All Forum Posts by: Jeremy Jackson

Great info @Tim Davis

Hey BP'ers!  I'm working on negotiations on my first owner financing purchase.  In short, I gave the owner 3 options (verbally) and she seems to be more interested in the seller financing option.

I'm doing the walk through tomorrow and we'll discuss further.

My questions are specific to details of this sort of transaction.........

Anything special need to be in this contract for seller financing?

Attorney drafts up the contract?

Am I mailing a check to the seller monthly?

Who keeps track of remaining balance?

These questions seem kind of silly, but I really have no clue. 

Any help is appreciated.

My answer is C.......none of the above.  If you're just wanting to build confidence in determining value or analyze a potential investment property, just dive in.  No need to be an appraiser or licensed agent to do that.  Start analyzing properties, network with other investors and ask questions, study your target area.  All of which are free and you can start today!  :)

Welcome aboard Cameo!  Rich dad was life changing for me too.  Keep reading and take action.  If you haven't read a Grant Cardone book, check him out.  I recommend an audible book.  He does the reading and is quite motivating. 

Check out gosection8.com.  You can browse listings in your area to gauge market rents.  Go to the help section and search your local housing office, view hud policies, etc. 

Do you want to own more rental properties or are you content with 9 and the income it's generating? 

When snowballing, I personally prefer to pay off the lower balance first.  I get the first victory quicker, then focus on the larger of the two.

I used to think talking about money was taboo.  Now I just view it as a number.  If they are genuinely interested, I'll share info.  Especially friends.  You may be surprised in who you inspire with your success. 

@Jay Leisten is absolutely right, inventory for rentals are very low right now.  Deals are hard to come by.  I use Sharon Landrum for PM.  I have a friend in the hard wood flooring business that is stellar, Parsons.  I like the UofL/Churchill Downs area for $30-40k properties and a few other neighborhoods in the west end that have high rent returns.  Do you need a recommendation for a good agent?

@Matthew Maggy

Welcome aboard Scott!  You've found your new home away from home, BP.  :)

@Jeff Piscioniere  Thanks for chiming in.  I've been considering a VR for the last few months, but the analysis is tough.  Tons of fee's.  I don't want to manage, so good PM is key for me.  

The one I'm considering is a 1br/1ba condo with beautiful views of the mountains.  It sleeps 4 with the queen bed and sleeper sofa.  

I spoke with the broker and she provided good info as to the fees and on site management.  They have very good reviews from visitors.

My biggest concern is that she made it sound like "most of the 1BR condo owners break even or come close most years."  My goal is to have a place to vacation a few times a year and generate some passive income.  

Jeff, if you come across an off market property, please let me know.