All Forum Posts by: Austin Hoxie

Hey Friends - I have reached out to a few rental properties in my area and am in discussion with two different owners about purchasing their homes via seller financing.  

1. Is a recent widow who has no mortgage

2. the other is a large trust that has been sitting vacant for 4 years after the owner (massive hoarder) died...stuff still in the house...  

Both are in my neighborhood and I am looking to turn my current property into a rental.  

My question is if I was to get into a seller financed deal with one of these two properties - would I be able to move into either of these and do a 2 or 3 year live in rehab in theory getting a significant bump in the value - then go to a bank get a mortgage and pay off the original seller? Or would I be able to go to a bank and get a HELOC - pull out $$ and turn it into a rental?

Essentially trying a longer live in BRRRR - and I am not sure what type of legalities play into seller financing.

thanks for any help

(I got denied by a few banks to get mortgage's on either of these two properties, hence the seller financing)

thanks @Account Closed - I put out several letters to owners of rentals in my area looking for anyone interested in some owner financing.  I've already had a few banks turn me down...thanks for the input will see you around the platform

Yo pals - good to be here with you.  My wife and I are looking to up our investments into real estate a bit more intentionally here in 2019.  We bough our first house in 2010.  It was a dive and turned into an unintentional live in flip over 3 years.  Which then funded our current single family home residence in 2013.  We are renting out our basement learning about cashflow and bought our first investment property in 2017.  It's a duplex pulling between 3-400/month pending on utilities.  

We are interested in BRRRR, or buying a foreclosure in our market to do a live in flip. Learning about creative financing. Jumped into this network when I stumbled on a few of the podcasts.

Have 4 kids and a wife that likes me.  I enjoy life and do my best to dominate it.  I live connected to Jesus because He is undefeated.  I am passionate about helping people think, and teaching people how to learn - I work with college aged students and am currently trying to figure out how to destroy the 4 year education idol enabling young people to mortgage out their future to imaginary promises of 'a good job'.

I joined biggerpockets to learn, network in with people and continue my quest to financial freedom.  While I love my job, and have no plans on stopping it...kids can be expensive and increasing my revenue streams is desirable.  

Love to network with people and learn.  If you have some piece of insight that could alter the trajectory of my life, I welcome it.  If you would like to fund my next deal I welcome that as well.  If you are looking for something from me, my real estate game is pretty limited...I would say don't be a victim...or a ninny...you have a choice which makes you powerful.

thanks for the welcome in advance...high fives all the way around

austin

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Greeley.

Purchase price: $210,000
Cash invested: $60,000

Found this duplex, and used a HELOC on my primary residence to fund it. This has been the learning curve for my wife and I...looking for our next couple deals