All Forum Posts by: Jared Lasko

@Jason H.  (how the heck do you tag someone?????)

I have not gone through with an owner financed deal quite yet. Instead I found a great, dilapidated, four-plex and am in the middle of doing a BRRRR on that. I would still love to explore the owner finance deals but unfortunately do not have a ton of time outside of doing all the work on the four-plex myself and my job! So lets just call it on pause!

Hello all!

I have recently come across a deal that has fire damage. I haven't completely ran the deal but at first glance, it looks to be a very good one. It is a duplex that ARV could quite possibly be 300k above its current list price. From the listing, "Dwelling has been involved in a fire and has extensive interior damage
and needs LOTS of WORK to bring it back to habitable condition."

Has anyone had experience in rehabbing a fire damaged home? Is it something that people don't touch because its scary but in reality its actually worth it?

I know I need to get someone to take a look at it but I just don't know if that alone is even worth it.

Thanks!

I had a sneaking suspicion that this would be the general consensus!

I guess I have just been nice to him because he has been a great tenant. But those few days could mean the difference between getting it filled again a month earlier than not!

Thanks all!

I have a tenant in one of my units that recently bought a house in December. They closed the 21st I believe. The original agreement I had with him was that he would be out January 14th. He asked to extend to January 31st due to wanting to take his time in the move. I didn't have a problem at the time.

The issue is this. This is one of two units (the other is vacant and having work done) that has some pretty bad water damage caused by the water heater leaking for who knows how many years with the previous owner. A large chunk of subflooring and a couple floor joists need to be replaced before I can go in and redo the units. I had the contractor scheduled originally to start on the 16th (right after the first agreed move out date). I then rescheduled it to the 3rd due to him extending his move out date

He has now asked to extend again to February 9th.

What would you all do in this situation? I can understand extending once but I need to get this work done so I can go in and rehab the unit.

Thanks!

@Account Closed I guess I am referring more to the people that do not have owner finance listed. And, lets be honest, a lot of sellers haven't even had it cross their minds and therefor it is not listed on the MLS as a form of financing.

@Anthony Wick with going to the seller directly and not involving agents anywhere, do you just use a generic contract or how do you go about that? I have never purchased outside of using an agent and am not familiar with the legalities necessary in these processes.

Thanks

I am wondering how people approach the owner finance deal. I realize that each person needs different things on each deal. Such as some are more interested in a large down payment, some are interested in just monthly income, etc. But my main question is how do you approach the deal as a whole. Do you, yourself, contact the listing agent and ask if they have considered owner financing? Do you contact the owner directly? And if so, how?

Lastly, do you involve your agent? I guess the same questions as above would apply as well if you do involve your agent.

I have not done an owner finance deal but I would love to do one so I can learn another way to get some more doors!

Thanks all!

Hi everybody,

I am still pretty new to BP and the investing world. I am in search of some seminars or educational events regarding real estate investing that would be good for a new person to go to! I don't want to go to any "free" events as they end up only wanting to sell you something instead of teaching you.

I unfortunately can not attend BP 2019 Conference as I have a primary commitment with my day job.

Is anyone aware of any other great events that are going on that would be good to attend? I would love to hear all your suggestions!

Thanks,

Jared

@Hector Morales

Commercial loans are inherently higher interest due to higher risk. If it is a SFR that seems a little high regardless of the loan terms. If it is a multi-unit, especially if it is a duplex, then it seems about right. More units than that, the higher your interest rate will go. But keep in mind how loan length will also effect your rate; longer the loan, higher the interest.

@Account Closed

That depends. What are the loan details?

- multiunit

- commercial loan or personal

-length

etc

@Casey Powers

I see! That will most certainly cause some big issues in the buy and hold market! I appreciate the heads up as it obviously always doesn't look that way in listing pictures and descriptions (imagine that!) Not a fan of crackheads, vagrants, and hookers....especially not all three at the same time.

Thanks!