All Forum Posts by: Dan Shoemaker

Welcome Charles! You have a ton of help here. Don't hesitate to ask for help!

If you can do most of the work yourself, it sounds like contracting might be the way to go to save some money. Just make sure you are in compliance with permitting etc. It you aren't comfortable with all of the permits you will need, you should consult with a GC at the very least!

I'll be there!

We definitely need to find something centrally located (for us FW folks!)

I'm very interested in meeting everyone! @BrandonTurner has actually offered to help us promote the event!

Jim,

You're on the right path. Owner financing can be THE vehicle to make things work for both flip properties and rentals.

There are many strategies, but two things I've heard recently have really resonated with me:

1. Build rapport first. Walk the house, take notes, but don't ask questions until about the REAL PROBLEM you need to solve for the homeowner. Be ordinary and "down to earth."

2. Offer a few different options for the deal. Find the one that works best for the homeowner AND you. Maybe you only owner finance until you sell the property four months down the line. If your strategy is buy and hold, maybe you provide the option of a possible refinance into conventional financing in a few years.

Good luck!

Chris Klein, there have been some discussions around getting another networking mixer setup soon. I think it's a matter of setting a time and date.

Welcome to BP! We have a very active group of BP investors here in Dallas and Fort Worth!

Correction... these guys are NOT affiliated with Net Worth...

Adam Costello If you are sourcing the deal, managing the rehab, and executing the resale, 50/50 is MORE than fair.

I would offer two or three partnership options...

1. Use him as the lender to earn 12% on his money. No points. You pay customary title and attorney fees however.

2. Pay 1 or 2 points and 10% interest only for a six month term with an optional renewal if needed.

3. Offer either a 70/30 or 60/40 split on the profits. He must fully fund the purchase, rehab and holding costs.

As a private lender myself, I'm happy to get 2 points and 12%, and I will loan up to 75% of ARV for the right property!

Josh, if memory serves me.right, they are part of net worth realty. Beyter rep than most wholesalers but as always buyer beware... do your due diligence!

I have bought two houses from net worth ;-)

welcome Onan! Good to have another fellow DFW BP'r!