All Forum Posts by: Joseph Molander

Itunes is where I listen to Epic REI podcast. That guy has a lot of interesting ideas. The is another show "The Best Passive Income Model" and tons of others They are all awesome. I just don't have enough time each day to listen to all and do the research to find out if what they talk about actually works. Let me know what you think.

Bob,  No counter.  They sounded motivated on the phone but when I was there in person they said they aren't very motivated to sell. So I guess I need to tune up my "motivated seller radar" while talking on the phone.  

Thanks Frank,

Any reason you're leaning toward the cash offer?  just curious.

To be honest I don't fully understand all the math yet I used a couple different mortgage calculators and a little guestimation (like repairs and what not).  I also heard somewhere that exact numbers really help to keep emotion out of the deal because you have to only think numbers, number, numbers.  

The cash offer is based on 65% of asking price - estimated repairs - the profit I would like to see from a wholesale or quick flip= the cash offer.  So if the cash offer is accepted then I would be aggressively marketing to other investors in the area.

The owner financed options were done on a mortgage calculator at 6% interest. 

Like I said this is my first time so I hope I'm on the right track and not making the silly mistakes I've been trying to avoid.    

Hay everybody,

I found a "For Sale by Owner" yesterday, contacted the seller, and walked the property today. Its a 2b2b, 1300sf, asking price $105k as is, FMV is about $111k, (there is another house two doors down for sale by owner asking $130k exact same cookie cutter house)needs about $9k in repairs. Market rent is about $1,040. The house has been vacant for a few months, the seller lives out of state, and she wants to sell rather than rent to another tenant. I just sent my LOI with three options. First option $53,114 cash (I am pre approved for a loan to cover the whole price at 3.75% interest), second option Owner Finance purchase price $79,824 with a down payment of $7,982 with a balloon payment after 15 years, third option Owner Finance purchase price of $102,104 with a down payment of $10,210 over 30 years.

My strategies are to move into the house if the cash offer is accepted (it's a VA loan so it has to be my primary residence. BRRR if the Owner Finance is accepted.

Any and all opinions are welcome!  Please let me know what you think, like I said this is my first offer to submit so I just a little unsure if I'm on the right track or if I need to adjust my thinking a bit more.  Thank, you guys are great!  I'll post with the seller's response.

Thanks Anton,

I just got my first list of properties in my area and starting to write my mailer.  I also just scheduled three property walk throughs for this week!  I so excited, you guys are awesome! Thanks you for all the advice.  

Sidney

Check out fiverr.com my brother had his logo made by one of their designers.  Finish in 24 hours and only $5. 

Anton,

I completely understand what you're saying. 

I'm fighting this analysis paralysis.  I'm not to sure about the market I'm in... which is ridiculous, because so many experienced people say the best place to start is in the town you live!  Is there any reason someone shouldn't invest in their own town?  I guess I need a good kick in the @$$ to get me going.