All Forum Posts by: Kevin Barrett

I'd be interested in attending. Prefer evenings, N of Boston, [email protected].

1.

If I ask a seller to do owner financing, but I am not sure of how long I'd like to own the property should I see if I can do a 10 yr loan and put a clause on the note that I can sell at any point in time?

2.

What is the most common way that the mortgage gets paid? Does the buyer just give the seller the mortgage amount each month and then the seller pays the bank?

3.

If I got an accepted offer for $255,000 and had an interest rate of 6% for 30 years the total monthly payment would be $1862.19 (including taxes). The 6% is included in the total monthly payment, correct? Does the interest I pay to the seller fluctuate each month like a conventional mortgage does? Am I paying taxes to the seller too?

THANKS in advance.

Also, how much screening do you do when someone contacts you? Sometimes you can determine if it's a fit for someone just by talking with them and seeing what their must haves are.

Maybe not advertise the washer/dryer and if you show the property to someone that seems interested you could tell them you were going to sell w&d but they can use for free. May be able to hook them this way. Is the interior/exterior clean? Do you have them fill application on site? Quicker turnaround time if you do. Do you schedule appts all at once? Creating competition might help. And less trips to the property for you. And the obvious...Try decreasing rent to $1450 to see if it increases quality applicants.

The Annual Property Operating Data spreadsheet is typically used for rental properties. MDS and ADS stand for Monthly and Annual Debt Service. They are related to your monthly costs (i.e. mortgage).

Hi @Joe K., I'd plug your numbers into the spreadsheet located below to see what your return looks like.

Somerville-MA-APOD

Hey Ruslan Khachatrian. Welcome to BP! I just had a new tenant move in who attends UMassLowell for engineering. Not sure if it's chemical or bio. I went to an engineering school (Worcester Polytechnic Institute) out in Western Mass. Anyways, I think the REI meet ups are a good place to educate yourself. If you're looking to buy an investment property I'd strongly recommend getting good tenants. There's enough you need to deal with and learn with your first purchase if you can eliminate the head ache of a risky tenant then that's one less thing to worry about. Make sure to do a background check and do your due diligence.

And let me clarify. It's not ONLY a search engine. Obviously BP attracts many individuals for a variety of reasons. Where else can you network with people from all walks of real estate across all parts of the globe?

Hey Blaine - I also got an engineering degree in college, but got the real estate bug and have been more and more involved.

I've explained BP to people like this:
People can use Google to figure out how to do just about anything and people can use BP to figure out how to do any type of real estate transaction. BP is essentially a real estate search engine!

I'm a resident in Mass too so perhaps we'll cross paths at some point.

Mike Hurney - The numbers don't make it a home run deal right off of the bat, but I decided to research parking as an alternative investment since MF deals are tougher and tougher to find now a days.

I'm going to have to throw the financing question back to you since that's your area of expertise Mr. Financing Guru! Is a buyer able to put a small down payment (i.e. 5%) for a parking space?