All Forum Posts by: Account Closed

Hi Everyone,

I'm not an expert on creative financing deals, so I'm reaching out to those who are.

I have a seller who is older, does not want to deal with kicking out his tenant, fixing up and selling his condo. (The perfect scenario for my typical all cash offers, as long as we can agree on price.) He also doesn't need the money immediately. At first I offered my typical low, all cash offer. He wants a little more, and I cant make money off it at the price he wants (since its not my cash, I am using hard money.)

So I asked if he would consider carrying the loan for me and that I might be able to pay more as long as theres no interest. Basically like a partnership. He lets me fix up his condo, list it and sell it, and I get whatever we agree upon now. I think this is called an Option, or is it seller financing with 0 interest?

So how do people make deals like this work? What kind of documents/contracts would I use? Should I even do it? I go to REI club meetings where they talk about seller financing all the time, but I have no clue how to move forward. And how do I protect myself from the seller going out from under me and selling the property after I spent money rehabbing the place??

Thank you to anyone who can help guide me a little!

Thank you @Jassem A. !!!

For other counties, how would I find it? Did you just google search this or go to the actually county website and search there? Thank you so much!!!

Hello All,

I want to mail to Landlords who recently evicted a tenant. How do you get the list of evictions in your county? I'm looking all over and cant find it. It doesn't help that our county doesn't have anyone answering phones so I cant speak to a live person about it. HELP me please!

@Amanda Fox I don't think anyone answered your question about your list, or maybe I missed it. So here is goes. 600 absentee owners isn't enough.

Mail at least 1000-2000 per month. Mail people repeatedly, as much as you can afford. Target who you mail to as good as you can. Mail to absentee owners, 50-100 percent equity. Depending on your market, weed out the last sale date at least 7-10 yrs.

I'm giving post cards a try, because I'm going to start mailing every 6 weeks and its too expensive to do my letters. If you do letters, make sure they are hand addressed with a regular old forever stamp.

Read some Dan Kennedy books on Direct Mail. I got a lot from those. Also read some of Sharon Vornholts stuff, shes amazing.

Also, why do you need them to sign a contract? As soon as you both have an agreed price say "Ok, the next step is I will have my escrow company contact you today/tomorrow so we can open escrow and get this ball rolling so you get your money as quickly as possible." Then call your escrow and tell her you agreed to buy the house as-is at whatever dollar amount and she will type escrow instructions that will supersede any contract you would have had signed anyway.

I'm still pretty new but had some luck with direct mail and hoping to have more. :)

@Mike Bryant

Thank you for your response!

How do you get your list of 1. Retiring landlords, 2. Free and Clear and 3. inherited property list

These are actually the 3 scenarios I look for, but I wish I could just mail these people and not waste my $$ mailing to anyone else.

Thanks!!

Hello Friends,

Does anyone do post card mailing, and what is your response rate?

For your absentee owners list, how many addresses do you hit per mailing?

What is the frequency you mail? (Once a month, etc.)

And how much success have you had with it?

Thank you!!

When I got into sales as my first job out of college my dad used to always say "It takes a certain kind of person to handle sales."

I'm not sure if I am that certain kind of person yet, but I think its possible to make yourself be more of that kind of person.

My topic may be completely uninteresting to those who don't actually buy and sell real estate, but to those who do, you know this very well. The highs and the lows.

When you get a deal, your calling your escrow company and while the phone is ringing your jumping up and down in your office (or for me my family room next to my Chihuahua) doing the moon walk. (Stop judging me, you know you do that.)

Then a couple days in the seller gets cold feet and takes a knife to the deal and starts stabbing it to death.

I go from moon walking to saying words I wouldn't use in church.

So anyway what's the point? The point is I had this thought the other day when this exact thing happened. "Lauren, get over it and move on to the next one. Your not that desperate and the next deal will be better." So I grabbed my iphone, got on Pintrest and pinned two slow cooker recipes. (For those who don't know what Pintrest is, its an excellent way to waste time and I'm a much better person because of it.)

I'm learning that I need to do that with all deals. Take your emotions out of the deal and this industry wont drive you crazy.

Would love to hear how some of the pros deal with the up and downs, and what you've learned over the years. I'm still a newb so I haven't mastered it yet.

XOXO,

Bigger Pockets Biggest Emotional Headcase

Hi BP Friends,

What are some good cities and neighborhoods for rental properties in Southern California? I live in Orange County. From what I see, prices are way too high for the rents to cover my expenses. (Unless I'm wrong, feel free to correct me on that.)

Is there an area near Orange County that I could focus on? I figure since I cant buy in OC for rentals, I should concentrate on one area to buy homes so at least I'm not driving all around the state to check on my homes.

What do people do who live in high priced areas but still want rental properties?

Thanks!

Karen Margrave I hear ya sister! Its a little too hot honestly. Its making it really hard to find motivated sellers. Everyone thinks they are sitting on gold. But with interest rates increasing, affordability is going down. Lending standards are still strict, so I overall I think its going to slow down in the winter. Its going to be a hot summer though!!! My condo in Laguna Niguel goes on the market this week, at the time I bought it I though ARV was $250-265. Now we are thinking more $300K. That big a jump in a matter of 4 months!

Hello Folks,

Anyone have tips on how to get a private money lender? How did you get your private money lender? Do you just go up to random people and tell them you need a bag of cash?? I feel a little weird doing that. :)

Please share your stories and tips on how you got your private money lenders and created that relationship.

[MODERATOR: Discussion in this thread is limited to how to find private money.]