All Forum Posts by: Lamar Cannon

Batista Thomas

Using the 50% rule, on the surface this looks like a good deal that should be seriously considered (at a purchase price of sub 70K).

Expenses = Gross Rents * 50%
$1550* .5 = $775

So, the amount you have left over at the end of the month to pay your mortgage and your profit (also known as you Net Operating Income, or NOI) is $775:

Therefore your yearly NOI would be $9300 ($775 * 12months)

$9300 * 10 = $93,000

50% rule values the properties at $93K.

Another benefit is that you may be purchasing a good amount of equity as well. Have you checked comps?

I's put it under contract and if broker wants it have him buy it as any other investor would. In the meantime, search for more buyers that buy in that area. Whatever you decide hurry!

Christian De Jesus usually the more equity in the home the less the seller is willing to accept on the property. Wholesalers offer should always be based on (price buyers will pay for property - desired profit). Get out there and do some deals & it'll all make sense. You can do it!

Brandon Turner I'll be on the lookout for it. any hints on who I should be following/friends with to hear about it soon as it comes out? Can't wait!

Ned Carey I'm finding a good amount of posts on the topic but nothing too specific

Jerry Puckett Thanks for the awesome compliment Jerry! If you were forming a Sub2 campaign who would you mail to?

Anyone know any good resources to learn subject 2 or owner financing. Recommendations of BP members, blogs, trainings, books, or any other resources would be awesome.

Also, if you do owner financing deals how has the strategy been working for you?

I am proficient in wholesaling, flipping and spec building, but I am perplexed by the topic of owner financing mainly because I have not been able to find too many resources that were not vague.

Any help or advice would be appreciated!

Lamar
Austin, Texas

Aaron Mazzrillo Being a wholesaler & flipper myself, I truly agree with you about buying from a reputable wholesaler. In terms of crappy deals, I think wholesalers (the ones I know and myself) find deals that our buyers want. Most wholesalers have a buyer's list full of different types of investors (developers, flippers, other wholesalers, buy and hold investors, etc) The deal may look great to one investor and horrible to another because they have differing exits & strategies. Believe it or not there are investors who buy at 80-90% in certain areas and cash flow the properties really well.

Not to say there are not crappy deals that get put under contract & sent out, but I think most have the right intention (or at least the one who are around for more than a couple months).

Personally, I've sent out deals that 1/2 my buyers think is a crappy one, while the other 1/2 are in a frenzy over it.

Wholesaling is a good way to get a quick check, but if dishonesty and inflated numbers are the path taken to get that check, the wholesaler's RE career is doomed. I prefer to get quick checks over and over and over, which is one of the smallest reasons I choose to act with integrity at every step of the way.

If you ever need properties in Austin, Texas call me and I'll take care of you and refer you to other wholesalers that will do the same!

Lamar

Becky S. Still looking for properties in Austin?

Did you find what you were looking for?

TAYLOR BRANNEN

Thanks Ned! Now that I think of it, you are right: "It is all theory until a court rules on your specific situation."

Series LLC seems useful in many different situations. Now all we need is for it to pass some strong "tests"