All Forum Posts by: Johnny Garcia

@Chris Crosby

Not in the LA county but this is such a great idea! I’m up north, closer to Modesto, CA. Might steal this idea from you and try it out with investors around the Central Valley area! 👏

Calling all California investors! If you’re trying to convert a detached garage to a 2 bedroom/1 bath or 1 bedroom/ 1 bath. On average, how much would cost be?

@Julian Broyles

For sure! Where else can I find you to connect? Email, social media account, etc.

@Julian Broyles

If seller financing is what you know and you’ve been getting mentor. I’ll be interested in connecting with you and talk more about it. I’m also trying to get in to seller finance for my first deal and would like to pick your knowledge and see if we can come up with other ways to be creative in real estate!

@Julian Broyles

Hello Julian, I’m pretty new to real estate investing so I might not have the right answer. With that being said, look for someone else. Yes it’s hard to find a seller finance deal especially when people want cash right away and not in a monthly payment plan for whatever terms you suggest/agree on. My suggestion would be go to a local investor meet up. Maybe you can find an investor who won’t mind their money sitting for a while. They can help you out and do a seller finance with you on one of their properties for your first deal so you can start learning hands on. Not saying they would but if they do, they would get a nice interest on the money they are financing to you and you get your foot in the door to real estate investing. Even if the property were to create cash flow. Some would like to just get interest with their money and not have to deal with being a landlord. That’s where seller finance comes in to play. You’ll take on the responsibility of being a landlord in exchange for cash flow and the owner of the property who agreed on seller finance gets a nice return on their money by doing nothing but collecting their money plus interest.

@Jose Plascencia

Since I’m planning to purchase the property, I would take care of major repair. Making it easier for the owner and build that trust with them. So I can use them as reference or use them again in the future

@Jose Plascencia

Now if 30 years is too long for a seller to do a seller finance but 15 years is more reasonable. Would a lease option be better? For example I see a house worth 375k in my neighborhood (not saying the seller would do this, just using as example) Can I do something like offer $359,500 on a 15 year lease option with a selling price at 250k. The other $109,500 would get 5% interest in those 15 years (which would be used as down payment). Also would equal to $850 a month payment and @ year 15, I’ll finance the property at $250k. Which would end up being $403k, $28k over asking price. If say seller agrees, rent in my area for a 3 bedroom 2 bath on Zillow go for $1680. So I can even be conservative and offer rent for $1500 and can generate some cash flow. If I’m completely wrong on all of this, please let me know. Just trying to think creatively and see if it can be done and reason why I came up with those numbers was because worst thing that can happen in my situation is. If I can’t get it to rent, I can move in and afford to pay $850 a month + other expenses. Equity doesn’t really apply to me in this case because I’m focusing long term rentals for steady cash flow

@Stephen Brown

Thank you! I’ll take a look at it now

Hello everyone! Have a question when it comes to seller finance. How do you calculate how much a seller would end up paying in taxes, closing cost, agent fees, etc. if they sell their house on MLS in California (Modesto Area) on a house worth $300-350k (as an example)? Just finished reading ‘Investing in Real Estate With No (and low) Money Down' and read about a deal on the tax benefits She/He would get from financing the property themselves rather than taking all as a lump sum. How would one calculate the benefits of seller finance rather than selling it on MLS?

@Aaron K.

Ok! Thank you so much on your feedback