All Forum Posts by: Daniel Peterson

This was his fathers home and he passed away. He was living there and decided he wanted to keep it in the family for sentimental reasons...I'm not sure why he didn't assume the loan or something to that nature after the passing??

Hello,

I just received a call from a distressed home owner, that received one of my yellow letters, and he is wanting a cash buyer to accompany him to a home auction. What home you might ask?...his home. He desperately wants a buyer to bid and hopefully win the auction so that they can set up a creative financing deal to return the home to him as it has sentimental value to him and his family. I really want to make something happen. Is this idea worth pitching to my list of investors and if so how would they structure this deal to make it worth their while and mine? 

Thank you

Daniel 

For those who have vanity phone numbers...what set-up/system do you prefer for capturing your leads? Directly to your voicemail greeting or forwarded to your personal phone? These calls will mainly be from direct mail prospects. I am curious if serious prospects are comfortable leaving a voicemail with all their info so that I may screen them at a more convenient time. Having a full time job, I would like to find the best strategy for capturing my leads without having to answer and screen every call right then. I don't want to lose leads though, so if you find answering all calls and taking the time is much more effective than I will do it. Thanks!

Anna,

I have been wondering about this myself. I have been talking to a foreign investor who is interested in the US market. Since I have very little capital at this time I am seriously considering a partnership with them. Have you found answers to your questions since you posted this in March?

Thank you everyone for your feedback. This an idea I have been juggling around in my head for sometime now. I want them to feel like they are getting a good ROI. This is not meant to be a favor but a business proposition. I will be able to do this myself in 8-12 months but am anxious to get things started so I figured I could ask them and make it worth their while. @Michael Seeker, you are explaining exactly what I want to accomplish with this deal. A well thought out strategy that ends up in a win win for both parties, especially my parents. 

Thank you everyone. You guys are awesome!!

Hello,

I am messaging you today in hopes that I may get some advice on how to approach a private lender (my parents) in regards to investing in my first turn key real estate investment...I only need a down payment from them as I should be able to finance the rest my self from a mortgage lender.

Question: Though I can pay my parents back in interest I would like to know the best strategy for paying them back. For example...Option 1, should I pay them the monthly cashflow for an estimated 5-6 years until they are paid, which will leave me with the refinance money to invest in another property? or option 2, pocket the cashflow myself and pay them back in whole with the cash out refi? or option 3...?

My priority is to start accumulating rental property, so losing the cashflow on the first property to get started is not a big deal if it means that I can use the cash-out refi to buy my next property. I dont know if my debt to income ratio will be adequate though...?

Thanks for your time. I will try to make this message a little shorter next time. I am very new to rental real estate and am certain this is where I want to spend my time. All your feedback is appreciated.

Dan