All Forum Posts by: Jim Sestito

BP

Received an email from the lender that gave me a conventional loan (4.5% rate) on a two family.  Basically said "rates have dropped, and we should talk"

- I have a call with them tomorrow.  What is the advantage for them?  Any specific questions I should be asking?

Thanks for input guys.

@Ken Frausto You are in a hot hot market right in your backyard from what I am seeing, hearing!  

ER Physician sounds like I would only want to connect on a professional level thru your real estate! 

Good luck

@Debbie Roberts - I am a buyer in your area - feel free to drop me a note.  Would be happy to connect. 

Welcome to BP.

@Samuel Sedore Thank you very much for the advice - I was will look into the HELOC process.

@Chad Duval  Hey Chad - did not get the 4 Plex.  However bought a 2 family down the street a few weeks after!

Always great to meet another PSU alum interested in real estate - I played sports with a few Duvals up at PSU. Joe and Zack they were brothers.

Btw you have a very cool website design. 

@Account Closed idk I saw a movie over the holidays that think some people can predict it!

https://www.youtube.com/watch?v=3hG4X5iTK8M

@Samuel Sedore If grandma needed investment advice I would tell her to come on BP and make an account.  But she doesn't want investment advice, I do.  No more owning - no more landlording - yes to luxury one bedroom apartment on the first floor.

@Bill Gulley - OK Bill - sorry for the personal touch but hey I thought it was better than posting - Hey Biggerpockets - even tho you guys talk about it all the time I still don't 100% get seller financing.....  Fact is I get the concept of seller financing in a big picture.  I just wanted to see if this situation was a possible use case.  

I also wanted to see some seller financing PITCHES - where is the pitch?!  Take grandma out of the scenario if you need - how do you approach someone and ask if they will consider SF and make it sound sexy and show them how both sides are winning!?

Here is how my thinking started - My grandmother (we have a great relationship btw) has this monster two family - it needs a ton of work - she doesn't want to do it - she doesn't want to be a landlord anymore. Now either she is going to go out find a contractor pay him $$$$ to fix it up --- find an agent --- have a 1000 showings to try to get top dollar. Or you sell below market value to one us fancy bigger pocket reading real estate investors who are willing to do the work bc this house has a great ARV and will rent for $3,500 / mo.

My thinking was how can I be THAT INVESTOR in this situation.  Get gram the hell out of the big house she doesn't want to be in - and add a property to my portfolio.

@Aaron Mazzrillo Thank you for recognizing the LARGE QUANTITY of Grandma real estate advice on here.

@Derek T. - last question - 'your guy' meaning hard money lender?

@Derek T. was looking for threads on a flip using seller financing and enjoyed quickly reading thru this one...

what did you end up doing here?

@Austin Jones You are on the right path by looking at what other houses / bedrooms are renting for in the same area.  I would say at least half of the rentals I look at / evaluate  say 'below market rents' and sometimes they are correct but sometimes the rent is right on point for the area.

Talk to other landlords in your area - see what they are getting per bedroom and the most successful bedroom to bathroom combos. 

Yes technically more BRs = more rent but you also want comfortable / happy tenants in any landlord / tenant relationship - happy tenants re sign leases and recommend your place when they move out thus allowing the place to market itself.

Good Luck