All Forum Posts by: Christine Mwai

I actually had a situation that may on may not help here. On my last RE purchase I was doing a cash deal but was short X amount on the agreed sale price. The seller agreed to hold a note on the balance for a monthly agreed on payment to him as a 6 % loan. It was agreed and written as a loan and filed as a lien against the property. The lien was filed with the County Office. We closed, I got title. I paid him payments for 6 months then paid the balance on month 7 coz I had it written with no prepayment penalty. He gave me a paid in full receipt, filed a copy of the paid in full and the County office removed the lien. All were happy and it was a win-win. Just keep it professional and everything on paper.  An attorney should be able to draw it up for $200-400.Best wishes.

Kindly elaborate on EP 193, I would assume " people the bank likes" means lower risk, better qualified clients? Question no. 2 is whether her granddad is willing or even interested in partnering in RE. The only way you will know is if you have a solid business plan and exit strategy and then ask him. He may be risk averse at this point in his life, so be ready for lots of questions or even a no. Also have a clear exit strategy for him so he also is not put in financial risk. Best wishes.

Lauren, what would be an acceptable return if say the purchase price was 70k and repair and holding costs were 15k? Are you looking to finance or pay cash?

Sorry didn't mean to post twice.

Most people respond to honesty vs a "telemarketer written out speech". There will be a time to sit and express your goals and plans. It's a lot for many to take at a first meeting. Be natural, ask about the other person, then bring up your interest without sounding like a tape recorder.

Most people respond to honesty vs a "telemarketer written out speech". There will be a time to sit and express your goals and plans. It's a lot for many to take at a first meeting. Be natural, ask about the other person, then bring up your interest without sounding like a tape recorder.

I don't see the advantage of doing that. For heaven's sake that for most people is their largest bill if they want to keep a roof over their head. They should know rent is due on a certain day per the lease. I only call or write if it is late to inform them that the late fee has been applied and is expected.

Wow, great viewpoints from each of you above. Thanks for your responses. I'm hoping to attend my local REI soon to increase my network and learn from others. I also enjoy helping those that ask me how I got started in RE. I have a long way to go to my goals, but I'm glad to help those starting out when I can. Much of what I've done was learned thro self education. I'm sure it's a big plus to have someone to bounce ideas of off. Best wishes to you.

First let me state that I enjoy and have grown a lot from posts , webinars and info on BP. I am curious to know though how many here have actually mentored another or been mentored. So many here want to begin in RE, and ask about " how do I do A, B, or C". Have you mentored or been mentored? I define mentoring as someone that takes another " under their wing and helps them learn from their own knowledge and experience.". 

Thanks @Aaron Mazzrillo