All Forum Posts by: James Clark

Thanks @Christopher Telles@Jon Q.@Rick Stein

I  appreciate the advice. Did not think of the mortgage, that would be valuable info of what the home owner stands at.

Ok I'm confused on the note part,

First Right of Fefusal in the note so if they try to sell the note prior to maturity, you can match any offer they get. I guess I should be asking what the process is of obtaining a FSBO. I have read and reread a lot of books on real estate and BOOM I get lost again. LOL never ending learning.

lol....I finally asked my wife if she would watch one with me..lol 

I have been looking at FSBO and I have been talking to some of them asking questions like how long has it been on the market, why are you selling, why are you selling it yourself and the norm questions. I want to ask if they are willing to finance, what are the typical deals when a home owner finance the property.

it depends, some whole sellers are good what they do but a lot of them are newbies and they miss a lot. I would look at them because you never know but you make the final judgement . Do the numbers yourself, you might find a great deal and a good whole seller 

I would...:)...and I would try to buy the other one to

Saying hi from S.D Sioux Falls.

@Jackson Maia

I would read ABC of real estate investing by ken McElroy, its one of the rich dad books. Real great read.

@Jackson Maia

What I would do.

1. Write a business plan, it shows that you are professional and investors like business plans.

2. Could you fix up the place to refinance. Could you make interest payments for 18 months and then refinance to pay off the investor or investors. OPM, you use other peoples money and you control the asset

If the numbers don't work for that then maybe its not that great of a deal. The business plan would help you see the numbers and what you could do.

hope that helps   

@Kenneth Sok

LOL.....I was trying to make a point.  It sounds like you have a great tenant, I would do a rent to own or a lease option . Get the house appraised. Do a down payment...Why?

1. He has been there 20 years, sounds like he is committed.

2. Cashflow

3. Less stress. Something goes wrong he fixes it.

4. More time to go find more.

5. If he does fail, then you keep the down payment and find a non smoker

That's what I would do. Whatever you do sounds like you have a nice investment. Good Luck

@Kenneth Sok

kilz paint oil based has always worked for me, took care of the stains and odor. but I would not waste your time, but maybe it would keep your tenant happy if you paint his walls. He has been there for 20+ and he pays on time. We could trade, I give you a non smoker that's been there 1 year already late on rent, and does more damage then the smoker. Do we have a deal?