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All Forum Posts by: Chris H.

Chris H. has started 3 posts and replied 12 times.

Post: Love Seller Financing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

@Ryan Furst

I got a buy sell agreement from uslegalforms.uslegal.com, The reason i did buy sell agreement instead of Contract for deed in this case, was the buy sell agreement stated who was suppose to pay closing costs and it had a few other things that the contract for deed was missing. And i would definitely recommend getting a legal document for the state your in. In case stuff goes south want to make sure your butt is covered. 

Post: Love Seller Financing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Investment Info:

Mobile home buy & hold investment.

Purchase price: $53,000
Cash invested: $5,300

Found this property through Marketing directly to the owners. It was her moms house which she has passed and has been sitting vacant for a few years. After i had first looked at it i made an offer and 49k based on a (90k ARV) or i told her i would do a little more if she could seller finance. So we settled on 53k seller financed with 10 percent down. Guys i got into this place for 5300 dollars.It needs some updating but ARV should be at least around 95k i will try to do a BRRR on this one.

What made you interested in investing in this type of deal?

The seller seemed open to negotiations.

How did you find this deal and how did you negotiate it?

I found this through marketing directly to homeowners. I offered a higher number for seller financing with 6 percent interest and 10 percent down. a

How did you finance this deal?

It was seller financed with 10 percent down. So i only needed to come up with 5300 for a down payment. Which i will pay myself.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nope, this was directly between seller and buyer

Post: New member with 20k capital looking to invest out of state

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Great advice everybody, I am just reading through and listening. @Daniel Kong, i am glad you touched on these subjects. A lot of these requirements are not mentioned often and forgotten. I had to learn all that the hard way. Great post everybody

Post: 13K Bathroom Remodel - Help!

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Im with everybody else. 4000-5000k you should be able to get that bathroom looking good enough for a flip. I don't think 13k is an option for 110arv. 

Post: Timing in between Direct mailing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Thanks Ehsan, 

Can you elaborate on  'keep marketing to the people you sent mail to" ? What other ways are you refering to? Door knocking? Calling?. 

thanks a bunch, 

learning more by the minute

Post: Timing in between Direct mailing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Thanks everybody 

That is kind of what i was thinking around 30 days or so. But nice to hear confirmation

Post: Timing in between Direct mailing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

How long is everybody waiting from one direct mail letter to the next? What time frame has everybody found to be most successful? I know, i have heard do not send to fast but do not wait to long either.  

thanks in advance

Corey

I am contractor in billings, montana. As somebody else noted be find out about the codes. Also don't by shy call the city building department and have them come out and take a look and usually they will give you a pretty good rundown on what generally needs to be done. And On finishing a basement be cautious of moving utilities and plumbing, having to move drain lines and such means cutting and removing lots of concrete and  it can get pretty expensive. When planning your layout try to figure it out so those kinds of things do not have to move far or at all. Such as the bathroom try to lay it out close to where the floor drain would be so they would not have to cut a trench all the way across the basement for example.Good luck man

Post: BRRRR Strategy Explained & Cash-Out Refinancing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Yes kind of what i was thinking.👍

Post: BRRRR Strategy Explained & Cash-Out Refinancing

Chris H.Posted
  • Billings, MT
  • Posts 12
  • Votes 5

Does this only work in the case that you have a HML to start and not a traditional financing on the property? For example you found an undervalued SF home, did traditional 15% -20% down. Did necessary work and got it rented. 6-12 months do a cash out refi?