All Forum Posts by: Sam Epperson

@James Hamling

love this so much.

@Abel Curiel

this is so beyond and more than helpful. it's been a tough gig to start, but this really simplifies it and brings me confidence. I sincerely appreciate your reply. thank you

let's say I come to an agreement with the seller for them to finance some of the deal. let's also pretend the seller owns it with no debt, and we agree to 5% down, 5% rate, and 10 year balloon.

how are we drafting this legal document? Do we get an attorney to write this up for us? Can the title company do that? and then what happens with the actual document?

is that being sent to county clerk?

also, what happens if I want to sell the note I've just created? maybe this deal is so juicy, someone would pay me for the right to take it over. How do I go about selling this note?

I understand the first parts where creating a win-win deal is key, I just can't seem to find what happens next.

I'm wanting to focus on working with investors, and I'm a relatively new agent.

if my goal is to find off market leads, and I want to start with cold calling distressed owners, what exactly am I saying to them?

let's say they've got a property that needs work and they're interested in selling. Do I get them to suggest a price that they would sell at?

then do I take that number and find a buyer at that price?

am I representing only the buyer in this transaction?

or do I ask the owner to let me list it for them, knowing it would only sell at a discount on the MLS?

what are my goals on the cold call? and technically who am I representing??

thanks for the reply! if the HUD's FMR for the area is $1300, but the current landlord is only charging $750, what's the likelihood that an increase to the 1300 rate is approved? would there be any reason that i couldn't raise rents to the FMR?

Just to piggyback on this thread -- I'm seeing a listing in indiana of a portfolio of houses. Most tenants are Section 8 already, but their rents are very low considering both the market and vs HUD's Fair Market Rents.

If i purchased the property and raised the section 8 tenant rents to the FMR, does this have a major effect to the tenant? Is the program likely to pay the difference between their old rent and the new? I don't want to push out all the tenants, but i'm looking for a way to increase this property's value.

example: Section 8 tenant is paying $750. the FMR in the county is $1100.

When seller financing a deal, and you register with the clerk that some amount of ownership has traded, are RE taxes on the property going up?

In my state, property taxes are adjusted at sale to effectively be the price that someone has paid for the property.

Does a seller finance deal trigger this change in tax?

I'm looking at a deal that's been owned long term and the taxes are low. A sale at their price would double the taxes.

@Jason Wolfer hello . I, too, would love to network. There's a REIA meetup next week.

@Jake Mango you might have to look at your numbers again.

$75k isn't getting you much leverage in town. It looks like you might be attempting to buy a property far from campus but still expecting rents from students near campus.

The landlord laws are fine enough, they're certainly strict for rentals. But it's to ensure you're not a slumlord and are providing a home that's in great working order. Safe, clean, everything works, etc.

Property values are high, but the price to rent ratio is hard to pull good numbers from unless you've gotten the grand slam deal of a century. Or unless you want a 5% cap and park your money.

Check out rentometer.com and narrow down the comps for your neighborhood.

Lmk if you want me to drive over there. I live in town.

Tried searching to no avail.

If I'm doing a seller financing on a deal, owner has 100% equity (6unit multifamily), and we agree on terms.

When we record the "sale" is that recorded at the county records office? And then is the tax rate determined by recent sale price?

I'm underwriting a small deal, and fogging up at whether or not to include a higher tax or the current one.

((My future plan is to renovate and refi))