All Forum Posts by: Jeffry Valencia

I recently bought a house (LI, NY) with my girlfriend (we're expected to close in May). We are intending to house hack and then eventually rent out both units which will at least cover the mortgage. We are both anxious to make moves for our next property, but we are struggling to decide our next move. We know we want to buy out of state because NY is just way too expensive, but we are struggling to pick a market. We've been doing research on the markets suggested by BP (specifically, Goldsboro, Brownsville, and Cincinnati), but, ultimately, I think we are going to have to fly out to these different areas to scope them out. If you have purchased out of state, how did you come to a decision on the market? We have a call with a property manager (who is also part of a group with RE agents) this week and hoping to get some insight from them. 

Also, because we are planning to buy out of state, would you suggest something that's turn key? We wanted to fix and flip for a quicker return but we can't take extended time off from work to do renovations. I suppose if we connected with contractors and trusted them enough we'd be able to leave them to it.  Any advice on what our next move should be? 

I should also note that we are planning to do renovations to the home we just bought. We have not yet come up with a budget and not all renovations need to be done at once, but I think we're looking at around $10k within the first few months. Perhaps our next move is wait and save up some more money.  

Thanks in advance!

Hi all! This might be a bit of a broad question, but I am a rookie investor and want to learn more about seller financing. I'm wondering if those who have gone through this process on the buyer's side can explain what it looked like for you. I've cold called, reached out to sellers who offer this financing, and thought about the terms of the financing (including number of years, monthly payments, whether there is a balloon payment, etc.), but what are the next steps after you and the seller agree to specific terms? Drafting contracts? And then do you order an inspection of the property before signing contracts? Have you ever signed contracts without first seeing the house? I am looking to buy out-of-state and personally wouldn't feel comfortable doing this. Are the properties that offer seller financing oftentimes unmortgageable? I guess I worry about purchasing a good deal in a good area to later realize that there serious issues with the property. I appreciate any and all insight you have on this process. Thank you in advance! 

Are tax advantages the main reason why the homeowners agree to do seller financing? Do you find that the reason for offering this financing is typically because the house is not mortgageable?