All Forum Posts by: Matthew Parent

Hello. I’ll try to be as concise as possible. This post will come with a few questions. Please answer all or just one part if you have a moment. Thank you in advance for your help.

My wife and I would like to buy a house. I am very new at this. There is an old, colonial antique house I really like that I would love to polish up. This home could be my dream home if it’s polished up.

I won’t qualify for conventional mortgages due to my job (although my job is quite secure with good income. And I own a condo now I can rent out). Thanks to BP (and other sources) I might inquire about seller financing. It never hurts to ask. Yet seller financing is a topic I sort of understand but I want to be sure I truly know the whole picture in detail.

House listed for 350k. I don’t have much. But maybe I can offer the seller a higher price. Im trying to get creative. So I’m thinking I offer 375k on seller financing with a 5-7 year balloon payment due where I’ll cash him/her out.

If he/she accepts, I'm making payments to seller. I do some work. Fix it up. "BRRR"; In 5-7 years, I have it appraised again and go for a conventional loan. At that time, I'll pay the seller off in full.

1 is that the general idea of seller financing? And I pay all future taxes and maintenance.

2) would the payments I make to seller be deducted from the 375k sale price? Only owning the remaining balance of that loan?

3) The offer should still go through the listing agent? To honor their agency and make sure the listing agent gets paid appropriately.

More disclosures. The house has been listed for 6 months with a few price reductions. Which is why I’m hoping the seller will get creative with me.

On the MLS, it's disclosed that the listing agent has an ownership interest in the property. Makes me a bit nervous.

Thanks again. All tips welcome.

Hi.. My wife and I would like to purchase a home.   And I would like to rent out my condo to help pay the mortgage.  Actually, with my low income, the lenders are asking for a signed lease to include with our documentation.   Otherwise I most likely won't quality for a loan.   Any advice on working a lease agreement, where the tenant only moves in if I get approved for the mortgage?    Is it a simple clause?   And if I can't get a mortgage, the tenant doesn't move into my condo.    Thanks for your advice on this.    

Has anyone used UNISON to fund a home purchase?   I received a notice in the mail from them about receiving a loan against the equity in my condo.     I would potentially use the equity loan to purchase and/or a rehab a multi-family that I move into myself and still keep my condo to rent that out as well.  UNISON states no monthly payments.  You only pay when you sell the home (with stipulations about appreciation or depreciation).    Could be a great source of funding with the equity I have and allow me to move into a mult-      But I want to learn more if people have experience with them.    Thank you. 

I just purchased my first list from listsource. Seems straight forward. However, the mailing labels download in some file ext I can't convert. I also us a Mac, and therefore, don't have MS Excel. Has anyone successfully converted there list source labels to another format? Especially Mac users. I went to upload that to Click2mail; however, click2mail doesn't recognize the file. Maybe I'm crossing too many players that don't talk to one another.

Thanks for any help.

Hello,

I have a potential lead in Southeastern MA I could use some help with.

A 3100 sq ft single family house in Rehoboth, MA. The seller is moving into RI and would like to rent the house out. It has 3/4 bedrooms, with a 2 car garage, on nearly 3 acres of land. I've talked with her about leasing her home and she is very comfortable with that option being how she was going to rent it outright anyway.

I'm thinking this would make a good, lease option flip to the right family.

I could use some help with some that might have done these deals here.

Get in touch today!

Thanks

Matt

Thanks for your help guys. Joe Butcher, My initial thought is if it's already near ARV, there isn't much benefit for a rehabber. There's no wiggle room for their return. And I'm fairly certain there is no equity in it. He bought the house in 2004 near the prime of the market. He could very well be under and just wants out. With no equity you can't do seller financing. So, it has to be subject-to or take over. Basically, I'd have to be comfortable with the cash flow in this deal.

Cash Flow could be the only benefit to an investor. Does that sound right?

I have a seller unloading a 3 family unit in Cranston.

8bd/3ba

Good condition. Seller does not live on property. However, 2 of the 3 units are currently rented.

Seller will talk seller financing. Or sell all cash. $175,000

This is a great chance to add to your rental portfolio with seller financing.

Or even live in the available unit as an owner occupant and have your mortgage paid.

Get in touch today!

Matt

Just talked to my first potential seller. He has a 3 family for sale. FSBO.

Gave me his asking price. I don't have the cash to buy it out right. I'd like to wholesale straight; however, as seen in the photos, it isn't in bad shape. It might very well be near ARV. Two of the units are currently rented with one tenant being there for 3 + years. I'm not sure if I can wholesale that to another buy and hold investor.

Seller would entertain seller financing. Maybe I could whole sale the seller finance package to another investor. or take the property myself under seller financing and become the landlord.

Price is $174,000 … Monthly income about $2450 per month. $28,000 per yr

Taxes $3500.

Thanks for your help! Trying to see if I can structure a win-win here.

Matt

Just starting out. And I talked to a FSBO 3 Family seller earlier today.

Got the info about the price he'd like. And I saw photos of the place.

It isn't destroyed or distressed. 2 units are currently being rented out and lived in.

Is there such a thing as wholesaling if the house is near ARV now?

Is there money there for me?

I don't have the cash to buy it. I'm trying to structure a deal maybe wholesaling to a new landlord owner that has the cash.

Thanks

Matt

That was a great piece of reality to read. Thank you for sharing. However, I'm curious about wholesaling with these fixed costs. If I'm just doing traditional wholesaling to start, I won't have any mortgage payments, correct? I'm just starting out and seriously ramped up my marketing this past weekend.