All Forum Posts by: Jeremy Jackson

I'm retiring from my current occupation early November.  I'll be obtaining my real estate license at that time and going head first.  I have a few investment properties, so not completely ignorant to real estate, but new to the agent side of things.

What questions should I be asking brokers?  I've already started talking to a few friends that are agents.  They tend to say the same things, "This place is awesome!"  "I love everything!" 

What can I be doing now to pave the road ahead?  I'm relocating to Louisville so I'll be leaving my established network here in TX to pursue this new field.  I do have a small network (professional and personal) in Louisville. I do quite a bit of professional reading and spend plenty of time on bigger pockets

This most helpful piece of advice I've received so far is to have a few months worth of living expenses in savings before taking the leap. 

Any info you have is appreciated.

Thanks in advance!

I'm still using Sharon Landrum. Some days I wish they communicated better with owners, but that's my only complaint.

@Ian Hooper

I offered $35k, $5k down, I cover the taxes for 2016 and seller financing for 6 months.  She didn't accept.  I'm going to follow up in a week and check in with her.  

Thanks for the info.  

Any other idea's?

I'm going to put in an offer tomorrow.  

@Jon Mason @Pavel Reyes Valdes @Clay Smith

Thanks for the advice. 

Spot on Clay, I can get a loan w/ 20% down so that's why I'm trying to structure an offer that will benefit both me and the seller.  It is currently non-performing.  She is not a landlord and doesn't want to be.  At this point, it's just costing her money.

I learned today that her loan against the property is $5800.

Follow the advice of @Account Closed.  Additionallly, find a mentor to learn from.  Start analyzing deals in your area using the tools on BP.

Fully furnished short term rental (think vrbo and bnb).

@Roger Edington

I'd recommend speaking with a loan officer that specializes in VA loans, but I've never heard of them lending on more than one bldg in a package deal.

@Clay Smith

@Brian Adams

@Chuck B.

@Pavel Reyes Valdes

Happy holidays BP'ers!

I've found an off market property.

Asking:  $45k

Needed repairs:  $10k

ARV: $75k

Monthly rent:  $900/month

Property taxes:  $483 annually

House is in a good neighborhood, nice lot, good bones, mostly needs updated.

Seller is very motivated.  She is the executor of the estate.  Property was previously owned by her grandfather.  She has a lien against the property for less than $10k.  Her property taxes are due now ($500).  Not listed with an agent

She stated she had a verbal agreement with another guy, but he bailed without notice.  Her previous agreement was:  buyer pays current tax bill (buyers idea, not hers), purchase price of $40k, $10k down cash to seller, contract for deed, remaining balance ($30k) due in Jul 2017.  I asked if she was requiring a payment from buyer Jan-Jul and she stated no.

She originally told me asking was $45k, I asked her what her previous deal was and she spilled the beans so I know she'll go $40k sales price (possibly lower).  She expressed numerous times that's she's "flexible."

I've never done a creative finance deal and would like some idea's.  Any help is appreciated!