All Forum Posts by: David Ricketts

@Wale Lawal ,

Thank you for the reminder about doing my homework. I’ve been following much of the research you suggested, like inspecting the property and assessing comparable homes in the area. When I move forward with any deal, I plan to conduct a title search as well. I also have someone I work with who can handle inspections affordably. I appreciate your recommendation to proceed with caution, as investing without proper research indeed carries inherent risks.

Thank you and best of luck, as well!

Best,

David

@Alan (and everyone that assisted),

Thanks for sharing that insight—it's really helpful as I continue learning the ins and outs of real estate investing. I'm realizing there's a lot more to understand, especially around lease options and VA loan assumptions. For now, I may focus on a house hack approach rather than relying too heavily on creative strategies.(I have found a 2-1 that I can afford in a conservative 7% appreciation market)

I’m also thinking about putting more effort into lead generation beyond just Zillow to expand my options. Thanks again for your perspective—it’s guiding me toward a more refined approach!

Best,

@Chris Seveney, **different deal from the original post. No HELOC but similar number.

@Chris Seveney,

Thank you for the quick response and the clarification on VA loan assumptions. I'm continuing to put out plenty of offers on various properties and exploring different approaches to see what gains traction.

For this one, I’m considering proposing a rent-to-own/deal finance contract with strict contingencies—something like requiring monthly photo proof of bank loan payment, with the understanding that failure to comply would result in a loss of equity of the seller. I’m testing a lot of different strategies right now, so I’ll see what sticks!🤔

Thanks again for your input. It’s been very helpful as I navigate these options.

Best!

Thanks for the insight, @T. Alan Ceshker

Good to know the HELOC will be canceled at closing—appreciate the clarification. I'll double-check with the lender to make sure there aren't any unexpected conditions tied to it. Also, I'm exploring options for covering the remaining balance if the purchase price exceeds the assumable mortgage. Any tips on structuring this with a secondary loan or financing approach?

Thanks again!

Hey @Mike Fingleton,

Thank you so much for sharing your insights. Although that particular deal sold, I’m continuing to search for other opportunities and am excited to work toward my first investment property. I’m especially grateful for your willingness to lend me some of your knowledge along the way. If you’re open to it, I’d love to have someone to bounce ideas off, while being mindful of your time.

David 

Hello, everyone!

Excited to be diving deeper into real estate investing and making time for my first deal. I’ve been exploring various strategies to land a solid rental property, and I’m particularly interested in trying mortgage assumption for this one.

I'm currently looking at a property listed at $350K. It was originally purchased for around $150K in 2020, with a $50K HELOC added in 2022. I'm collaborating with an investor who can help cover the remaining balance, but since the property isn't in the best shape, and maybe fairly priced, but I'm evaluating how much room I might have to negotiate. It does seem competitively priced for the area.

If anyone has insights into how the existing HELOC might impact the mortgage assumption or tips for negotiating on a deal like this, I'd greatly appreciate it. Looking forward to hearing your thoughts!

Thanks in advance,
David

Started learning around five or six years. Felt quite intimidated by the industry. Started off cold calling for a program that I was working. Didn't hang in more than 3-4 months.  Focused on my career till about a year ago. Taking a step back from the career and into real estate. After reading feeling better about getting a deal. Thank you!