All Forum Posts by: Becca Pariser

Currently analyzing a property that came through our property manager / real estate agent in Norman. We're working on getting seller financing, but even with a conventional loan it would be a minimum of a 10% CoC return.

I'm looking for either a PML or a partner who would be interested in joining me in covering or splitting the entry fee - we're estimating no more than $70,000 total after DP and repairs.

0 Votes

Oklahoma City, Oklahoma

Hi there! Hoping I can get community feedback on a deal I'm analyzing before we send EMD. I recognize that the CoC return is not as high as we'd like, but it does come with some built in equity (~$100,000)

Details:

- 3/2 Single family house (1487 sq ft) with a 1/1 ADU out back

- Zipcode 78745

- Purchase price: $469,900

- Down payment: $50,000 plus CC (includes assignment fee)

- Seller Finance $419,900 at 3.5% interest; 30 year amortization with a 15 year balloon

- PITI $2744.02

- Rental comps: $2667 for the 3/2; $1505 for the 1/1 - LTR according to BP (Total $4172)

- Repairs needed - minimal, coat of paint and maybe swapping a window unit A/C for a mini split

0 Votes

Austin, Texas

Quote from @John Clark:

“Generous seller financing” is a contradiction in terms. You’re not offering full ask no matter how you try to spin it. If the seller gave instructions to his agent to not present any offers under full asking price, then the agent is obeying the wishes of his principal.

Sounds like you can’t afford the property.

I beg to differ - the seller is getting OVER asking price both in the purchase price and the interest accrued. Plus reducing capital gains

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Quote from @Lynn McGeein:

@Becca Pariser most listing agents discuss seller financing when listing as it’s a field in the listing data sheet - seller financing: none. So the agent can state clearly if seller is offering to finance or not. It’s likely a waste of everyone’s time to request it if seller is not offering it. Agents are required to submit all written offers unless seller has instructed them differently. For my investor-sellers, I ask if they want to sign up front not to send them offers under a certain price or terms like seller financing or open-assignable. That’s not being an “unhelpful agent,” just more efficient.

Thanks, Lynn! That's really helpful context that I didn't know about.

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Hi there!

There is a multi-family nearby that I've had my eye on for a while. It's a SFH with two 1/1 units in the back. It's been on the market for over 228 days. I reached out to the agent with a generous Seller Finance offer - above asking price and we would cover the agents commission. He let me know that he didn't "think" the seller would be interested in financing and it hasn't sold because the owner wants full asking price ($330k).

I have a feeling he never even presented my offer. What would you do - would you reach out directly to the seller? And if so, what would you say? I don't want to cross any lines with the agent that I shouldn't be?

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Quote from @Nicholas L.:

@Becca Pariser

I don't invest in TX or know much about the SA market but... this is not a deal at that purchase price. The purchase price isn't low enough for it to be a good flip, and it won't cash flow even if rents can be raised that dramatically.

have you purchased off market / from a wholesaler before?

I have, but it's few and far between. I appreciate you looking because I felt like it wasn't a deal but wanted a second opinion.

1 Vote

Quote from @Bonnie Low:

Quote from @Becca Pariser:

Does anyone have experience with using either Baseline (https://www.baselane.com/) or Relay (https://relayfi.com/) when it comes to managing rentals and banking? I've heard Baseline ads on the podcasts, but I've also heard promotions for Relay. I'm looking to set up a "Profit First" system and interested if folks have experience with either?

I looked at both Relay and Baselane and ended up going with Baselane. I experienced problems trying to set up my Relay bank account. Really simple things that should have been easily taken care of by customer service but I could not get them to understand the problem I was encountering and it would take days to get a response. I had heard about Baselane, too, so I decided to check it out. I liked all the features and it was super simple to set up. I'm really glad I chose Baselane. Previously, I had been spending a LOT of money each month using Quickbooks and paying a bookkeeper to manage it for me. Baselane is so easy to use I can do it all myself for my 5 properties, and believe me, I am no bookkeeping whiz! It's easy to set up an account for each property and sub-accounts under that, which is how I would integrate the profit first model if I were you. For example, each of my properties has a main account and the sub-accounts under that for CapEx and security deposits. You could easily have a sub-account for profit first and split incoming payments into whatever buckets you choose.

Thanks! I made the same decision and went with Baseline. I have my accounts set up in the "Profit First" method by Mike Michalowicz, and so far, things are going great!

1 Vote

What would you offer - or how would you craft an offer so this deal works.

Property is currently under contract with a wholesaler for $185,000. Tenant is paying $1300 a month; market rents are $1800. With $30,000 in repairs, the ARV is $250,000.

What would you do?

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*This link comes directly from our calculators, based on information input by the member who posted.

0 Votes

Thanks, Scott, for the quick response. The property doesn't work with PM - but I'm 20 minutes away so was intending to self-manage.

Agreed. Thanks!

1 Vote

Dallas, Texas

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1 Vote

Dallas, Texas

All Forum Posts by: Becca Pariser

Becca Pariser has started 13 posts and replied 28 times.

Post: Seeking PML or partner for student housing in Norman, OK

Post: Help me review this Seller Finance Deal

Post: Contacting an owner with an unhelpful agent (On Market)

Post: Contacting an owner with an unhelpful agent (On Market)

Post: Contacting an owner with an unhelpful agent (On Market)

Post: [Calc Review] Help me analyze this deal

Post: Baseline or Relay for banking?

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Becca Pariser has started 13 posts and replied 28 times.

Biggerpockets Logo Post: Seeking PML or partner for student housing in Norman, OK

Biggerpockets Logo Post: Help me review this Seller Finance Deal

Biggerpockets Logo Post: Contacting an owner with an unhelpful agent (On Market)

Biggerpockets Logo Post: Contacting an owner with an unhelpful agent (On Market)

Biggerpockets Logo Post: Contacting an owner with an unhelpful agent (On Market)

Biggerpockets Logo Post: [Calc Review] Help me analyze this deal

Biggerpockets Logo Post: Baseline or Relay for banking?

Biggerpockets Logo Post: [Calc Review] Help me analyze this deal

Biggerpockets Logo Post: [Calc Review] Help me analyze this deal

Biggerpockets Logo Post: [Calc Review] Help me analyze this deal

Post: Seeking PML or partner for student housing in Norman, OK

Post: Help me review this Seller Finance Deal

Post: Contacting an owner with an unhelpful agent (On Market)

Post: Contacting an owner with an unhelpful agent (On Market)

Post: Contacting an owner with an unhelpful agent (On Market)

Post: [Calc Review] Help me analyze this deal

Post: Baseline or Relay for banking?

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal

Post: [Calc Review] Help me analyze this deal