All Forum Posts by: Brett C.

thanks so much @Bill Ham

I just read your blog on MLO and I understand it much better. I do want to learn more though about "seasoning", and what exactly I need to show for CF and for how long to have confidence I could execute the exit strategies, the first being to refi into a traditional loan.

@Mike Hurney shhhh Mike! My wife is one of those folks! :)

Paul that's a good idea. My uncle also a Marine, (the worlds most perfect creatures) was one of those homeless Vets for many years so that issue hits home for me.

too funny, I swear I had a sentence in my response to Joel that said "what about a master lease, I don't know much about them but wouldn't that work?" but I deleted that sentence bc I didn't want to sound uber newbie.

I'm researching the strategy right now, thank you!

PS Joel, thanks so much for your input/advice!

OK I see. In this strategy the only thing in it for the seller really seems to be that they relenquish the management of the property over to me. The spread between my note and their note probably won't be too enticing.

What would happen when they are done paying their original loan? I've only just recently tried to understand wraps and I suspected that might be the suggestion I got but I wasn't sure if there was a better vehicle for this situation. I don't understand this strategy, it seems like the original loan is still in place so wouldn't that mean technically the deed would below to the seller I set up the second note with?

Thanks Fellas. Shaun, I'm definitely going to start attending some of those meetings. Looks like I just missed the Boston BP meetup.

Hi Everyone, I need help identifying a strategy for a deal I'm trying to pin down. I have a motivated seller with a 4 family. They have just a handful of years left on a 15 year mortgage, I don't know the exact amount they owe but I can ballpark it and they've got strong equity. What strategy can/should I use? I'd like to do a seller financed deal but they still owe money. I think the seller primarily wants to cash out completely, HOWEVER they have a sizeable portfolio of investment properties and I think they would be interested in a situation where they get out of the management of the property and I work out financing with them to where they just collect, similar to a seller financed or lease options. I'm closing on a SF in a couple weeks and I don't have a lot of money to put to put down. I'm stuck guys, please help. If they owed nothing I believe they would happily do 10% down and seller financing for the balance but they don't own it free and clear yet so 10% won't even get us the deed. Thanks for any advice or even pointing me towards literature/books with strategies that could help would be appreciated.

Hey Jeff. I'm from NH, just joined BP tonight and I was wondering if you found your answer? I am actually looking to transfer two homes into an LLC I'm setting up right now so I'm sure I'll have the same question. Looks like you are from Charleston SC? I was in the Marines stationed in Beaufort and bought my first motorcycle in Chareleston down by Folley beach. Love that region of SC.

Hello BP Fam! My name is Brett and I am new to the community. I've been a fan of the podcasts for quite some time and figured it was time to hop into the fray in the forums. I've had a passion for real estate since I was a teenager and I've been an MLS junky for over 10 years. I own my personal residnce, a SF investment property that I have owned/managed since 2011 and I'm psyched to report that I'm under contract to close on SF investment property #2 this Oct! My focus is to continue to grow my business and expand into multi-family and commercial real estate investments. About me, I've been married to my high school sweetheart for 12 years, we've got two beautiful children who keep us both entertained as well as EXHAUSTED :) I am an Operations Program Manager in the Defense Industry, I spent 6 years on active duty in the Marines (OIF Vet). If I'm not wearing the uniform myself, I can think of nothing I'd rather do than lead teams that help to provide our service men and women with the technology they need to carry out their mission and return home safely. I'm a 3rd year MBA student at Northeastern University in Boston (graduating this Spring!) and I graduated with my BS from Roger Williams (magna cum laude) in 2006.