All Forum Posts by: Marcia Langley

Where, please, is the summary someone mentioned - that we can give to sellers - that shows them how it works - and the protections to them? A member referenced this simple sheet. Am beginning the offer process with a retired seller and want to give him this summary so he can understand seller financing benefits (not incur one time gain on his non owner occ units in his 3fam; receive interest and not have to find somewhere to place his money). Also want him to have this in case his adult son has concerns and trie sto talk him out of it just due to fear and ignorance on seller loans.

ps this above is referring to the real estate investing career...not the agent job ...bought and sold 22 units to date, all acquired 1995-2007. Offer pending now on a 2fam short sale next to great NYC public transit...with very good numbers...actively used underground oil tank...needs updates.

Thanks! Has anyone out there almost lost everything in the recession, learned great lessons and gotten all the way back in? Any comeback tips or things that worked?

Andrew and Patsy - wow - thank you so much ! I thought it was much more complicated...maybe it is when someone prepays extra odd amounts? But this was great info from you and so generous ! Thanks ! Still learning  the site - wanted to thank you earlier....

When borrowing capital  - say 20k for fix up from a non bank source - how do you know what is due if you pre-pay extra money beyond the monthly payment - who manages that, loan balance, statements etc? How can it be made easier for the person lending the money so s/he has confidence in a simple repayment process?

Planning to offer on a 2fam s/s and searching for the lowest amount of rehab $ possible - to not overborrow. And like to be armed with background when shopping acquaintances with thid opportunity. Also what rate to offer? and term?

Getting back into buying after a rather long hiatus since the crash... after burying about 300k cash into a small farm rehab project, now am operating with far fewer resources than before. Excited to buy 3fam or 4fams, may live in or may not, and rent out on s/t furn basis...and do some fix up...like to buy with at least seller paying close costs and small seller carry-back loan of 10k-30k...

Great to be part of this community! 

Goal: get monthly net income to 6k for retiring from f/t work. 

(one res rental now and one comm bring 575 clear/mo: 5,425/mo to go!)

This may not be related enough - am new to BP - so pls excuse this if it is off topic...does anyone here do short term furnished rentals near a big city / not a vacation s/t rental? (This seems to have opportunity where I am. One investor is doing it successfully in a section that is traditionally known as being rough - although that st is more working class than a high crime zone...its key is great public transit across the st to NYC - a two fare zone.)