All Forum Posts by: Allen Seto

Wow...this is really great story telling.  I like your writing style and thanks for the open and honest viewpoint.

Hello,

I have this opportunity that has come across my desk and I am trying to figure out a way to creatively finance it.  Basically, a colleague of mine has bought a property, all papers have been signed, and she is closing in about a month.  However, she is now having buyer's remorse and wants out of the deal (she realizes it is not right for her kids now).

So, is there a way I can come in and secure the property as an investor with the same terms she has as an owner occupied purchaser.  I have run the numbers, and it looks like a great deal (but will only work for me if I can get in with 5% down payment).

She was able to get financing with 5% down and I want the same terms (i.e. 5% down and a good 5 year fixed rate).  Is there a way to structure a deal so I take over her financing terms?  Does she ned to close on the property first and then we work out a private deal between her and I (would this be a wrap-around mortgage)?  Or is there a way I can just have her assign the entire deal to me (but not require me to go to a lender and get a 20% down financing agreement)? 

Thoughts?  Any advice would be much appreciated.

@Tom V. My education track started around mid-March.  My trajectory sounds rather similar to yours....I have been reading, listening to podcasts and researching deals.  I feel like I can analyze a deal as well, but my main questions are about markets, tenants, and adding value to a property.

I agree 100% with your last statement, but would like to add to it....You don't know what you don't know, until you finally know you didn't know it!

Reading posts in this thread is very inspiring...I am brand new to this world...and want to move to the 10% who actually take action!  

I think a big part is weighing the following question: Do I have enough education yet now to make good informed decisions???

@Rashad Jones Jennings I think there is more to consider than just the loans.  A 10 unit building will have only  one property manager (maybe you?) to manage and will only have one roof to ever repair, etc..

Just curious if anybody could comment on general criteria to look for in markets when evaluating viability for Rent-To-Own strategies. Specifically, I am looking for areas in Ontario where this might work as a successful strategy for a new-comer in REI. Any thoughts or insights would be much appreciated. Thanks.

Hi @Account Closed,

I am also in the process of evaluating markets in Ontario and would love to hear what some members have to say.

I love your plan of house hacking!  If you have the option of moving around, and sounds like you do, up in Northern Ontario there are definitely some opportunities to get into multi-families that fit your criteria. I know in my area of Ottawa, if you are willing to go 1-1.5 hours out, there are some properties you can get in that price range that will likely Cashflow from my analysis.  What are your thoughts of living outside a city like Ottawa?  In areas like Cornwall, Brockville, or Smiths Falls?

@Lenzy Ruffin Appreciate the feedback.  I am doing my best not to word in a way where I am making any untruthful promises.  It seems like it is an exercise in language and at the same time getting the message across.  Thank you!

@Ian Tudor and @Lashonda Jones I am also planning on sending out a much shorter, to the point, letter as part of my campaign.

@John Horner I hope to test a number of variations.  My budget is not to expansive yet, but I hope I can get some good feedback so I can at least see what works and what doesn't.  I agree that trying different things is the way to go...different people and different markets will all likely respond differently.

@Stephen Beaudoin @Claire Trammell really appreciate the feedback!  Thanks for taking the time to reply.

@Mindy Jensen, the plan is to wholesale the properties (I hope).  I agree that there is a better way to word this so it doesn't seem like a promise that I am providing the cash myself.  

There seems to be some varying opinions in the wholesale world on how to handle a buyers list.  There seems to be a group that says having a buyers list first is vital.  And then there is another group that seems to swear that if the deal is there, finding buyers won't be a problem at all (ie. "Build it, and they will come").  Either way, I assume finding buyers is possible IF the deal is there.  A big IF, I know....