All Forum Posts by: Account Closed

Thanks for all the help @Jeff Greenberg and @Thomas S.. I ended up just calling the listing agent and the property has an accepted offer on it already. However, I ended up calling another listing agent to place an offer on a similar property. Was quite simple, the agent offered to draw up the purchase agreement and email it to me within minutes. He then called me back and said he was just going to call the credit union who is selling it and I ended up having a counter offer within 5 minutes. I was far more nervous than I should have been that's for sure. I love gaining that experience though!

@Jeff Greenberg Thanks for the advice. If I were to do it without a broker or agent, and just got a purchase and sale agreement for my state, who would I present that to? The owners of the property?

From my experience as an insurance agent, the price varies significantly from house to house. Without seeing the house directly, my best advice would be to shop around and find the best rates that way. The company I worked for quoted with multiple companies (about 15 or so) so you'll always be getting different numbers. Other than that, there are certain discounts that some companies may offer if you have a security system, sprinkler system, updated plumbing and electrical, ect. Paying your bill in full avoids installment fees also. I would specifically ask about special discounts that their company offers to see if you qualify for them. Best of luck to you!

@Brian Gibbons excellent points! I do have a question regarding arm's length lease options. I looked into them, and became slightly confused when reading the differences between an arm's length LO and a non arm's length LO. Would you mind explaining the difference between the two?

l should also add, I will be submitting cash deals too so does this impact making the offer at all?

Hoping I can get some help with a question I had come up today.

This will be my first property to make a purchase offer on. It is currently listed on the MLS and I have already been out to see it. I'm not working with an agent as of yet, and saw a significant price drop this morning and want to know the steps I should make to submit an offer on it. Do I call the RE agent it's listed with? How do you typically go about this? I've heard of people submitting offers without going out to look at it and if it's accepted they go look to finalize everything. How do they "submit deals" or "put in offers"?

Thanks!

Hello to the BP community.

I am currently working with a RE lawyer to set up a lease option agreement as a seller. I have been seeing numerous posting about legal issues that come from a lease option from the sellers standing and I want to hear some more advice on them. I was seeing that banks typically want a LO to be at least 30mos before they consider it a disguised sale and could potentially trigger the due on sale clause. I'm in NY so I especially would like to hear feedback from you fellow New Yorkers who have experience dealing with this type of thing.

I will be going back to meet with my lawyer in a couple weeks so I'd like to have a good amount of questions to ask and make sure that my contract is solid and will offer me the most protection from as the seller.

Looking forward to hearing what you all have to say!

Thanks,

Amber

@Justin Porco Welcome to BP!

I myself have been wanting to get into learning about the stock side of investing but for now, I know that I have more control over the profits on real estate than I do with paper assets so I'm waiting until I have a few properties under my belt before I dive into that. I'd certainly be interested to hear what you have learned so far from it though!

My only suggestion for you would be to take full advantage of everything that BP has to offer. It really is a great way to network, find potential business partners and even obtain financing through HMLs. And as always.... read, read, read!!

Take care, and best of luck to you!

Amber

@Gavin Clarke Welcome to BP! You are right, this stuff IS exiting. I am currently listening to the BP podcast channel on YouTube on how to build a website with Wix.com while scrolling through the forums... you'll be right at home on here! I look forward to nerding out on real estate :D

@Sam Kammermeier Not knowing your market I'm sort of taking a stab in the dark here, but I would start looking into the foreclosures in your area. Also, a lot of small mom and pop landlords want out from under their properties and are very motivated to sell. Get a list of absentee owners from and start sending out letters to them, that'll target anyone who owns a property that does not live in it. In my town there are a LOT of absentee owners and some would rather sell than keep having to deal with it hundreds of miles away.

To address the financing side of your question, if you find a motivated seller, chances are you can work out some type of creative financing deal with them for little to no money down. Some may offer seller financing, some might be willing to do a lease option with you. You may also be able to find an equity partner or HML that is willing to work with you on the property. Your goal is to tie up as little of your money as possible. I know a lot of investors that don't do the typical 20% down on most of their properties because they take advantage of creative financing available to them. Hop onto the creative financing forum and you'd be surprised what you can find and it'll help answer any questions you may have. Good luck to you!

Amber