All Forum Posts by: Account Closed

Thanks @Shawn Holsapple I just ordered the book.

@Rodney Kuhl I'm not looking only in Lawrence area but that seems to be where I end up looking the most.  And I'd love to meet up sometime!  Thanks for the advice!

@Rodney Kuhl Thank you.  I don't think it needs much work.  When I first saw it there was a contractor there working on the house.  Apparently there was some confusion on who owned the property at that time.  They say that they have that worked out now but I'm going to look at it again to see if they have some repairs half done.

@Shawn Holsapple Thanks for the advise.  I plan on managing the property myself (at least to start with).  At this point I think it's more important to get started with something rather than looking forever for a screaming deal.  Thanks again.

I made an offer on a bank owned, 6142 Meadowlark, in Indy.  4bd/2ba.  1274SqFt.  My offer is at $40K.  I didn't expect anything to come from it since they asked for highest and best, but they countered at $41K.  It is my first offer so I'm surprised.  I am looking to hold it as a rental for $800/mo.  

Why would they counter at only 1K more?  Are they playing some kind of game?

What are your thoughts on this particular area?  The listing says Lawrence schools, but from what the school boundary map shows, I believe it's IPS.  

Great ideas.  thanks everyone.   So I have hope!

I don't own any rentals yet but I have been connected with another investor that is wanting to somewhat retire and sell properties from his portfolio.  I don't have all the specifics yet on the properties (I don't even know what he is asking for them yet), but I have the addresses and they are all within the area I'm looking.  These are all off-market properties. There are 7 properties.

Since I don't currently own any properties yet, and if he is willing to sell at a good price, is there any chance I can go to a bank and get financing for 7 properties all at once?  I do have a good paying w2 job and good credit but I don't have rental property experience.  I'll be able to put a down payment of possibly 20% (just a rough estimate since I don't know the price yet).

I really like the idea of jumping in with 7 properties at once instead of one by one; especially if these are great deals then I want to take advantage of the opportunity.

Am I smokin' somethin' thinking I will be able to purchase these properties as my first rental properties?

I think there would be a good chance for some owner financing options if I can't work it all out with a bank.

Once I get the details I will post in the "deal analysis" forum.

MODERATOR: THIS IS NOT A REQUEST FOR LENDERS.  PLEASE DO NOT ADVERTISE LENDERS HERE.

Google search "live motivated seller calls".  There is also some real recorded calls at feedommentor.com under the free training sections.  I've listened to several of these and it really helps you get an idea of how a typical conversation goes.  I can't say that I agree with the tactics used in all of them, but still helpful.

@Mike M. "make me an offer" sounds like they might sell low to me.  I was surprised to hear that most people aren't motivated when they say that.

Is that what others have found to be true also?

I'm trying to wrap my head around when it make sense to buy a property "subject to".  What are the typical exit strategies after buying subject to?  Let's say a seller won't accept 50K on a 100K property.  If they only owe 60K, do you offer them a subject to deal for 60K?  Seems like if 60K cash doesn't work for you, then 60K subject to won't either.  

Or, do you not offer a higher purchase price if doing subject to?  If so, then why would the seller ever agree to it for the same price?

I'm obviously missing something here because I know it's a popular way of buying.

Also, who makes the payments to the bank when it's a subject to deal?

Good information.  I appreciate it.  

Good tip.  Thanks  @Derek W.  

So since there are no contingencies, do you just assume the risk of any major issues - termites, foundation issues, mold, etc?  Has this ever come back to bite you?