All Forum Posts by: Clayton Crawford

Hi BP! I've just got a 3 bed 2.5 bath under contract! I've got my home inspection tomorrow, I had a contractor come in and give me estimates on the Renovation yesterday.

Any advice on what should happen during my due diligence period?

any thoughts would be great!

thanks!

Hi All,

I want to share my upcoming adventure with the BP community to see what everyone thinks of this method of creating financing, as well as ask some questions about loan agreements.

I am currently waiting for a reply from the sellers agent regarding my counter offer. The price was initially 99.9k, i offered 94k, they countered, and so on... I'm looking for 95.5 and i'll be happy. Okay, once the offer is accepted and the property goes under contract,(If not this one, then the next property i get under contract) I have two gentlemen that are interested in financing the down payment. I will borrow 10k from each individual with a 10% ROI after I cash out on the property in 8 months. Here's the thing, I have the capital to invest for my down payment. I do not need outside investors to fund this particular project and they both know that. However, I approached them with the opportunity to collect some great returns while they sit back and do nothing. I understand that I'm giving up 2 grand on a deal. But, I feel like it's, first, just a generally nice thing to do, and second, a way to show that for me, it's not about squeezing every penny out of every deal, but building relationships and making everyone some money in the process. Also, by using this seemingly small amount of someone else's cash, I leave mine free'd up for the next deal! In my mind, I'm creating relationships for future endeavors, and making friends while i'm at it.

I'm using a very simple loan agreement that describes terms, timelines, late penalties, and failure to pay proceedings. It is then signed by the lender and the borrower and then stamped by a notary (maybe no notary.. just a witness). Here's my questions. Is that enough? Should i get an attorney involved for something like this? My answer is no, that it would only complicate the process and possibly make it too "bothersome" for would be investors. But, since i'm new and i love hearing from BP,  your thoughts and experiences are greatly appreciated!

purchase price: 95.5K

Reno:                   5k (Just need's carpet and Paint)... I hope.

ARV: 140K (...ish)

Thanks! 

Amazing advice! Once again, thanks to all. I'm actually going to look into both, the excel spreadsheet and learning more about CRM. @Ray Lai I will PM you today, thank you so much for offering tools to help out.

@Tyrone M. Robinson III I need basic acronym knowledge... Sorry, but in my world, CRM stands for Composite Risk Management. Can you explain? 

thanks for your time

@Antoine Martel Thanks for the info. I've checked out the banks websites for foreclosure listings coming up for auction. Is that what you're referring to? I've also used zillow, but find that in  lots of cases its not accurate. But, sometimes it works.

Hi all! I've recently began my first mailing campaign! It has been very exciting though the first week. I received multiple calls already, but none that i'm willing to accept.

That being said, My list grows bigger and bigger everyday and I'm wondering what the best way to track it? right now i have a calender on my desk that looks like this.

example: july 14, multifamily in county x. 1st wave

                 august 14, multifamily in county x. 2nd wave. single family in county x. 1st wave

without being too confusing. each name and wave is in each dated block on the calendar. I thought my tracking system was simple and effective. Now, i'm not so sure. I want to track who's called, who's worth making a deal with, how much each person offered  etc. I would like to know that i can do this digitally. Right now, it's split between a notepad and my calendar. However, i can see this becoming a mountain of clutter if i don't figure out a way to keep up.

Once again thank you to all! 

Is possible to contact the bank directly for bank owned properties? If so, what does that process look like? 

if not, why? 

Thank you all for your advice.

That's great advice, and i very much appreciate your insight. I'm really wondering what the contracts would look like and judging from your post, it looks like i need to speak with an attorney.

thanks again.

all great information, thanks to you all

Thanks for your input @Bob Razler