All Forum Posts by: Brandon Gadish

Just thinking off the top of my head.

1. You could start to get really creative like $140 sale price, and you provide owner financing for a portion, say $20,000. This will make it more attractive to buyers that are having a little trouble qualifying. Then take your $20,000 note and sell it to a note buyer for $11,000 or so. You will get a total of $131,000 or so.

2. Sweeten the deal by throwing in something like a car.

I don't know, but those are the types things to think about in a market that is difficult.

Good Luck!

Brandon Gadish
Landlord Technology

Mine is due on the first. Late fees start on the 2nd. A grace period is a delayed due date. I've rarely had tenants pay on the due date while knowing there will not be a consequence until another date.

P.S. I collect electronically every month on all my rentals. No more dealing with that issue ever again.

Brandon Gadish
Landlord Technology LLC

Im interested in people's experience on finding a money partner. This can be very challenging especially for newer investors. When I started out I didn't even know where to start for finding a money partner. I see a lot of posts for investors that have a good deal now they are looking for a money partner, but establishing that relationship with someone before you find a deal would probably put more deals through more quickly and easily. How do you find a Money Parther? What do you offer money partners when you find one? How do you protect your interest as the investor that found the deal?

Curtis,

You have probably already thought of this, but make sure you are using a realtor that is experienced in these types of deals. An agent with no experience negotiating REO sales will never get it done.........in my experience.

Brandon Gadish
Landlord Technnology LLC

Chad,

Just one quick comment on checkiing title. They are right on a REO purchase or other traditional purchase there won't be an issue, but if you do end up doing deals such as pre-foreclosures or buying at the courthouse, you will want to know how the property is encumbered. If you have a relationship with a title company they will generally perform a title search for free for you if you close deals with them. Remember this is NOT Title Insurance, but you will have a good idea going into the deal, and it wont cost you a bunch of money for a property you may not ever own. If you don't have a relationship with a title company I would suggest making an appointment to meet with them and let them know you are an investor. They will want your business and will explain what they have to offer you.

Regards,
Brandon Gadish
Landlord Technology LLC

Ofgift,

Just a quick questionon your deal. Why would the bank accept a short sale on a property that is current? I have never been able to convince a bank to take less than what is owed in a situation where the payments are all on time. Have you been able to do this before?

Regards,
Brandon Gadish
Landlord Technology LLC

I just want to be sure I understand what you are saying: This person wants to purchase a lower priced house to rent so he can afford the house he lives in? If that is the case, it is a very risky proposal. I would advise that person to be VERY careful in doing this because what if there are vacant months. They already can't pay for their first home how will they cover a vacancy for a month or 2? There are reasons that there are generally limits on the debt to income ratio for real estate purchases. I don't think I answered the question on how he can qualify, but I would think hard about it before going forward with it.

Brandon Gadish

Shawn,

Have you considered moving your money into a self directed IRA? you can invest in real estate with that type of retirement account.

Brandon Gadish
Landlord Technology LLC

David,

You will certainly have other options as well. Sounds like worst case after the rehab you could use a realtor, sell it, and still have $30,000+ in profit...Just a thought.

Brandon Gadish
Landlord Technology LLC

Good Point Andy!