All Forum Posts by: Brandon Ribeiro

In speaking to one of my real estate clients, I found out that his mother is wanting to sell her home. I could easily comp it and sell it at 335-340,  however she is willing to let it go for around 300. 

I really like the house and would love to have it for myself, however right now financially I won't qualify for a mortgage being a new real estate agent with less than 2 years of income.

I'm pitching seller financing to them to see if they would be interested in doing that. it would be a 5 year balloon payment on a 30 year amortization.

my thoughts are to refinance it at around 2-3 years and pay her off. what are your thoughts? she would be making more than 300 in the end because of the interest, and I would be able to get a home worth more than what I'm paying for it, and would be able to rent out my current property.

how would this be structured? I've never one a seller financed deal before, if you have- would you be able to walk me through the process?

@Teresa Slawik Im currently working with a lot of investors from bigger pockets, both in state and out of state investors. I’d be more than happy to help- feel free to reach out!

@Shafi Noss can you elaborate or dm me how I can go about this process? I definitely want to impress my financial partner/ lender

@Steven Foster Wilson I definitely will! Thanks again

@Steven Foster Wilson hey, for my first flip I’m ok with taking the bad end of the stick. I ultimately want to keep my financial partner happy, because id like to continue working with him, and eventually just use him as a lender once I gain his trust. Worst case scenario I still walk away with my commission! But id be ok with that as an absolute worst case scenario because its a learning experience 

@Steven Foster Wilson well its a flip, so we’d be rehabbing and selling it. Since I’m a real estate agent I would be making commission on the buying of the property, and again on the selling side. I would be the one to list it

@Steven Foster Wilson this would be my first one. I have construction experience and would be using my friends construction company which I trust

@Steven Foster Wilson thank you for your advice. I did forget to mention the house is completely gutted and they started re-framing. According to the agent, they were supposed to be finished with this flip but then covid hit and really messed them up with the contractors not being able to work and such.

So the house is gutted, all new subfloors and its about 90% framed. I liked it because that way there is no surprises with taking down drywall and finding a nightmare, there literally is not a single sheet of drywall in the house

So I've managed to find a financial partner that is funding 100% of the deal and 100% of the rehab. I found a shell SFR that I can get for 100k and it will need an additional 100k on the high end to be completed. I pulled comps at 280 for a similar property, but I think I should be able to sell for 290 in this market should it continue for the next 6 months.

Any additional info can be provided, I didn’t want to load this post with numbers and info. Is anyone able to help me analyze this deal or give me their opinion?

@Kobe Xin you use them for anything else?