All Forum Posts by: Brandon Johnson

@Neil Narayan

#66?

Can you point me to where you found this statistic?

Craig Drummond Wow! You got very creative with your offer! You really went above the “All cash, 7 day closing” standard that everyone else is shooting for. The home also turned out beautifully. Happy selling!

Hello @Kala Ruffin! How can I be of assistance?

Chris C. If you do sell the house to them with owner financing, then yes. They own the house and you are standing in as their lender. In this event your own lender is likely to exceed use their ‘Due on Sale’ clause which I’m sure is part of their agreement with you. You would owe the entirety of the mortgage balance immediately. In the event that you paid off your current mortgage and wanted to owner finance the home, you can do so with whatever terms you and the other party agree upon. Yes, you will be able to foreclose if they do not pay. Illinois, however, is a judicial foreclosure state and it will take longer than a foreclosure would in most other states.

Welcome, and congrats on getting started! I recommend you find yourself a few local RE investing groups. Go to all of them, talk to people to learn what they’re doing to invest and find out what ways you can help them do what they do. The relationships you’ll make by doing this will be valuable and it will give you knowledge from people who are actively investing. Aside from that keep working on your credit score and work on putting some money away.

Art Maydan Any property management business in our state will need to be operated under brokerage and therefore someone who holds a managing broker’s license. I’m not certain what the managing broker’s level of involvement has to be. If you find out elsewhere, please post back here!!

@Dominique Colas

Turnkey is a good idea if since you say you're not into repairs and you're also a first time investor. If you vet out a good turnkey provider, you can feel more secure in that they did well in preparation of the property and they may even offer management services for you. 

As for the prices being higher, that's relative. You should expect to pay close to what the market value for the home is. 

@Mike Dorneman

There really isn't anything that the price typically depends on. I've heard of people taking off $20K on homes that were sold for less than $100k and while others are making $10k off of $200K deals.

@Noel R.

As a note investor you should be prepared to deal with any note that's nonperforming. If you buy one that is already nonperforming you should be able to follow through with restructuring, foreclosing, ect. And if it was already performing and all of a sudden stop, you might even consider having to dump it.

@Alec Rosario

This really sounds like a question for your lawyer.