All Forum Posts by: Ezra Henderson

@Patricia Steiner Thank you for your reply. I agree with what you said about buying opportunities, and I guess my question was more directed towards HOW I should buy those opportunities. I’ve been in the game for a couple years now and have a dozen or so rentals, but I have always used a more conventional approach to buying them. 
So my question is more how would you use this opportunity I have with this private loan. Would you pay in full for properties? Would you use the money as down payments? Would you use it as temporary funding for BRRRR's before you refinance? Etc.

Hey BP! I have a question for you guys. If you had a loan from a private lender for $300,000, but the lender wanted monthly payments of $1,750 for the next 30 years at which point the loan would be paid off in full, how would you spend the money?

This probably sounds like an unusual situation… but it’s one that I find myself in and now I’m unsure of what the best way to spend the money would be.

I know the answer completely depends on my goals, but if YOU were in this position what would YOU do?

Would you just buy one or two properties cash? Or would you divide the 300k into a bunch of down payments on multiple properties? Or what other ideas do you have?

Thanks a bunch!

The classic answer: it depends. 

It really does though, haha. Has it been well maintained? Are there visible signs that it’s not going to last much longer? I would go ahead and replace the hot water tank if it’s from 2006… it’s probably about to blow. But a well maintained furnace could definitely last 25 years, which could buy you a little time. But maybe you’d prefer to just get it all over with so you don’t have to worry about it down the road!

Nice job!!

Same, around here a “gut” always means tearing everything out of the inside of the house, including the drywall/plaster down to the studs.

I started using FlipperForce this year and have really liked it. It makes keeping track of all your expenses super easy, you can upload all your receipts and invoices and it creates simple, clean reports that I can hand to my CPA at the end of the year. It also has a ton of other tools for flipping/brrrring that I use all the time. 

Awesome, thank you guys. I’m going to contact the seller and see which option they would prefer. 

I tried searching the forums, but couldn’t find an answer to this. 
I have a motivated seller (off market) that is looking to sell a fixer upper house. The house is in the sellers grandmas name, but his grandma moved away to Montana (this is in Ohio), and now her grandson is looking to sell her house. The grandma approves the sale. How should we go about doing this? Should the grandma transfer the title into her grandsons name, and then he sell the house to me? Is there a way for me to work out the sale without the grandma having to come to Ohio? 

Thanks!

Another popular technique is to look on the MLS or Zillow of recently flipped homes in the area, and then call the agent who had listed the property and find out who the investor was and offer them a small fee for presenting your deal to the investor. Most agents are very willing.