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All Forum Posts by: James Devoe

James Devoe has started 21 posts and replied 68 times.

Post: Trouble Looking for Off-market Deals

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Hello Everyone, 

My wife and I have been looking for off-market deals for creative financing for months now with no luck.

I'm currently using Propstream, Craigslist and driving for dollars looking for such deals but haven't had a single call back.

We want to do a house-hack.

Any advice would be much appreciated.

Post: Seeking for creative real estate financing!

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

@Ray Garcia 

Wow...That's amazing! Congrats on the success so far!!

As a newbie myself, I'd love to know how you managed to get so many properties under your portfolio in such a short amount of time. My wife and I live in NY and haven't had any such luck.

Post: Need Help...Is this a good Deal?

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Thanks @Joe Villeneuve

I guess this guy really doesn't know how Lease Option works.

But why shouldn't any credits be given for a Lease Option? I thought that was the whole point...

Post: Need Help...Is this a good Deal?

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Thanks everyone for your advice, this has been very helpful.

@Joe Villeneuve So if this isn't how a lease option works, how should it be structured? 

I tried a lease option with the house I'm currently in, but I waited too long and the lease ran out before I could buy the house.

Post: Need Help...Is this a good Deal?

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Hi everyone, 

I need help with this...

My wife and I are looking to do our first house-hack but we can't get a mortgage due to our debt-to-income ratio (most of our income comes from our design business that has only been making money since last year so we can't claim it). We've decided, instead to use creative financing for the time being.

So, I talked to a seller I found on Craigslist after looking at his house. His asking price is 575k and he doesn't want to do owner financing.

However, he's willing to do rent to own for up to 6 months if I can come up with 10% down payment (which we don't have). He says all of our rent payments and the down payment will go towards our principal when we get a mortgage to buy.

He's also going to have the 2nd floor converted back into an apartment on his own, making it into a legal 1 family w/accessory apartment.

The problem we're having is that the rent + expenses is more than we're paying now at our current rental...

Any advice would be great....

Post: Found a possible deal.

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Thanks for the advice everyone, 

So, I talked to the seller. His asking price is 575k and he doesn't want to do owner financing. 

However, he's willing to do rent to own for up to 6 months if I can come up with 10% down payment. 

He's also going to have the 2nd floor converted back into an apartment, making it into a legal 1 family w/accessory apartment. 

Is this a good deal?

Is

Post: Found a possible deal.

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Hi Everyone,

So I found a possible off market deal and I need some advice on how this might work out for all parties involved.

My wife and I are looking to do our 1st House-Hack/BRRRR using Owner Finance and we're trying to find the best terms that work out for everyone. His asking price is $575k. I was thinking for giving him the following for options:

*30 year Aromatization 3% interest rate

*30 year Aromatization 3% interest rate 2 year bubble

*30 year Aromatization 3% interest only 2 year bubble

Any advice would be great.




Post: Difficult time searching for homes

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Thanks @Chris Seveney @Jake Soper @Dwayne Poster @Wale Lawal 

All great nuggets of advice.

Hopefully I'll have better luck soon

Post: Difficult time searching for homes

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

@Chris Seveney

Thank you, I haven't been spending nearly that amount of money in marketing. Propstream only charges you 58 cents per postcard. 

I'm not sure what other types of marketing would be effective in this market.

Post: Difficult time searching for homes

James DevoePosted
  • Architect
  • Wendell, NC
  • Posts 68
  • Votes 26

Hi Everyone,

My wife and I are new investors and we've been looking for creative financing deals, specifically, Absentee Owners. I've been using Propstream and Zillow to look for Multi-family to do our 1st House-hack. While I've been able to find quite a few on Propstream, and sent out hundreds of postcards to the owners, I haven't gotten a single call back. 

It's been very frustrating and it makes me wonder if I've been doing something wrong.

Should I re-examine my process or stick with it until something comes my way?