All Forum Posts by: Arron Lloyd

Thanks Jaysen!  How do I mention people just use the @ Jaysen Medhurst?

Doesn't seem to work for me.  Still very green with analyzing deals and just looked at potential cash flow intially.  Assuming the 1% rule is somewhere on the site to research?

Hello,

I reached out to an owner who is selling a single family 8 bedroom 5 bath today.

I initially asked if he would lease option which he isn't open to because he needs cash to continue building a home out on the west coast. 

Can someone assist in analyzing this deal or directing me on how to crunch numbers to see if it makes sense?

The property can come fully furnished.  He said he updated everything the boiler is 2018 everything new and he airbnb's it and made 69K last year from rental income. Taxes are 11K to 14K.   He said if you bought you can make money right away from airbnb'ing and it can average about 6 to 8k monthly.  It seems to me there is immediate cash flow?

His ask is 675K how does this deal sound?

@Michael Thompson Yes the one he is selling now that we discussed I believe is close to being free and clear probably less than 15k.  Maybe my understanding of land contracts are skewed.  

He's my step father so it's more of wanting to assist each other if possible.  Me with a creative solution to sell his house and getting paid while he also makes money.  

If he wanted to sell for 90K with his bottom being 75K wouldn't I be able to take as an assignable land contract and find a realtor to sell to an end buyer for that price?  Is my understanding off?

Hello,

I just spoke to a close family friend who has 3 homes.  He is approaching retirement age and just wants them all off of his hands so he can purchase a dream home down south.

His needs are to have it completely off his hands. No mortgage under his name, just completely off of his hands.  He is considering listing with a realtor by end of this week but said he'd like more info on how I could work with him.

I offered a lease option but he doesn't want tenants and doesn't want anything in his name.  How would a land contract work?  He sells it to me for no money out of my pocket and then I can assign the land contract to a realtor to sell as normal?  I get a spread, seller gets his full amount and is free of property?

Hope this makes sense.  He said if it can be profitable to a friend he doesn't mind but he criteria is completely off his hands and he gets his money.  Should it work for 1 he would consider working all 3 with me.  Any advice would be much appreciated!

Hey Alex, also a newbie investor in NYC.  Have my real estate license and do martial arts!  Would love to connect!

@JaysenMedhurst Ultimately I want it to be my first long term property that I can lease option.  Private money may help.  I have someone who may partner with me but where is the benefit for him if I would own the property?

Hey, 

New investor here and been making tons of calls.  I've been working this one lead for months.  First offered rent to own and she kept saying what if they don't make payments.  It takes months to evict etc.

So next I went to a sub2 and felt like I almost showed her the potential value for her (she needs to move asap because her husband has new job)  but she said she needs the money to close on her second property.

How do you overcome that objection I get it often - "I need capital to close on next property" or "what if tenant doesn't pay rent"

Any help would be appreciated! 

@Michael Thompson when you find your preforeclosure property who do you contact?  The owner or the person on the listing on zillow?

Thanks Mike that's all super helpful!

My thinking behind it was to acquire the property and then lease option it.  My goal is capital right now since my capital and cash is not where it needs to be to purchase places.  Not too familiar with short sales but can look into.

I wanted to use none of my credit or cash to do this if possible.

Hello BP community,

New investor here and 4 years as a real estate agent.  Soaking up as much knowledge as possible and want to start building portfolio.  Does anybody have any info on what the process of taking a preforeclosure subject to?  Is that even possible?

Where you contact the owner and offer to pay what they owe the bank and then take the property subject to?  How do you contact the owner if on Zillow a rep is listed etc?