All Forum Posts by: Freddy Pettiford

@Shonari Wynter

Hey I have not tried direct mail yet, although I plan on doing so. I found this seller and one others just by looking on Facebook market place and craigslist, and from there I just contacted them.

@John K. I really appreciate how you reverse engineered this deal, it made me look at it in a different way.

I just spoke to the seller again and unfortunately we we unable to come to an agreement that would benefit both of us. Although i would have love to get into this deal it gave me good practice with talking to the seller on the phone..Something that i was nervous to do. I will continue to look for deals and make offers.Thanks everyone who took the time to respond to this post!

@Edward Maier Thanks for the response and suggestions.  I dont have the best credit so im not sure that i could use a bank to refinance into better terms. as of now my credit score is in the low to mid 600s.(Im working on it) I will go to a local bank near my house tomorrow to see if i would qualify for a refinance.

Using the FHA may be a option for me at a later time. Im currently living in a duplex that i just recently used my VA loan to aquire.

@Aaron K. Thanks for the response ! I was actually calculating the PTI into my numbers already on the fly my apologies for the confusion.

But with that being said my monthly payment would be $965 including the Property Manager and PTI using those terms.

Another option that I would like to propose would be if I just give her more equity in the deal. So if instead of the 100k asking price give her $115k.

5k down

Offer monthly payments of $600.

Hey everybody.

I am in conversations with a seller who owns her home free and clear. She initially wanted to do a lease to own on her property. She has agreed to do seller financing on this property at these terms:

Asking 100k

10k down

8% , 30 years. (She said 8% is lowest she would go)

With these numbers I would be paying her $885 a month.

Rents to be conservative would be $1100.

I would have a property manager. So that's $110

That is a cashflow of $105

Do you guys see any other way to structure this deal?

I was hoping she would take less down but If I put less down that means the monthly would be higher..

My goal would be to have a $300 cashflow at a minimum..

I expressed this to her but she didn't seem to want to deviate from the loan calculator that she was using.

Hey Fayetteville, 

A little bit about me..I served in the Army for 6 years. I got out in 2017 and decided to stay here on Fort Bragg and work as A Network Engineer(Im a techy).  Looking for any way that i can provide value to local investors here. Are you currently looking for anything specific? If so what is your criteria and hopefully i can help you find some deals.

Currently im looking to get started in Multi Family properties. I've been doing a lot of driving for dollars and looking up owners on the tax website lately. Ill be sending out mailers next week to about 50 owners. 

What i think is holding me back right now or atleast what i am telling myself is that i want to raise my credit score and continue to build capital before i purchase a investment property.   I am still looking everyday in my market ( Fayetteville, North Carolina) for a deal that makes sense and that i can make happen. As soon as i find one i will not hesitate to pull the trigger. 

Hey I'm just practice analyzing what good deal are.. So to be clear..

You would go to the bank and do a cash out refi. They would then  give you 79.8k ( 70 % of the appraised value which was 114k) 

You take that 79.8k and pay off the 32,000 seller financed loan which would leave you 47k to do this process again and still possibly having this cash flowing asset?

I am building my first list on list source. At the end when it is time to purchase the list i see there is an option to purchase half of the list. If i do this will i be able to purchase the second half at a later time?

@Alexander Felice Do you know any HML in Fayetteville that you could recommend contacting?