All Forum Posts by: Dustin Figenscher

You need to call her bluff. If you have a buttoned up lease, then your withholding for the damages are completely legal. If you can prove that the sliding door worked fine, then her statement of "not feeling safe, I need to move" is worthless. It means she was being negligent on her behalf. The downside is relying on your PM to give you every detail.

Shane Odom , may I please ask for an email of yours? I'd like to send you a couple rental property calculators from BP in regards to this deal and I would value your opinion. I would really like to get this deal because of the owner financing option, but I'm not sure the numbers are there. (In my interest)

Shane,

That sounds very fair. The seller seems to think they can sell it for what their father bought it for 10 years ago, but it is very outdated and currently has ventilation issues in the upstairs living quarters, there is a lot of moisture on the walls. (It is a brick home built in 1913). I figured I would let an appraiser or realtor crush their dreams of their assumed value. I hadn’t considered interest only, only because I thought the rental income would be enough to reinvest into rehab, so I didn’t think I needed to go that route.My initial thought was to appease the seller by making the principal payments after 60 days. Your terms would work great to my advantage, giving me the ability to renovate without making the principal payments for that time period. Did you mean backup ideas as in “exit strategies” to make the seller feel better about the deal? The sellers do want to get rid of the property, the strategic part is explaining what this type of deal means without scaring them away, and getting them to understand that they don't carry any reoccurring financial responsibility in regards to the property taxes, utilities, etc.He asked me why I don’t just finance through a bank if I am able to, I advised him that although capable, it wasn’t in my best interest to conventionally finance a property right now, and that I was reaching out to him to offer a fair deal, and a quick solution under his circumstances.I tried to stay personable, instead of letting him assume I am some bigshot investor trying to hit him at the knees.

I'd also like to apologize for spelling and grammar errors. I was talk texting this post so I could finish during my lunch break. 🙃 Cheers!

Hey guys & gals, As you see I haven't posted much on the BiggerPockets forum, however I have been very active in reading posts and soaking up knowledge in the past year since I bought my duplex. I have recently been very active in forming my new next investment strategy and I have concluded that a single-family rental followed by a live in flip would be my best option to propel my portfolio and investment funds. As they say, when it rains it pours, but it's pouring opportunity on me right now. I have been in the process of finding hard money lenders for a very nice foreclosure property in my hometown that would be a great potential first-flip. In the midst of this, I ran into an acquaintance that now carries the responsibility of their late father's home. It is in a quiet neighborhood, and is a three bedroom two bath home. They are motivated to sell and are not interested in the trouble of realtors and prepping the house for a sale, adding the downfall of trying to sell right before winter in upstate NY. When I called to pitch my offer of seller financing I was very nervous, but I at least got them to consider, retrieved their email, and said I would email them four different offers/terms, and if they wanted to entertain any of them to reach back out to me. The problem I'm running into is creating offers that are obviously to my advantage, but likable; As opposed to selling conventionally. The initial offer I have in my head is as follows: 0-10% down 8% interest 5 year hold Then refi. I know it's not very complex, but I don't want to confuse myself yet, haha, I just want to create a successful, appealing, seller finance offer. This property will be a rental property which rent averages in the area are around $1200/mo. Knowing the area and the condition of the property I believe it to be worth around 70-$75,000. I would love to hear everyone's feedback on possible offers that are appealing to sellers that are on the fence as well as things I could say to enhance the opportunity. And of course, any questions I will reply back ASAP.

I'm in! I'm free Friday evenings. Would love to network and meet local investors.

Thanks Matt Harris ! I appreciate the reply! Thank you as well Mark Updegraff . I bought a 4bdrm 2 bath duplex in the Kodak district. I purchased the property with intentions to owner occupy for a year or two. I'm not practiced in displaying my numbers yet but here's what I can say: Purchase price: $104,000 Put down: $10,000 Rehabbed the lower unit which costed about $3,000. (Carpet, refinished hardwoods, whole kitchen reno, bathroom reno) Did all of the work myself minus the carpet install. Rented out the unit for $850 + utilities. I currently pay $70 a month + utilities to live. Didn't break even occupying the house, but close enough to make me happy! When I move out, I'll rent my current unit at the same rate and I'll be looking at $674 net profit after taking water bill and 10% short/long term repair costs. (vacancy costs already saved for a 6month time period). My cash on cash return is looking to be around 72% I don't post a lot, but I read truckloads of threads :) Feel free to ask anymore questions.

Hey crew, I figured this would be he best spot to ask... I am looking for a realtor with investing experience to help guide me through my investing ventures. I thought I had a keeper after I purchased my first property, (which is a house hacked duplex I picked up last August), but him and I aren't on the same page anymore. I have been really putting my nose to the grindstone to formulate a business plan, as well as my long term investing strategy. I want to segway into my second property, but I'm having trouble finding that realtor to add to my team. Let me know if you can help. Cheers!

Scott Speer , I had stated that my first home purchase of a duplex is "still a smart investment EVEN if I find out being a landlord isn't for me." So, so far (as a landlord for 2 months) I've encountered bumps in the road already but have rectified them quickly. The one thing that has kept me sturdy and diligent is treating every encounter as a business transactions. Cheers!

Alberto Stein Rios Unless you are looking for a hard inquiry, I had my tenants to submit the credit screening on Cozy.co. It takes the consent form out of the equation and they make the purchase and it is sent right to you.