All Forum Posts by: Account Closed

@Nasson Raymond Thanks.  This is only the beginning!

@Deb Somdahl.  Thanks Deb and good luck to you as well!

 You can just search my name or go to www.youtube.com/c/lukechung

@James Muokie  The structure was very simple because it was only me.  I put down 10% and the owner financed 90%.  I came up with the money because I saved it over a very long period of time.  There are pros and cons to everything.  If you start really early in your career, then you have less saved up so it could take longer to get where you ultimately want but you have the time to do it.  If you start later in your career, you have some cash saved up and develop skills that can take you off to a quicker start and this is good because you don't have much time left ;).  The point it is NEVER too late.  I hope that answers your questions.

Oh my gosh!  I am so sorry.  I just saw a typo in my post and it was a big one.  The interest rate was 4.75% not 3.75%!  Sorry for that guys!  My fingers have been getting fat too.

@Jerald A Wilks I convinced him that the seller financing would be the best option for him.  It started off as a traditional deal where I would get financing from Freddie Mac.  When I first looked at the deal, I didn't think it was as much as what the seller was asking for.  After rounds of negotiations, I got him down but it still wasn't where I wanted to be.  So I then convinced him that he would be way better off taking seller financing from me and that I might be able to get to his price.  I think the way that I presented it to him was very non-threatening and very logical.  We developed a great relationship.  That's how it happened.  If you can't get a good relationship going with the Seller, then the chances are going to be low.  At the end of the day, anyone that is going to offer you seller financing is investing in you.  It doesn't matter how logical you are.  I will post something more in detail on the technique some time later on my YouTube channel or I'll write a blog on it here at Bigger Pockets.  The detailed explanation on the technique would be too long for this post.

 Yes Dave, that was what I was betting on.  If it didn't turn out that way, I would have structured the financing in a way that would of protected me just in case I don't have more money to put in the deal during a refinance.

Thanks @Tristan Cortez  If it inspired you, then I am glad I posted it.

@Dave Homyak  Thanks.  I hope it inspires you to accomplish your goals.

@Gerard J.  Thanks.  I knew Cousins was going to get let go by the Redskins when I saw him practicing with sponges.  LOL.  In regards to the personal bits, I totally agree with you.  It's all about relationships with any kind of business.  You will find a lot of people that offer similar products and services.  At the end of the day, who do you want to spend your time with?  Life is short.  It's a tough grind so might as well enjoy it along the way.  Got to be able to make fun of yourself.