All Forum Posts by: Lisa Henrich

That's what I think I'm coming up with, too @Bob Baldwin.  It's a turnkey rental, but it's electric baseboard heat which is a huge turn-off to renters.  

I'm currently looking at a property that is in my targeted investing area that I could get for roughly $20k below market value. It's worth about $120k. I could probably get it for around $100k. My intentions are buy and hold and rent it out. The owner has roughly $50k left on his $70k mortgage @ 4.25%. He offered to let me take this over but he still needs the other $50k equity and didn't seem to be open to the idea of seller financing this portion. I'm trying to not use my own money but I also don't have any friends or family who would want to participate in financing. Any ideas on how I could come up with the remaining $50k? Also, taking over the mortgage would obviously be a Sub2. Should I be concerned about the note being called? If I use the proper channels and structure the deal appropriately with a real estate attorney, is this still a concern? Has it happened to anyone here before?

The property would rent for $1000/mo

Taxes are roughly $230/year

I would like at least $100 in cash flow. Any help is greatly appreciated!

My questions are:

Is this "deal" too muddy to enter into for my first creative deal?

Should I be concerned about the Sub2?

How could I finance the second 50k?

How much cash flow should it generate being a SFH in a great neighborhood?

If expenses = income, is it still worth it for the immediate appreciation?

Thank you!

@Skyler Smithyou're right!  Thanks so much :)

Thank you!  That does answer my question!

Thanks, @Franklin Romine  I was hoping it wouldn't come to that ;)  JK.  I tried whitepages but did not try intelius.  Thanks for the tip!

Sorry so many questions but I'm really eager to learn this business and actually start building a substantial portfolio with as little of my own money as possible.  My current rentals are mortgages held in my name with traditional lending.  

QUESTION:  What is the best way to find private money for an investment property.  I'd prefer to stay away from "hard money" because this would be a longer term loan since I'm focusing on buy and hold.  Also, what are standard terms and interest rates that comes along with a private money deal.  Obviously, everything is negotiable, but what is currently expected on these types of transactions?

Thanks again, 

Lisa

Hi Everyone,

There is a homeowner I would like to contact directly but I'm unable to find their contact information. It is a home that is listed as a FSBO on Zillow. The only thing I see on Zillow is the "contact agent" button. I was able to find the homeowners name and current address off of the County Information link. I searched the internet with their name and address but I'm unable to find a phone number. Any hints on how to find this person's contact information? Or, do I actually need to send something through snail mail?

Thanks!

Lisa

Thank you to everyone who provided a reply.  I am trying to soak this stuff up like a sponge.  I contacted someone today about a possible seller finance deal.  I'm excited to close my first transaction without carrying the loan myself!

Thanks so much @Josh Caldwell.  Personally, my FICO score is really good but I want to stop using my personal credit for acquisitions.  This is new territory for me so I'm trying to get all the advice I can.  

Are there any real estate investors in the Lancaster, PA area that area willing to SF their properties?  If so, I might be interested.  I'm looking for buy and hold rentals. 

Thanks!

Lisa