All Forum Posts by: Brian Tran

Hello,

So I've created a mailing list via Driving for Dollars and I got my first call from a motivated seller.

The homeowner is a 60-year-old Mom that is living there on her own and I spoke with her son. The motivation is that he's trying to move her to a retirement home and that he doesn't want her to continue living on her own because it's hard to maintain the home. 

I didn't set a price and I just got general information. He said he saw on Zillow that it's worth $100k but it's clearly in older condition and I'm wanting to close at around the $50k mark. They justified it by saying that newer houses that are being added to their neighborhood are at around $170k.

They also said the repairs needed are paint and landscaping, which I doubt. Seeing the general appearance of the house driving by it definitely needs more than that. 

I've scheduled a property showing this week. 

Any advice to go about communicating and handling the property showing in person? Also advice on presenting a lower offer and changing the seller's mind? He seems to have a retail number in mind.

I’m doing driving for dollars for the first time and I’m trying to be as efficient as possible.

I’m using a running app to keep track of neighborhoods I’ve looked at but I’m trying to find a way to mark them down so I don’t end up overlapping and wasting time. Any advice?

I’m doing driving for dollars for the first time and I’m trying to be as efficient as possible.

I’m using a running app to keep track of neighborhoods I’ve looked at but I’m trying to find a way to mark them down so I don’t end up overlapping and wasting time. Any advice?

@Hai Loc I believe you have to contract for deed correct? Also, is that the general structure of a seller finance deal?

I've been looking around the BP forum and youtube but other than tips I'm unsure if I understand the whole seller financing structure.

From my understanding once you get the seller it's mainly creating terms of the seller financing (whether there is down payment,etc) and then having the contract drafted by a title company and using escrow. That's my understanding of structuring seller financing, am I missing any crucial details?

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*This link comes directly from our calculators, based on information input by the member who posted.

Usually in my area the tenant pays for the utilities. I'm being financed by a HML and HML is providing the rehab loan so I put 10k into the loan for rehab and 200 for fees. 900 is relative for the market in this area as well. I put 6% interest rate to define the refinance and I found a bank that does refinancing at 30 year terms.

Anything would be appreciated whether it's something I missed or confirming my calculations! 

Sincerely

Brian Tran

Hello,

I am working towards my first rental that I will need to rehab and was needing advice on the creativity and visual appeal of the rehab. Are there any sources, articles, books for how to make a quality aesthetic rehab for a rental home?

@Joe Villeneuve

These are all rental listings in my area from Zillow.

@Buck Russell @Matt M.

Did you happen to use the properties as an investment or for your families?

Hello,

I'm looking to buy my first rental property but looking at the rental listings on Zillow it seems that there is a lot of competition in the area. I don't know if this is normal, but what is your take on it? The numbers work for the property I'm looking at but the competition is sort of scaring me. Here is a screenshot from Zillow.