All Forum Posts by: Eric Davenport

After speaking with the owner, she does not want to owner finance the whole deal. She is willing to finance the down payment for 7-8 months and then we would refinance. @Elvis Vasquez unfortunately this means more closing costs and is a new expense to consider. But if the cash flow numbers meet our criteria it would still be low money down. 

@Carlos Zapata thanks for the insightful questions, I'll definitely dig into those as we analyze the properties moving forward. 

@Jay Hinrichs excellent point, we will really run the numbers to make sure it meets our cash flow requirements before moving forward. The thing that's makes me nervous about a transactions like this is the lack of equity. But I suppose this is built over time through mortgage pay down. Thanks for the reply!

Hey everyone!

I am wondering, if you were looking to buy a package deal of 3-4 properties consisting of ~15 units and the owner was willing to seller finance with low money down, would you pay close to market value?

I have made a great contact with a long time real estate investor looking to retire, and am in the process of closing one of her duplexes now. She has many more properties to sell, but has already done the job of finding the deals and adding value. I do not have a ton of capital right now, so buying at 20% down for every property would be a very slow way to grow, and my wife is nervous about borrowing money even from family. Would you buy closer to market value if seller financing and low money down was in place? Or continue to look for value add deals?

Thank you all!

Hey everyone! I am wondering, if you were looking to buy a package deal of 3-4 properties consisting of ~15 units and the owner was willing to seller finance with low money down, would you pay close to market value? I have made a great contact with a long time real estate investor looking to retire. I am in the process of closing one of their duplexes now. She has many more properties to sell, but has already done the job of finding the deals, fixing them up, and adding value. I don't have a ton of capital right now, and my wife is nervous about borrowing money even from family.

@Wayne Brooks thanks for the answer! This is true and may be the case. Is it possible to purchase a house from the estate once the foreclosure process has started? I'm fairly certain I know the name of the deceased persons estate from the PVA. What are some strategies to go about finding their family members to contact them?

Hello everyone! I received a tip about two houses in my area that have been foreclosed when the person who owned both recently passed away. After checking the PVA it looks like his estate owns the houses. Where do I go to find who I would talk to about making an offer and negotiating a price? Thank you!

Let me clarify a bit on the situation. It would be for a property that has been on market for 300+ days and is in need of some hefty repairs, so there is not much competition and a high barrier to entry. Potential motivators for owner financing.

Is it possible to owner finance a property on the MLS being represented by an agent? If so what would that look like? Thanks all!

@Nick Gaines That sounds like such a great move using a line of credit! Did you have a relationship with that bank before pulling out that LOC? And do you have multiple properties backing your credit or is this taken out on one like your own residence, how are you able to do that? I think this is such a great idea and really allows your investing to compound on itself and would love to learn more about how you do this!

@Jen R. Those are all great tactics, I love how number 1. takes the money you have have available and multiplies it exponentially to be used into other properties, super smart!

@Andrew Syrios That is a good point on the double loan fees, not one I had initially thought of. I agree about private money, my wife, however, witnessed her dad lose hundreds of thousands and heard stories of her grandfather being forced to shut down a business due to bad partnerships. She is VERY adverse to partnering funds with anyone, even family. I'd really like not to lower our standards to buy and rehab with the cash we have, so we need to get creative. Possibly owner financing the deal initially, then rehabbing with cash and refi?