All Forum Posts by: Dakoda Spencer

@Matt Motil, thanks! I will be contacting him and I really appreciate the help! 

I haven't had any successful deals YET. I haven't been able to put any deals together and I'm not too sure how to find them or where to look. I do consider myself successful though, because I have made a commitment on a daily level to do whatever I have to do to make real estate investing a reality!

@Matt Motil, I was under the impression that I couldn't do that with REO properties. I'm new to REI so I could be very wrong.

If I am wrong, which I hope I am, how can I find a transactional lender to do this deal? Just google it?

@Matt Motil, that's exactly what I had in mind, I just don't know how to make it happen. 

Recently I posted on Craigslist asking people to email me if they are interested in buying a house with seller financing. The sole reason for the post was to simply start to build a list of potential buyers.

I was contacted by a lady who has good income but she cannot get a loan because it's 1099 income. Seems normal so far. She proceeds to ask me if there would be a way for me to assist her in acquiring an REO home. She's willing to pay at least 50k for it and the bank has in for sale for just above 40k.

My question is, how can I make this happen? I don't have any capital built up so I can't get it with cash or a traditional loan on my own. Could I acquire the house by borrowing the 20% from a family member, then turn around and do seller financing to the individual? I know I need to have paperwork all along the way to cover me. The individual has a large down payment, 15k+. That alone would pay back the money I borrowed for the 20% down. 

Does this make sense or should I stop wasting my time and energy trying to figure out how to make it work?

Thanks all in advance, I love this group. 

@Brian Gibbons, do I simply go to the Keller Williams's website and sign up for something or is there a process for me to following that is outlined somewhere? 

@John Thedford, I don't have any money that I am able to put into a flip. I need to find some deals that I can start to raise some capital on since I am so low on finances. Only about 5 months ago a got a good job instead of part time construction jobs so I'm just now able to start saving money. 

@Account Closed, how can I become licensed? I have entertained the idea of becoming licensed several times before but I haven't ever found out how. You also said something that I don't quite understand. What is a "Single Payment Note"? I understand most of the overall theories but I lack the specific understanding of any one subject.

@John Thedford, I realize that you would have to do stuff with Dodd-Frank. I just don't know anything about that. That's something that the course was going to "teach". 

@Account Closed, how are you looking for these prooperties? I really like the idea of this but I just didn't now how to put it together. I tried contacting any FSBO in these areas but out of all the people I contacted, none of them was willing to even entertain the idea of seller financing. I know that I just have to keep looking to find one of those but is there any other way to make this happen? For instance, could I buy REO properties and sell them will seller financing?

@John Thedford Yeah they seem to be coming in quite quickly. I was really hoping I could do something with them.

Although, I did run across one very strange situation. I had a person contact me who, of course can't get a traditional mortgage but was wondering if I could help her with a particular property. She only has 1099 income and there is a house in particular she wants. It's a REO home just north of Morgantown WV within PA. Is there any way I could partner with another investor to buy the house and then turn around and sell it to this person?

And if I every find anything in Florida, I'll let ya know!

So, I have what seems to be a weird question to me. I started following a "Guru" that is teaching about seller financing and was selling a course about it. He was teaching to:

1. Get properties under contract from sellers with seller financing. 

2. Get them under contract below market value

3. As little down payment as possible

4. See if they will accept your offer with 0% interest (or very low interest)

And then they would teach you to turn around and sell the property using seller financing but raise the price by at least 10k, require a larger down payment, and put a higher interest rate. I thought all this sounded like a great idea and was going to buy the course. I knew I would have to start building a list of potential buyers in my area so I have been posting to Craigslist and have since started to acquire a list of buyers who want/need seller financing (20+ people).

The issue is, I have since decided to not buy the course (because I think it's another Guru scam) and now I have a growing list of people wanting/needing seller financing in the Morgantown West Virginia area. Is this valuable or should I stop building the list? I am sure to inform the people that this doesn't mean that I have a house available for them, but just that I will have all the wants and contact information if anything becomes available.

Could I maybe connect with investors and match them with a potential buyer? 

I don't really know what else to do with this so any help would be greatly appreciated. Thanks. 

Dakoda