All Forum Posts by: Jeffrey Smith

I currently have a home of my own with some equity I'm sure of but I am looking to buy this triplex from my 2 aunt's & 1 Uncle in-laws...They're motivated being that there parents died and now they just want to split up the funds... They owe about $150,000 but the house is worth about $800,000 give or take...I've been dealing with fund & grow for starting a business but now this opportunity just came about and this was my thinking...1) try to get enough money from fund & grow credit cards to pay off the remaining balance on there mortgage this becoming like my 20% down so to speak...2)have them sign a Promissory note or something🤷‍♂️ giving me ownership until I refinance...3) refinance in hopes to have enough equity to now roll in the 20% down AND pay them all off if they sell it to me for say $550,000+the $150,000 I already would have gave =$700,000... $7500 is what all units together would rent for fyi... I don’t know if I’m off my rocker but this is the angle I’m thinking in order to get this property if anyone can set me straight or in a better path please my time is limited...*note* I also figured if I turned it into a Llc I could take a vantage of bonus appreciation and get that $150k back

I’m trying to do is “subject to” deal but only for a couple months and then I plan on taking over but only after I do some updating...meanwhile there is a tenant already in place (just a FYI) do I get to write off those fixes etc?

So i was "driving for dollars" when i came across this property with a sign for sale by a realtor but decided to look up the owner and call him instead...When i did he explained to me that he was actually being forced sell or be foreclosed on...To add insult to injury the man has no family & is a paraplegic...I would really like to help him and what i came up with was "seller financing" or "subject to"... houses in the area like his are going for 325,000ish(zestimate $386,417),he owes $225,844 and they are asking $269,900...I am a "newbie" but i thought that maybe it would be a good way to help him help me in my first investment as well...House is a raised ranch with a legal apartment down stairs but the idea is that he wouldn't have to move, him pay me and perhaps rent out the downstairs... His time is ticking he fears and i'd like to help but i don't want to sink myself either...

Originally I said i'd rehab and pay him back in 6 months after the rehab plus 12% of the loan (assuming I can refi.up to atleast what he gave me plus the 12%) But then he asked "what if you cannot refi.per your plan,would you then pay me 12% annually until you pay me back?' That's were I was stumped

@Jaysen Medhurst so he will be giving me the money to purchase plus the money to rehab... then my hope is to finance the property afterwards with the hope to pay him back +12% And keep the property to rent out myself

I spoke with a possible investor recently. After offering him 12% of the profit over a year term, he asked, “if you don’t finance to pay me back through a bank loan for whatever reason after that year, would you give me another 12% every year?” I did not know how to answer, so what would be a response for a question like that? This would be a purchase/rehab and hold rental.

 He is a family member and has no experience at all in real estate but does run a large company of his own...I am asking for money to buy and rehab whatever property I decide to go with I just want to make sure when I go to confront him with the deal I don’t scare him away or make him have second thoughts

hello all,so i found a private lender and i told him of my plans to BRRRR properties...we never really spoke of the percentage i will be giving him, i just kind of suggested that it would be whatever made more sense for him as i would just be grateful and willing to show him how great this could be for us both...i have since been analyzing properties and am getting ready to approach him with some of the deals i found...I am now just nervous about now asking for the money because i'm sure he has been thinking about the risk etc especially since this is all so new to me as well and he is aware of this...Is there some kind of form or steps to show him that i will be taking to assure him of his money?

hello all,so i found a private lender and i told him of my plans to BRRRR properties...we never really spoke of the percentage i will be giving him, i just kind of suggested that it would be whatever made more sense for him as i would just be grateful and willing to show him how great this could be for us both...i have since been analyzing properties and am getting ready to approach him with some of the deals i found...I am now just nervous about now asking for the money because i'm sure he has been thinking about the risk etc especially since this is all so new to me as well and he is aware of this...Is there some kind of form or steps to show him that i will be taking to assure him of his money?

Hello Mr.Hickey i just joined bigger pockets today and saw your post...i actually grew up in the newburgh area and still reside in the area...if ever you put something together near here please keep me posted i am also looking to invest in newburgh area