All Forum Posts by: Allen Nelson

Thank you guys. I am trying to stay positive. This is our first venture. Hopefully not our last. We may be down to our last 2 weeks if all goes well. 

Yes, I agree this is a mess. Our new motto is "never make the same mistake twice". Live and learn, and we are doing both. Thanks for both of the inputs. 

Good morning crew. I have a question. I have heard of the owner financing route for purchase. I have a rather complex situation where the current condition of the home is preventing closing. With that said, we are purchasing from a family friend and have already agreed on all issues. The home will be refurbished in the next weeks or so. Current price is $100,000, but will easily appraise for $160,000 when done. Could we simply go through a lawyer and pay owner, but actually hold the home title until we can refinance? I have put about $20k into the home thus far and it's looking good. I have about $30 in the pocket for closing or just holding. 

Any suggestions are appreciated. Someone has to be able to get us off of this dead end plateau.

 No, I've never heard of this. Right now, I just need to get this house in my name. What are these meetings about? Any ideas of how to close on this house right now?

We are working on closing a deal on our second property. This has been a roller coaster ride thus far. We are getting the home from a friend. Purchase price $100,000. They have allowed us to go in and rehab prior to closing. Home appraised for $160k prior to rehab. We have spent about $15k in expenses not to mention our sweat equity. Question to the community, as we approach closing I expect the reappraisal to be $170'-180's. I am wondering how to cash out in the best way. I don't know about getting $30k out. I also thought about raising purchase price and asking seller (friend) about cutting closing check for $30k for rehab cost, improvement, and materials. Thanks community!!!!

Ok, first post. Bought a house in 2018 for a tax shelter. Like everyone says, I am tired of 9-5 7 days a week, paycheck to paycheck. I got it for a descent price not a great one $150,000, but it was going to be a primary. 3 years in I wanted to get into real-estate. So we fixed it up. The market was hot. Originally, informed that I could get $2300 a month which would have cash flowed. Signed for $1600. Secondary statement, I cashed $30,000 in equity to start looking for new property. Found a great deal from a family member. Contracted home for $100,000, butttt, before closing and especially appraisal we began demo. Bad idea. Now the bank won't close the loan because the house is under construction. We are stuck losing money in a rental until complete in the next two weeks. On a positive note, the $100,000 price tag will jump to about $170,000 when complete and we will be in for $20,000 including down payment and re-hab. I know this is not the way of the Jedi, but no losing is winning. Learning is winning. Thanks BP, I'm looking forward to the adventure to come.

Investment Info:

Single-family residence note investment investment.

Purchase price: $150,000
Cash invested: $25,000

First house post divorce turned rental.

What made you interested in investing in this type of deal?

David Greene.

How did you find this deal and how did you negotiate it?

Found on a whim. I was looking for a tax shelter. It was a hidden gem. Nothing required for move in. Huge back yard. Put up for rental last year when things were blowing up. Only problem, took out cash for rental purchase $30,000. Hurricane caused some damage, things didn't work out with rental. Now, out $30,000 for now. Working on something, fingers crossed.

How did you finance this deal?

Bank loan

How did you add value to the deal?

Huge. The price of learned lessons. Sweat equity. And not to mention building courage for future endeavors.

What was the outcome?

Still working, but feeling positive.

Lessons learned? Challenges?

Too many to list.

Youtube has save our lives.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No