All Forum Posts by: Scott McGill

This house isn't a full gut. But we will be removing popcorn ceilings and all flooring after texture and paint is complete. I have never used a sprayer inside but I am planning on giving it a shot in one room to see how it works. Ceilings first...thanks for the info.

Looking for the order in which to spray the inside of a house with paint sprayer. Ceilings, walls, and trim/doors.

My real question is do you spray the ceiling first or last? Or do you just roll it.

@Edward B. Thank you for the info. Do you remember the lender you used?

@Account Closed Thank you for your input. I did have a conversation with them over the phone. They answered quickly and seemed knowledgeable. I'm just stuck on the "if its to good to be true...." issue. I will look into it further and update .

I was checking out online lenders and kept seeing these guys ONE TRUE LOAN with crazy low rates. They currently will do 4.35% when rocket is at 4.75 and my local guy is at 5.125% for a $40,000 cash out refinance in Oregon. Are they a scam has anyone used them? they have 8 reviews on google and look good on the BBB. Just not sure with rates that low my red flags are going off. Any help would be great.

Thanks for the reality check guys.

So this home is in a very desirable small town we're home prices are averaging 135 dollars a square foot. 1000 sqf 3/1 homes are listed for $150k in this market . This house 1250 square feet 3/2.

After first consulting my agent he suggested selling by owner. He lives in said town and says buy owners work well there. He would also assist with all paper work. Iv sent him about $20 k in commisions this year. That's why he is willing to help me out.

As far as the relationship with my coworker . Ithas been made very clear that I am just a small time investor. We work night shift together and he knows that I have been looking for a small rental for a long time.

What min. Amout would you need to make this or a deal happen?

I am no longer excited...ha ha.

Thanks

Hi everyone, I'm super excited because I have found my first pre-foreclosure deal. Guy I work with was telling me about his brother who was walking away from this house. I asked if it had any equity in the house and he thought there was. I'm going to meet with the brother this week and see if we can work it out.

So here is what I know.

It will be a cash purchase.

Amount left on loan $138k.

They stopped paying back in January.

As is value $150 to $155 with good cleaning.

Add $4-6 k in some easy updating I believe could sell for $165+.

So here are just a few questions I'm running into.

1. Any idea how much in additional fees will be added for being 6 months behind on payments? How hard is it to get exact amount from bank

2. Any chance the bank will waive any fees if loan

is made whole.

3. What documentation do I need in writing from bank that verifies that they are done with the loan and fees and won't bother me?

4. What is estimated closing cost from a cash by owner sale ?

Any advice would be great.

Thanks BP.

Scoot

PLAY TO THE KINGS.

Wonderful info guys. You all at BP are so very helpful I love it.

Thanks @Steve L. for bringing up they could just refi and my passive income is gone.

Thanks @Aaron Junck for lease option idea. Ill have to look into that for sure. Aldo bringing up regs. I could see myself getting screwed over some how if I'm not super careful.

Thanks @Account Closed fir pounting out the lack of liquidity in this kind of deal.

Thanks @Bill Gulley for being a huge resorce on BP.

Details.

1 rental property great renters, they are interested in buying it one day.

2. I owe 90k on original 100k loan @ 5% =$535 or $735 (payment + tax + insurance )

3. Currently rents for $870

4. Current market value on zillow is $130k

I just had 3 rd baby and thought seller financing might work to lessen the landlord load while still providing passive income.

My thoughts are sell for 135k with $10k down at 6.6%=$800 or $1000 ( payment + tax + insurance )

I have heard about banks calling the loan at sale ? would that effect this situation?

Does my existing loan need to be much less or is $90k ok?

Can the loan be for 30 years or is 5 to 20 more common?

Am i missing other cost or fees?

I like the idea of increasing cash flow from $135 a month to $265 almost double.

At this point trading the possibility of long term equity growth for increased cash flow and decreased phone calls at 1:00am seems worth it at this stage of life.

Thanks in advanced and sorry if this is a silly idea.

Scott

P.S. even if i don't go this route on this deal i would like to learn more about it. Any good books or resources would be a big help.

It did sound a little to good to be true. Thanks everyone for the help. I will probably continue to focus on buy and hold for the near term. However I will try to get a bit more knowledge about notes as I go. Now might not be the best time but I think getting some understanding might open doors in the future. I truly appreciate the time you all took to respond to this post.

Thanks

Scott

Play to the kings