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All Forum Posts by: Eric Mayer

Eric Mayer has started 6 posts and replied 188 times.

Post: How do you judge a good deal?

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

I don’t really use Cap rates at all as it doesn’t factor in my debt payment. I’m mostly interested in my cash on cash return. If I invest $50k and cash flow $700/mo, I know that’s about a 17% return on my money in the first year in rent alone.

Post: Contractor wants piece of pie....help?

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

I might consider it if the cost of the project /future projects goes down significantly. If not, there is no point in giving equity away.

Post: Tenant said he'd be naked when I'm doing tours for new tenants

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

So was this guy naked for the Valentine’s Day showing or what?!

Post: Inventory/availability in St. Petersburg FL

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

We definitely have way more inventory in St Pete than other areas close to Tampa. I believe there are a few large investors selling off portfolios and locals would rather own in Tampa so property in St Pete won’t get snatched up right away. St Pete can have sort of a “ghetto” connotation, but it’s changing. Just research the exact areas you are looking at.

Post: I need a proof of funds letter, help!

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

Are you trying to show proof of funds without actually having the funds? If you already have a buyer lined up, be honest and show your buyer's POF. Wholesalers with no money or Plan B who make offers are the reason wholesaling has a negative connotation.

Post: Selling Home- Investor wants me to keep mortgage and her pay it.

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

You would no longer be responsible for any repairs at the property as you would no longer own it. You can mitigate your risk some by getting a healthy down payment so the investor has some skin in the game and won’t want to foreclose it back to you. 

Post: If seller has a mortgage can we still negotiate seller financing?

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

@Jack B. All seller financed terms are negotiable and I often get better terms than a bank would give me. My down payment is always less than 15% for starters. I’m about to close on my 13th owner financed door. 13% down, 5.5% interest amortized over 30 years, 5 year balloon. I’m working on selling my conventional financed properties just to pursue owner financed deals because I can get twice as many doors.

Post: If seller has a mortgage can we still negotiate seller financing?

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

@Account Closed How do they get around the Due On Sale Clause? Or is this for older mortgages only? Thanks.

Post: Live in C/D Neighborhood for a Hack House?

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

I definitely couldn’t do it with a roommate.  Imagine the applicants you will get for a bedroom in the ghetto.

Post: First Flip = Hoarder House

Eric MayerPosted
  • Rental Property Investor
  • Clearwater & Daytona Beach, FL
  • Posts 194
  • Votes 197

How did you FHA a flip? You're supposed to live in it a year. Are you sure you are allowed to sell it? Congrats on the property.