All Forum Posts by: Jason Garrett

Quote from @Jason Garrett:

What are you needing done

Rent-ready repairs on a unit or general maintenance requests. Just turned over a unit since this post but have another turnover coming up at the end of this month. 

Quote from @Jason Garrett:

What are you needing done

Rent-ready repairs on a unit or general maintenance requests. Just turned over a unit since this post but have another turnover coming up at the end of this month. 

Quote from @Jason Garrett:

Podcast 527 is amazing on this subject

Why are you replying to several subject-to threads that are 6-7 years old? 

Right now is the perfect time to create seller financing situations. Sellers are back to earth, over listing and getting disappointed. All options are on the table. I’ve email 20 listings today about seller financing and 15 came back open to the idea. A few months ago I wouldn’t get a reply 

My strategy with owner financing is to look at properties that will have a very hard time passing an appraisal - 

Properties that are in disrepair, or have a huge amount of land - or multi families with tenants that need to be evicted are ones that you can target. In a seller's market like this you aren't going to find someone with a turn key SF that wants the hassle or the risk of owner financing because they can sell at a profit by going on the MLS and then be free and clear

Something else you want to look for are owners with a lot of properties in a large portfolio. Offer to purchase all or part of their portfolio and make sure to highlight to them that this is a great way for them to maintain their passive income while avoiding capital gains because they aren't selling it all off in one chunk, and then they don't have to do the actual maintenance and management anymore. 

You want to have your pitch lined up, down payment, terms fleshed out, and you definitely want to have a good attorney or Realtor on your team that can help bridge the gap between yourself and the owner.  Legitimizing yourself is key because owners many times have either been burned by owner financing before or have had really amateur investors approach them with it so they will be extremely cautious about it. 

Build a relationship with people first before pitching them - take them out to a nice dinner or invite them over to your home so that you can get to know each other.  People work with people they like as Brandon says all the time, and you need to build that layer of trust with an owner to broker a successful owner financed deal

Lastly start hosting a monthly meet up and invite all the owners personally that you want to do a deal with.  Make sure its held in a nice place and you have some snacks or a guest speaker.  Maybe even invite someone who has recently done an owner financed deal so that they can talk about their experience and how they did it.  It will attract folks that are legitimately interested so you can focus on them instead of spending a ton of time cold calling and direct mailing - which does work but you have to be prepared for the long game in that space.  1 year and 7,000 DMs later you might get one owner financed deal

Best advice is getting attorney and ask what the courts will say if you have a problem in lease options with sellers or buyers there's issues in North Carolina theres issues in Texas there's issues wherever you go and your attorney can guide you The key is not being a one trick pony and learning every legal way there is to buy or sell property with or without banks