because someone on either end isnt saying something or maybe there was just miscommunication.

Well, Future welcome to you Ms. @Kayla Collura As Dan said above, there are deals on groupon or living social for classes. I personally went through http://www.prorealestatetraining.com/ there was a deal on groupon for the course. The teacher is a broker named Cherie Nelson. She did not drone on about the topics which is a huge plus to have some humor in a 10 hour a day class. There are different schedules for it too. Thursday-sunday or two weekends Saturday and Sunday. even allows for flexibility if you miss a day you can take that day during a different schedule. 

Whats up guys. I know a buyer that is facing a snag. They are a couple that have been here on a working visa for a long time. They are in the process of getting permanent residency at the moment with their interviews coming up in the next few weeks. They went to a lender who told them that their down payment would be higher but that their residency would not be a problem and they were in good standing debt wise. They owe little to no debt, and credit is good enough for loans. They were denied saying that its because they had too many obligations and not enough income. on paper the denial letter did not mention their residency status but on the phone when they called the lender said that that was the issue for them. What the heck am I missing here? What are the rules of mortgages for people with certain residency statuses? how does a person with little debt get denied?

@rodney