All Forum Posts by: John Minock

Brian,

it seems like a legit deal. If it is in your area. I only read the two posts but the monthly cash flow is good! I would negotiate less money down. Have a contingency if he did not apply the deposit to the note as a way of protecting yourself. 

As a contractor who has built alot of spec homes and has made good money at them my question is why not buy the land and get with a custom home builder that will "build to suit"? He does the advertising for the property and you get paid when the project is completed or structure a draw system where the builder pays you a portion at every draw etc...

Tyler,

have you considered an investor to partner with on your first deal? I just went into a mobile home park deal with investors to raise more capital for better pricing. Something to consider.

I also get hard money at 8 to 10% which is worth it on some deals

Good luck with this first deal. I hope you are able to close the deal

Brian,

Are their improvements needed to the property? If so see if he will consider interest only the 1st year to make improvements. This would be an additional incentive making capital improvements and driving the value of the property to help you refinance.

Brian,

I am not an agent but I have bought property on land contract. This was vacant land but the idea is the same. You could spell out the deal and when the payout will be for the seller. Typically there will be a clause that states if you default or cannot fulfill the agreement the seller retains the property and you forfeit all monies

Glad to hear that. Downspouts make a big difference as well! Best of luck to you Steven!

Megan,

what is your part in these deals? The numbers are exciting...and scary at the same time! I would love to know more about how you are partnering?

Steven,

Water in the basement is not the end of the world... I know a lot of investors might think so. Correcting the grade is a big help and can deter water from seeping down along the wall. A couple of questions for are 1. Is there sump pump in the basement; this will tell you if there is drain tile around the perimeter of the footing. 2. Is it an isolated area where the water is leaking into the basement? 3. Is the outside area where the leak is coming in accessible? If so it could be as easy as digging the area down to the footing and installing new waterproofing and drainboard (if drain tile exists). 

You can also tuck point the interior walls and then apply a drylock material which is like a heavy paint that seals the interior wall. 

I have installed hundreds of block basements and poured wall basements in Michigan years ago. We did have an occasional leak in a new basement and repaired them looking at the options or questions above. 

Randy

Best of luck to you there in Houston. It is a good market. I haven't been there in a year or so but there should be lots of opportunities there. I am not a lender but believe you can do FHA up to 4 units, so you could be on the right track looking at a duplex if the price is right.

I hope you find a deal that makes money for you!

Josh,

I am also planning my departure from So Cal. Tennessee is great, as well as Kentucky. I have worked all over the country and I my experience has taught me that you truly get out what you put in with people. I believe you will have a positive result if you are positive etc...

Our move is to Montana, but strictly for the outdoors and beauty of the state and the people are some of the kindest people. Texas to me is the same with regards to the people being great. I would start looking for deals now and do not wait. Then once you find one that you can swing consider moving there. You can make a deal on real estate, perhaps find a creative way to finance it. I.E. if it is an owner that wants to relocate and will carry the financing for 2 to 3 years on a multi unit that needs work there could be a great potential upside after you make improvements. I am working on a 3 unit that needs a lot of improvements and have asked that the owner carry interest only for 3 years with 0 down. I am willing to pay a little more for this property because of the unique financing possibilities. 

Best of luck to you and your family!