All Forum Posts by: Account Closed

I was looking to wholesale a vacant property that I got under contract with a motivated seller that lives 4 hours away from the property. The seller acquired the property on a tax deed auction sale several years ago and now they are looking to sale. I got the property under contract for a great price. I turned in my contract to my title company for a title search. I got a call from my title company saying that they cant issue a clear title, do to it having a tax lien on the property and the tax lien holder is now deceased and didn't sign over their rights before they had past. I had told the seller this information and they are really trying to get rid of this property.

The property is not in terrible condition at all, it needs minor repairs and a good clean up. The home is the only vacant property on the block. I would be interested in investing into this property for my rental portfolio.

Can the seller and I , structure a seller financing deal on this property that doesn't have a clear title? Can we do a loan term that is over 30 years? A term that is infinity?

I know that I may not ever be the "owner" of the property but I feel like I can get a good cash flow out of it for many years to come. I am curious to know. If anyone has any advice or knowledge on the matter please feel free to share. 

Thanks.

I came across a motivated absentee seller that lives out of state. He currently has nothing to do with the property but has left it to a cousin to manage and he lives a hour away from the property. I have been in contact with the cousin for over a week and built great rapport with the guy. It is a SFR 3bd/2ba that has 27 acres, but they would like to sell the home with only 2 acres. Just 3 years they had a gentleman wanting to buy for $60K but he couldn't get it financed. They also had it appraised 3 years ago and it came back to be $92K with 2 acres. The sellers told me that they would negotiate on the purchase price, they are wanting to get rid of it ASAP. The home has been vacant for 6 months now and it was previously rented for $650 a month. The home can use a new roof, pressure wash, outside paint and some landscaping. I will negotiate for less than $60K. This can be a great buy and hold, fix and flip, wholesale, or even wholetail. How should I present this deal to a bank, hard money lender, or private lender?

Has anyone ever got a Business Loan under their LLC to purchase rental property? If so what was the process like? Did you get better rates than a Mortgage Loan?

I'm considering doing a Business Loan to purchase some SFR.

The sellers are looking to get $55k for all 4 properties.

I am looking to do my first package deal of 4 properties. 3 properties have paying tenants and 1 property the seller have their property manager living in the home rent free. The sellers are out of state owners that inherited the properties and looking to sell. I spoke with them today to see what would be the price they are looking to sell all 4 properties for in a package and they couldn't give me a price. I told them that I would give them a call back on Monday to see what number they came up with and so that we can negotiate on a purchase price. All properties are in good living conditions.

Here are the Properties rent and size

1. 2bd/1ba rent $300 per month 1050sqft

2. 1bd/1ba rent $325 per month 645sqft

3. 2bd/1ba rent $350 per month 1050 sqft

4 3bd/1ba property manager lives rent free could rent for $600 per month 1200 sqft

The sellers chose to do low rent because of the neighborhood but each property can easily pull in a extra $100-$150 per month.

My question to BiggerPockets is how should I determine my purchase price? Should I do a cash offer, seller finace offer, or both offers?

I am looking to do my first package deal of 4 properties. 3 properties have paying tenants and 1 property the seller have their property manager living in the home rent free. The sellers are out of state owners that inherited the properties and looking to sell. I spoke with them today to see what would be the price they are looking to sell all 4 properties for in a package and they couldn't give me a price. I told them that I would give them a call back on Monday to see what number they came up with and so that we can negotiate on a purchase price. All properties are in good living conditions.

Here are the Properties rent and size

1. 2bd/1ba  rent $300 per month 1050sqft

2. 1bd/1ba rent $325 per month 645sqft

3. 2bd/1ba rent $350 per month 1050 sqft

4 3bd/1ba property manager lives rent free could rent for $600 per month 1200 sqft

The sellers chose to do low rent because of the neighborhood but each property can easily pull in a extra $100-$150 per month.

My question to BiggerPockets is how should I determine my purchase price? Should I do a cash offer, seller finace offer, or both offers?

I am new to REI. I work for KCS Railroad, I have a family and home that I take care of. I am currently trying to wholesale and get some SFR rental properties to create an extra/passive income. I have been at it for a 6 months now and haven't had any success yet. I drive for dollars everyday, I send out 50 yellow letters to absentee owners every week, and I have bandit signs posted around town. I've had a few leads but nothing that I was able to negotiate a great deal on that would make sense for me I'm not sure if I'm doing something wrong or if I'm just not marketing to the right sellers. I keep seeing all of these success stories on BP, YouTube, and other REI groups that I follow. I am kind of getting discouraged but I don't want to give up. I'm basically making this post to get some words of encouragement to keep going and also some tips if anyone would like to share. Thanks.

I am currently working on my first seller finance deal and I'm trying to figure out some creative ways for an exit strategy. A thought came to mind and I couldn't find an answer anywhere. Would it be possible to assign a seller finance addendum??? I am curious to know.

I am currently working on my first seller finance deal and I'm trying to figure out some creative ways for an exit strategy. A thought came to mind and I couldn't find an answer anywhere. Would it be possible to assign a seller finance addendum??? I am curious to know.