All Forum Posts by: Brandon Phillips

Borrower

I would like to get a deal done with Seller Financing however, sifting through all the hype and benefits, I can't seem to find information as to how people screw it up, common mistakes or errors in the contract/analysis. I want to know what to avoid so that I can do it correctly. 

I see lots of great info and content about creative financing. Especially SELLER FINANCING. Let's say the math pencils out to get a deal with seller financing BUT....let's say the balloon payment is due and the property hasn't appreciated to the point where you can get a loan with a bank to pay out the seller...what are some back-up plan, exit strategies, worst case scenarios?  Any stories, experiences, tips, advice on the matter? 

It's been a good couple of months as a new realtor. Working with 3 buyers currently and my first listing closes this week! I want to take on wholesaling, Brrrr's, fix and flips etc. However, I'm learning that because I am licensed I am held at a very high standard. My question is, what kinds of limitations, or legal issues do I need to be wary of, during activities like wholesaling or purchasing my own off-market deals? Is my brokerage entitled to a commission with every deal I purchase or assign? When writing contracts for my own personal off-market deals am I not allowed to use mls forms/addednums/contingencies?

My biggest fear is my HOA. Which consists of 9 units total and we are not managed by a professional management company. It's poorly managed and I fear an assessment is imminent because of negligence. Just to give you a taste we discovered that our last Prez stole $24k from the reserve to gamble. Fortunately, it was recovered from their relative.

I'm in a position where I can only use the utmost creativity to get the next deal. I'm 1099 realtor now, so no consistent income and I have kissed my 2-year work history in medical goodbye, DTI is terrible because of mortgage and inconsistent income. I'm left to exercise seller financing, hard money, off-market, wholesaling, opm and some others I'm sure. My roommate helps with the mortgage which after his rent collection I'm paying $750/month mortgage plus my living and realtor expenses.

Thank you, I will definitely look into 121 primary exclusion. I have lived in my condo for one 1 year south of Seatac Washington. I ask because my first property was a condo that doesn't allow rentals with the exception of hardship/relocation. I've thought about exercising this exception just to lower my expenses to maximize saving for next the property. I would prefer to get out of the condo even sooner to reinvest my capital in a property that opens more doors than it closes. 

My condo is my primary residence. I have lived in it for one year. If I wanted to 1031 exchange it it needs to be an investment property. If i move out and say live with my sister, and rent out my condo to tenants, how long does it need to be rented before it can be declared an investment property? Thus allowing me to utilize 1031 exchange.

Referrals Wanted: In need of bids from investor-friendly contractors. Fourplex. Building built 2018. All the bones but no guts. Easy build. Please attach any contact/referral info in your post. Much appreciation for the bigger pockets community.

@Andrew Postell Thank you. I see your posts a lot. Thanks for directing people in the right direction.