All Forum Posts by: Dennis Wayne

Looks like a lot of moving parts on this for one stinking house ! What is the purchase price and condition of the property ? Maybe I missed it but Is the seller setting you up on a mortgage with a balloon or a land contract ?

There’s several ways you can do this if I’m understanding correctly . I would find the least complicated way that still makes sense. One option would be take title in a trust then when you bring the new tenant buyer in you sell them beneficial interest in the land trust ...or you could do a lease option with them for 12 months with 5% down and just reduce the price as a artificial rent credit each renewal as joe teaches or setup a land contract with them and get a 10% down . However you do it get a 5-10% down payment on the price and cover your butt with good contracts ! Don’t do a mortgage note transfer with less than 20% down if you are offering true financing

If 8% cap on a duplex gets you excited then go for it , I wouldn’t even get out of bed for that but more power to you ! Might as well go to the bank and buy a CD

Your deal is not a deal ... keep looking

They are really expensive and will eat up your profits . The worst part is your cheating yourself out of learning how to manage people and your asset if you sub it out you’ll never gain the experience you need to be a good investor . It’s a learnable skill bro

@Ian Kuntz

Geez That was probably a really bad idea I’m not sure if a suit would necessarily find you guilty of anything other than being a hobby landlord who doesn’t know how to manage their property . Look You can’t just hand out keys so it’s like musical chairs . Obviously you need to get the lights/ electric figured out most likely it’s time for a new service , I do these all the time just put one in yesterday . Don’t band aid it by giving everybody keys to flip breakers back on lol your going to burn your building down !

@Robert Campbell

Are they paying rent ? Sometimes you gotta let them just be slobs . You likely did a very poor job screening these folks, but it still happens when you get a pig here and there .

Everything costs more than you thought it would

It will be much more difficult climbing the ladder than you thought

You will feel defeated and will get your nards kicked into your throat most days

On second thought ... I’m glad I didn’t know these things I may have gave up if I knew the struggle ahead . The good news is you become on new more refined person able to take on much more !

“With every adversity comes with it the seed of an equivalent benefit “

Napoleon hill

@Rob Gillespie

Absolutely ...Rob hit it in the head !

Doubt is very expensive , it keeps most people poor in life . You will never be 100% of anything sometimes you have to just go for it even if you are just 80% sure

Bought seller financed deals multiple times with nothing down , totally possible if you are a good negotiator . Not going to find those deals advertised or on the mls I assure that

@Rob Gillespie

Geez that was a great post ,I have a lot of respect for you and what you taught your boy