All Forum Posts by: Horacio Cruz Trujano

I have been putting off this call for the longest time. (6months) Backstory Before graduating high school I was introduced to a real estate broker that has over 35 years of experience by my counselor. We met at his brokerage and we talked for a while, after all was said and done he told me if I ever needed anything or had any questions I can give him a call. Now I have a potential deal and I want to get his help but I don't know how to approach him. How should I start the conversation from a phone call to set up a meeting? I have let two other deals die down because I haven't haven't looked for help. I have asked on BP but I feel like I need some one on one help to be more committed. Anything helps.

Bob Bowling what would our advice be then? I understand where you are coming from. I am new at this and that was one of the doors that had opened up. What would be your move is she doesn't want to do owner financing but she is a motivated seller?

It finally happened! All this time I have been wondering how it can be possible to do a no money down deal. Then it hit me! After getting a call from a motivated seller i started thinking and it just came to me. 

This is what happened: 

An older lady called me telling me she just can't deal with her house anymore. Instead of going straight into business I asked what was wrong and just let her get everything out. To build a better connection with the seller. She had it listed but hated the Real Estate Agent that was helping her out. She lives in her house and she didn't like the amount of traffic that was going through her house as she was there. She got fed up and told the agent to scram. Her husband passed away and she says she cant maintain her house by herself. (I believe it is somewhat of a heart break to be there without her loved one.)  Her tone was just very sad and it seems like she just wants to give up and move closer to her kids. She wants to sell the house ASAP. She owns her home free and clear. 

The deal looks like this.

5 Bedrooms/ 2 full baths 

large yard with 7 fruit trees 

security system on windows 

New Roof

full fence 

Two car garage

She had it listed for $170,000 but the Agent claims that she didn't have it on the market for long enough. 

She claims her bottom dollar is $150,000 but I'm sure there is space to negotiate. 

Here is my plan: 

Give her a down payment so she can move into a settle into her new place. After she is out do a bit of cosmetic work and put it for sale after it sells pay her the lump sum. 

I'm unsure on the time frame or the down payment but what do you think? Any advice. 

Hypothetically

Value of $160,000 offer her $112,000. Give her $10,000 down and sell it for $150,000

Making under $38,000 after holding and paying a real estate agent.  

Dylan Tanaka Another question. If the mortgage stays on their name will that effect them in buying another house?

I was wondering how a "subject-to" deal works. This is what I was told: "subject-to" financing. You would essentially assume payments of their mortgage and the property would be in your name. But I don't fully understand this. Would the loan be in their name or what would happen? Any help is appreciated. Thank you in advance!

Robert Crespin Ryan Tucker thank you for the advice but I'm going to shy away from getting any loans until I get more experience.

Tom Glaspie what would be your recommended way to approach a RE agent? What would I tell them? In addition I know a broker with 30 years of experience that told me his door is open if I had any questions. I just don't want to show up empty handed I want to show him I am committed and willing to do the heavy lifting. Should I have a potential deal before going to him? What would be your strategy? Thanks for all the help in advance!

That is true. Despite how motivated they are there isn't much room wiggle room. That is why I was also wondering about other creative ways of acquiring the property with little to no money down. Any thoughts? Andy Ramirez

Justin Howe that's what I was thinking. I'm aware that I am new at Real Estate Investing and that is why I don't want to jump on every deal that comes in my way. Thanks for the input.

I want to wholesale but am unsure this is a good opportunity because of the amount owned. I will check the property accessor for value. Would it be possible to buy it from them with there name on the loan and give the payments by putting in a renter? But I would have to ask them what there payments are and find out what average rent is in that area, right?