All Forum Posts by: Greg Myroth

Brian,  I was considering buying one of their systems. Have you had any resolution with your issues? Thanks, Greg

@ MikeWright

Can you tell me more about how "Subject To" would work?  

Thanks,

Greg

I am a looking a house that I want purchase as a buy and hold rental or possibly a fix and flip although my preference to hold it as a rental.  The situation is as follows:

Selling price $45,000-46,000 

Estimated repairs $5,000 (new flooring and minor bathroom improvements)

ARV: $68,000

Seller Owes $49,000

House will rent for $1,100-1,200 per month.  But I would need to put the $5,000 into the house before I could rent it. 

Seller is open and even suggested they would consider a lease/option or seller financing if I want to go that route.  I really don't want to pay the full $49K the seller owes and I think the seller is able to make up some of the difference between the selling price and the amount owed.  So I thought I should at least ask you guys if there was a creative way to finance this.   I have made all my purchases to date by cash or conventional financing.  So I don't the experience to know if a lease/option is a good idea or not.  Seller financing seems complicated in that the sale price would be less than what they owe so the seller would be on the hook for the difference at the end of the option and that seems risky to me even if I can figure a way to creatively tie that down in a contract.  

I would be interested in your creative ideas on how to finance and make this deal work.  

Thanks in advance for any suggestions on how to make to work as a win-win for the seller and I.  

@Jon Q.  curious if you ended up converting your SFRs into independent senior housing. We are looking at couple of similar opportunities and curious what your experiences are.  Thanks, Greg

@Michael Bardelmeier I am looking at two independent senior living opportunities and would like to speak with you about them if you are still working in this market.  One of our opportunities is 20 unit apartment with elderly owner looking to provide financing and to stay on for up to 5 years to help us learn the ropes of the business.  The second is a City owned school and some surrounding acreage where the City has approached us offering very favorite entry point into the property and asking us to consider the concept of us developing lower cost single family houses or duplexes in a small senior community concept on the surrounding land along with converting the school into independent senior apartments.  The school has been very well maintained and would be an easy convert into apartments and has signficant common areas for dining and other uses.  Would love to discuss this will you or others experienced in the independent senior housing area.  We have done lots of apartments but never specifically for seniors.  Thanks in advance for your insight.  

I am working with an older 16 unit apartment building with some common space/dining area and commercial kitchen.  it is handicap accessible but is fairly run down now and would some updating.  I am wondering about updating it to better independent senior housing with no medical/prescription services or anything like that.  Just maybe finished 1 bedroom apartments and providing 2 meals per day as well as possibly laundry service.   Senior living with meal providing would a new area for us. Is this a possible viable concept? Any major pitfalls I should aware of.  I am assuming health departments inspections/permitting for the kitchen but I assume a 55+ community as I describe with no medical services doesn't require any special permitting?  What level of occupancy would be necessary to support the costs of hiring someone for the kitchen work? Estimated costs on providing commercial kitchen services in a 16 unit building? Thanks in advance for your insight.  

@Claire Trammell Thanks for the feedback and information.  Our $1,500 budget for DM is a starting point.  We can increase that if it campaign is working for us.  So we are excited to get it started. 

That is really interesting about the response rates and it brings up more questions for me.  That I hope you would be willing to share your expertise on.   So I was planning on a 6 month campaign with a list of about 2,000 addresses that I got from List Source based on a zip code, equity and absentee owner filter.  I was planning on mailing 4 times to those on the list over the 6 months. And then update my list.   I was guessing we should try different mailings types (postcards, zip letters, yellow letters, etc.).  Do you have a suggestion on what order and type of mailing I should do for my 4 mailings. I was planning on starting with a simple postcard, then more of a personalized letter, but was unsure of mailings 3 and 4.  And certainly open to suggestions on mailings 1 and 2 as well.  And what is the best service to use to coordinate/send those mailings? I need to automate that process as much as possible.  My last question is I really don't like the super pushy gimmicky yellow letters/zip letters I see. Do you think my responses will go down greatly if we present a less pushy simpler message around a general theme of we pay cash, we close fast, we buy as-is without the gimmicks?  Thanks for your time.     

@Justin Silverio  Thanks for taking the time to help!  I do have the time to call sellers back during the day. I can definitely see your point about talking to potential sellers from call #1 to build rapport.