All Forum Posts by: Jesse Conners

thanks @Trevor Ewen I will look for some podcasts related to those topics.

@Steve Vaughan your absolutely right, I have not always been wise with money and recently made the decision of adopting a $450 truck payment. Thank you for the advice and although I've made some poor financial decisions I will tighten up the budget and save for my future investments.

I decided to enter the REI world when I learned about wholesaling. It intrigued me because I could actually afford to take action immediately. I am currently marketing for and talking to motivated sellers but have not yet made a deal. As I studied further into REI buying and holding seems to be a lot more reachable than I thought and is ultimately the path I want to take. I'm almost living pay check to pay check and have about a thousand bucks to my name so even though I qualify for a fha loan I can't even afford the money down after taxes and closing costs. Is saving money from my job and wholesaling to raise some capitol the only way for me to get a property and generate some cash flow or are there other creative ways to the ball rolling?

great advice guys, thank you.

As a wholesaler starting out with plans to buy and hold along the way I'm having a hard time putting together the right business card. I want one that I will be able to present to buyers, sellers, and everyone in between. I read yesterday on a related post the putting "real estate investor" on the card is just a sign that you are a rookie.. What are your thoughts on this and how would you design your card in my situation? Thanks!

Thank you @Richard Morose that is valuable info and I intend on visiting the loan officer right away...

On a unrelated topic I have a seller willing to do a subject to. The seller is concerned about having any kind of ties to the property after the deal. Can the seller walk away free and clear and never look back on this type of deal? If so please explain how. Thanks!

I have a seller who may be willing to do a subject to. They are concerned about the loan staying in their name. Is a seller free and clear from any obligations with this type of deal? Can they walk away and never look back? Pardon the learning curve Thanks

ok thank you @Brian Gibbons and everyone els for your feedback.

Originally posted by @Brian Gibbons:

@Jesse Conners

Okay here's the rule of thumb

It cost 10 to 12% of the value of the house to sell w an agent

If you cant get it cheap enough like 70% loan to value it's not a wholesaling deal

If it's 70 to 85% LTV it could be a listing w an agent or sub2 and a note or a wrap

Greater than 85% LTV in good condition and in a good school district and neighborhood is either a lease option, subject to, or a wrap acquisition

The exit for me anyway on these three acquisitions is a lease to own with 3% down

Because the subject to and the wrap has a due on sale clause issue I want the underlying financing paid off as soon as possible meaning one to two years

If it is a lease to own acquisition, I generally assign them and get out of it of it

I hope that helps

Would a land contract work? Then market the property for say 10k down? If seller agreed to take a couple grand and offer seller financing?

can't I offer seller financing?

Originally posted by @John Jackson:

@Jesse Conners  First...take a breath.... :)  Next..confirm:

What does he owe?

What is the value of the house?

he says he owes 183.

Zillow estimates it at 175.

Comps range from 143-195.

For whatever reason he says 150ish is his lowest he'd take cash.