All Forum Posts by: Jordan Sitzler

Hey, everyone!  I've been looking and finally the right deal found me.  I made an offer on a piece of land with a mobile home on it and it was accepted.  Looking for help as it's my very first deal.  Woot!  Details below:

Offer accepted at 60k.  I pay half closing costs, and I get rid of trash around property.  I also told them that I'd pay for septic inspection but if it doesn't pass I get reimbursed.  They have little money to spare right now so can't afford it on their own, and I wanted to expedite closing.

I need to submit a purchase and sale agreement then go to title and escrow in about 15 days.  We agreed on a cash offer, but I'm only able to bring 15k to the table, so I'm banking on my brother or a lender to cover the other 45k within 15 days in cash.

My questions are, where do I get a purchase and sale agreement, and how to fill it out, and also how to do a septic inspection before going to title and escrow without getting burned by them backing out and keeping my 7-800 I'll have to shell out.  Also, should I look at full cash offer between me and my brother, or look to have a lender cover?  We are exploring selling as is after mobile demo, or putting a pre-fab home on it and selling for higher $.  

ANY help is appreciated as again, it's my first.  Thanks :)

Hello, BiggerPockets community!

I am offering window cleaning, gutter cleaning, and pressure washing in the south of Seattle area (south puget sound, i.e. Federal Way, Auburn, Kent, Bonney Lake, etc).  Currently only servicing residential for window cleaning and all else for pressure washing and gutter cleaning.  Licensed and insured. 

DM me on here for more details or to discuss your project, or call/text @ 253.632.8986.

Thank you!

Does the property in question need to sell for at least what the owner has left to pay? Ex: I'm looking at a house where the owner owes around 170k. I don't want to pay more than 150-155k and I'd love seller financing, but I also dont want the note to be called by the bank as part of a due on sale clause. So in summary, to get owner financing does a house need to be paid down by closing?

Isn't a 24 month bank statement more or less the same as 2 years of tax returns?  

Tarik, I'll PM you.  Thanks.

Hello everyone!  First thread here on BP!  I'm still wet behind the ears and looking for my first deal.

I started up a window cleaning, pressure washing, and gutter cleaning business August 2016 but that was under my Father-in-law on his books, and I started up officially under my own business license in February 2017.  My income is still low, roughly 27k gross from my business and ~10k from trading options.  So 37k on the year here.  I'm married, but my wife is staying home with our baby.  Since I started in February I don't have any tax returns on the books to take to a lender.  Any advice on getting financing for my first rental or flip property?  I went to one portfolio lender and it was a hard no until at least the 1st return, but probably 2 years worth of returns.

I found a few properties that pencil well and should cash flow a few hundred per month.  How do I get financing approval?  Thanks!

Other info:  

-tied up in a 1 year lease renting a property until August 1st.

-only debt: $100/mo for student loan

-credit score falls within the excellent range

-~28k total to put into a deal, leaving 8k for family emergencies

Hey, Adam:

I'm currently trading stocks and options.  It works out great and you don't have to have 50% account swings in a day.  That's dangerous and way too leveraged.  I can calculate how much I'll make on a trade before I execute, control my losses, and it's a great passive source.  The trick is to be on the 'sell' side of options.  Currently making about 1% per week on my whole account.   Example:  You can pick up 100 shares of stock A for 40 dollars today, and sell a call option for 1 dollar expiring 2 weeks from now at 41.  If the stock drops to $39 you are break even because you sold a call netting you $1.  If the stock does nothing you keep $1, do again in 2 weeks (or less), rinse, repeat.  If the stock rises to 41.01 you lose the stock, but keep 41-40 PLUS the $1.00.  Oversimplified, but it is fantastic.