All Forum Posts by: Grant Pope

Welcome aboard. Let the bigger pockets community slowly take you over and show the power of real estate. :)

Make an offer with numbers that make sense to you. Reverse engineer it based on the numbers that you have. Find a price that you “could” pay to make it a good deal. Be honest and true to your numbers and type your scenario out on paper. Don’t put exasperated numbers that people will scoff at, but be honest about it. Submit your reversed engineered paper with your offer. If they don’t like your price and terms, you walk away because it wasn’t going to make you money unless you got it at that price anyways. This is a strategy I like to take. Best of luck!

I am currently in the same situation. House is in my name but PM is all done by my LLC. I am currently working this out with my accountant. I will let you know what I find out.

I offered him  $230,000, $15,000 down. I pay all closing and commissions. For 5 years no inerest. 5 year balloon payment.

He counters me all the same terms but purchase price $239,000. I feel like the propertys market value is more $215,000-$225,000 but the other terms were in my favor so I gave a little on the price.

This is where we are now. We're talking about a counter, that lead us to a different way of looking at it. Haven't run all numbers yet, but thinking maybe 3%??

Hello All!

I am in the middle of making a purchase of a duplex in my area with some creative financing. 

I have run into a couple of questions and what better of a place to go for some real estate advice than BIGGER POCKETS!

Here is my situation:

I have found an individual who is willing to do a contract for deed with me on a duplex. Terms are monthly payments for 5 years with a balloon payment at the end.

He is willing to work with me on getting creative with the financing.

My first offer was to pay full purchase price at 0%. He countered me raising his purchase price but keeping the 0% interest. I am thinking about a counter and looking for some advice.

I have two options. Both having Equal Monthly Payment & Equal Principal Due after 5 years:

1. 0% Interest with a higher purchase price

2. Paying interest with a lower purchase price

I am thinking option 2 because I plan to hold long-term so capital gains aren't really of my concern at this time. Am I correct in saying that Interest is tax deductible as a business expense? 

Am I correct in saying option 2 would be better for me?

Would love to hear any advice or guidance on my situation.

Thank you all for the great feed back, this is why I love bigger pockets. I will definitely use all the valuable information shared.

I am just starting my search for my first tenants of my second rental property. My first property has been rented by family and has been a breeze. I am now moving onto a property that family won’t be living in. The town it is located in is a big community and growing, but has a reputation for some dead beat tenants. I am just starting to look for tenants in the town, does anyone out there have any tips for me getting started? Any how tos? Should do’s? Should not do’s? Anything to watch out for? Any help would be greatly appreciated! Love the BP community!

Originally posted by @Linda Weygant:

@Anson Young discusses ListSource in his book, Finding and Funding Great Deals.  There's a really great section in there about ListSource, how to set up searches and how to really maximize this tool.

Probably worth the cost of the book just for that section, but the book is just so good in general as well.  

 Thank you for the help Linda. I am looking into the book right now. Might be the next good read. :)

Originally posted by @Anson Young:

Originally posted by @Grant Pope:

I just got off the phone with a realtor in my area and he mentioned List Source. So I immediately went to the computer and started reading about it. On the surface it seems like a great way to generate leads and find new properties, but it comes with a price.

I have no problem paying a price for someone to bring deals to me, but wondering if this is too good to be true?

Looking for maybe success stories and horror stories from using List Source. Hard to put money into something you do not know much about. And what better of a place than the BP community to find out.

Thanks for all the help.

Listsource has easily made me a million dollars or more in the last 10 years I've been using it. I've also raised a ton of private money from it as well. Listsource is owned by CoreLogic which is a huge data backbone of many title companies and MLS systems nationwide. Basically, they own a huge chunk of the market, so their data is really good.

 Wow! That is really nice to hear. I am from a small town in Southern Minnesota. As far as their data goes, you think even in my small community (population of 1800) and the surrounding communities, List Source would have valuable data that is worth the money?

I also know that they charge in a different way. Do you have any tips or tricks for going about using them?

Thanks again for the response. This is why I LOVE bigger pockets. There are so many people just like you willing to share their knowledge.

I just got off the phone with a realtor in my area and he mentioned List Source. So I immediately went to the computer and started reading about it. On the surface it seems like a great way to generate leads and find new properties, but it comes with a price. I have no problem paying a price for someone to bring deals to me, but wondering if this is too good to be true? Looking for maybe success stories and horror stories from using List Source. Hard to put money into something you do not know much about. And what better of a place than the BP community to find out. Thanks for all the help.