All Forum Posts by: Landon Eskew

@David Clinton III this happened before I met him so it wouldn't have been someone I would have recommended haha.

@Tony Wooldridge my opinion stays the same.  It will make you money but there are less risky areas I'd park my money in. Take a weekend and drive up here to look around first before you commit.

My above prediction came true this last two years as well.  I had a guy I know move in from South Carolina and bought a fixer for himself in West Central without touring the area.  Got himself a junker of a cheap house and he was going to fix it up to live in and then maybe sell off at a later date.  Had $25K worth of his personal tools stolen the second day he was there because he didn't think he had to lock things up that tight.  His insurance wouldn't cover it either because he was "acting as a contractor instead of a homeowner" or whatever reason so he couldn't recover the cost of his tools.

Because we're in WA, he also pays his part-time laborers in weed which I thought was hilarious.  Par for the course I suppose.

Looking for some hopefully simple advice on a eureka moment I just had.

I've got a house that a seller is willing to hold financing on as it is owned outright. 4800sf house, 3 car garage, built in 2013, comes with 100 acres of land and an 8 acre water pond. We would be looking to make this our forever home. They've offered the first round of terms as:   Price $699,000 30% down 10% interest Amortized 30 years with 24 month term balloon
Except I don't have $210K handy yet, but the full amount will be available within the next year so I countered with this instead:
Price $699,000 (pending some small conditions) A non-refundable 5% down ($35k) to lock it in Multiple graduated balloon payments of * $100,000 additional due by 5/15/19 * $250,000 additional due by 10/1/19 10% interest Amortized 30 years with an 18 month term balloon No prepayment penalties Buyer keeps property taxes and insurance paid and current Seller chooses closing company to facilitate the transaction
I sent that off two days ago and haven't heard a peep back yet and I'm starting to get anxious... So, my bright idea is that why can't I get a bank loan for 210K and have him carry the rest? Then I have the full down payment and I'm ready to go.
Except the bank will want to have first position while the seller gets second position and that will probably turn them off. Any ideas on how to go about things creatively so I can make this work?

Welcome!  If there's anything I can do to point you down a path please let me know I would love to help!

Welcome! Take a look around and definitely listen to the podcasts, that's what got me started. Look for a local meet up and search for some Minot people on here to network with.

I had high hopes as well for buy and hold properties, but I'm going to throw out some quick math: you're only going to cash flow about $200 per month per property around Minot after making all your payments each month. To get to 10-15k in passive income you'll need 50-75 houses in your pocket which will bring out many other problems in itself.

Keep your goals high, but set realistic ones for the first and second years and move up from there. Entertain the idea of flipping or wholesaling or note-buying... you may be surprised at what you find out you have a niche for.

Best of luck bud, welcome to the big show!

I hit Enter a little too quickly, but I jumped on and read your profile and I think both our long term goals align pretty well - I'd like to think I can point you in the right direction with a few questions you might have.  The business and tax-related items are what I find most interesting about the whole process, maybe we can get together one of these days and chat.  Shoot me a PM if you're interested and we can work something out as I'm always interested in potential business partners.

Hey there Jake!

Tell me a little more about yourself, did you grow up in the area?  If so, what area did you live at?  How long have you been doing construction?  What parts about investing interest you?  What do you see yourself wanting to get into in the coming months/years?

I'm flipping a house in SV right now but I'm deep enough into it that I'm not sure where you could fit into my puzzle at this point.  Let me and others that have keywords set up (that's how I found you) know what you're interested in and wanting to get out of the experience!

Landon

Get in touch with Mark Parisot at Century 21 in CDA.  He has lived in the area most all his life, has been an agent for years now, extremely honest about things you need to know and even info on the questions you didn't even know you had, and holds rental properties of his own so he understands investors and investing.  He helped me through the numbers on a few properties in PF/CDA and you can look him up but if you'd like his number just message me and I'll get it to you.  Make sure to let him know I sent you his way, he'll get a kick out of that :)

Excited that you've got this all set up! Count me in!

Spokane here, checking in. When you decide to venture out in these parts I'd love to give you a tour!