All Forum Posts by: Andrew Farmer

So far all of my deals have been low all-cash offers. I want to start making Sub 2 and seller finance offers. When you make offers for seller carry back, what can you offer to pay them monthly? I've talked to people who offer 1/2 of whatever rental comps are going for. Example, there is a house with minimal needed repairs and rents in the neighborhood are $1200/mo. Would you be able to offer $600/mo. (principle & interest) until the balance is paid off?

I know every situation will be different but is there any rule of thumb for seller carry back offers?

Hi @Ann Watkins

I was actually at the house earlier today doing a walk thru inspection and taking more pictures. Let me put the information together and I'll send it your way....thanks!

Andrew

I just got a property under contract. Seeing if this fits anybody's criteria:

neighborhood: Inwood North

77088

Klein ISD

3/2

year: 1981

sq/ft: 1557

Rental comps: lowest comp (1) is $1250/mo.....majority of others $1300/mo and up

ARV: $120k on the conservative low end

As far as the condition goes. The kitchen is dated and there is ugly wallpaper on the bathroom walls. The roof has seen better days but far from dilapidated and there is a greenhouse area that could probably come down. Besides that, the house is in great shape. In that neighborhood, most of the sales & rental comps look pretty dated as well.

I'm not sure if I'm going to keep this house or wholesale it. I should know my exit strategy by Wednesday or Thursday. If you are looking for deals in that area/neighborhood, send me a message and I'll keep you posted...thanks!

The May meetup was my first one. No way I'm missing the next! Great info....I've already got a stack of questions lined up!

 @Rayelle Garrick Welcome! There are a lot of local meetup groups throughout the week. Take advantage of that and try to make relationships with local like-minded investors. It could lead to deals being sent your way or potential partnerships.

Everybody beat me to it but yes, Quest IRA with Quincy Long.

If you plan to bid on any of the house at the auction, make sure you do a little research first to make sure that the house has a clean title. Also take delinquent taxes into account.

@Tristan S.

Not a problem. To answer your question, yes you can see pictures of houses that have sold. That comes in really handy when I meet with motivated sellers. If they say my offer is too low because the house down the street sold for a higher price, I get out my ipad and show them that the house down the street sold for a higher price because It had high end finishes and show them pictures. 

They have webinars on youtube you can look at and see how the program works.

@Tristan S.

As far as I know it's the real deal. For my personal residence it has all the correct info, what it was listed at, what it sold for, how many days on market, ect. Here is a screen shot of a comp that I pulled this morning for a house I just got under contract.

@Tristan S.

I have access to MLS thru Real Acquisitions. They're based here in Houston. I am not associated with them at all, but I can't recommend their product enough, it's great! It's a little pricy but it has everything you could possibly need. Access to MLS to check sales & rent comps, pictures, legal information about the title, ownership history, and most importantly you can make lists for any type of direct mail campaign you could imagine. You can draw on a map the area you want to target, find tax delinquent properties, inherited properties, divorce filings, expired listilngs, absentee owners, you name it. It's a flat monthly or annual membership fee so you can create as many lists as you want. It might seem pricy but I wouldn't get any leads or have any deals done if I didn't have it.....highly recommended!