All Forum Posts by: Brad E.

thanks guys

@Aaron K. thanks.

how could I find out more about what is going on right there in that area?  Like if there was a development planned, where would I be able to find that kind of info?

I had a lead come in from direct mail on a 2/1 mobile home on that is currently occupied month-to-month at $400.  The seller is an agent (maybe just a tire kicker?).

When I pull comps there are some in the same neighborhood but the sold prices are WAY higher than what the home could ever be worth.  For example - same size mobile home across the street with a little larger lot sold for 270K.  Up the street from that another at 700K.  Seems like there is something going on in the area in terms of development but I'm not aware of it.  That is the only thing I can think of that could be driving those prices.

Here is where I am stuck - how do I find comps?  Should I look at lot size and use that?  Kind of stuck on where to start my offer.  Any thoughts would be appreciated.   

Thanks guys.  Keeping it for rent doesnt look good due to monthly payment I'd be making.  My exit options I believe are limited to lease option or seller finance it out again.  

Hey guys - I've got my first seller financed deal in contract and would love to have some feedback on these numbers.  This is totally uncharted water for me so any other tips or advice are welcome.

Deal specs:

ARV - 400K

Purchase price - 362K

Down pmt - 5K

Rate - 4.75

Term - 3 years amortized at 30 years

Rehab looks to be about 20K

My two potential exit strategies either lease option it or seller finance it to another end buyer.  This is a higher priced property for my area and my main concern is on the exit.  Given the economic situation I'm somewhat concerned about finding a buyer at this price point.  At the same time I think there may be buyers that will not be able to qualify for traditional financing due to tighter lending requirements from banks in the near term.  

Any feedback is welcome.  If anyone has done a deal like this where they are staying in the middle I would love to connect.  Thanks.  

@Nicholas Sheridan, Jr.  Congrats!  

3% but I moved up to 5%.  My motivation isn't really the problem as much as convincing the seller that there is nothing to worry about.  Down payment is one thing I've referred to but just wondering what else I can point to.

Hey BP - I am working on a potential seller finance deal for a single family home.

The sellers main concern seems to be around 'what if' I stop making payments to him.  I have shared the obvious answer that he would take the the house back, but I can tell he is still worried about having to foreclose.

What techniques or messaging do you find effective to address these type concerns and put the seller at ease when trying to close a seller financed deal?

Thanks in advance.

So I'm looking to outsource my bookkeeping in order to free up some time for other tasks. I found a VA on Fiverr but I'm curious about the security aspect.

I'm going to need to provide my quickbooks file and bank statements to this person.  That inherently feels dangerous, but this must be standard practice.

How do you guys handle this and what should I do to lower the risk?  Am I just being paranoid?  Thanks.

Hey BP -

Ive got an insurance dilemma I'm looking for advice on. I'm in contract on a property that has existing tenants. The lease clearly states no pets. However, when I went to view the property they had 2 dogs, one of which was a pit bull terrier.

Called my insurance for a quote and disclosed the dog. They said no they cant write insurance on it, and said likely no insurer will. I'm not going to be able to get financed without insurance.

Not really sure what to do here. The tenant is in clear violation of the lease, and unfortunately they have a dog which will prevent me from getting insurance.

Any tips on how to handle this? My due diligence has 3 more days before it expires.

I'd rather not bring the merits of this dog breed into the conversation. Just looking for feedback on how to deal with this situation.

Thanks.