All Forum Posts by: Sammy Lyon

Spot on @Shiva Bhaskar! I was fortunate to meet Shiva on BP (we are both from LA) and help coordinate our  trip together. I have to say, what made the biggest impression on me was the folks we met there, doing the work on the ground and being creative about their approaches. I'm talking contractors, PMs, turnkey providers, wholesalers, realtors, local investors -- in 5 straight days of back to back meetings there was not one person we didn't enjoy spending time with. My main priority was getting to know people I would like to work with for the long term -- through referrals, due diligence and flying out there I found that and will definitely be investing in Cleveland after this visit. Feel free to PM me if you want to talk, I'm new to RE but make up for it by doing my homework, being open to advice and learning from the right people. Grateful for BP and folks who have been generous with their time and experience!

Hey LA folks, I'll see you there! I'll be visiting Cleveland in October for the first time (of many I'm sure) and looking forward to connecting with other investors. 

@Brandon Johnson super helpful and informative...thanks for taking the time to update your story! Makes a lot of sense. I love it.

wow @Brandon Johnson -- inspiring! 

If I'm understanding this correctly, you went out and got a mortgage from a portfolio lender for 80% of purchase price. 

The seller got a 2nd mortgage (on a property he was about to no longer own?) to cover the 20% down payment required by the portfolio lender, and you paid his 2nd mortgage for him (or to him?) on top of your debt to the portfolio lender. (And still cashflowed!)

Apologies if my questions are super basic, I'm just trying to understand the concept so I know what I would be asking lenders. First, I would want to be able to explain it to a seller in a way that's a win-win for both of us. Thanks for the explanation and advice - very inspiring and creative!

@Brandon Johnson hi there, came across this researching seller financing. Curious if you have any updates on this deal, years later!