All Forum Posts by: Michael Babin

@Clifford Paul

They didn’t want to do that. I think they wanted some cash out of the deal as they do not have a mortgage on the property. I have since pulled out of the deal. They would not budge from their full asking price and the numbers were real tight with only cash flowing about 200 each. I will let them put on the market and see what happens maybe they will not sell and come back to the table

So I put an offer on a duplex unit for full asking price and asked the seller to lend me the down payment at 6% simple interest loan to be paid I treat only for 18 months with the full payment of loan plus interest due at the end of the 18 months. I would have a second lien on property to secure loan. They are worried that they would be in second position to the mortgage and if defaulted on they would not get their money back.

Can anyone give any ideas on how to make this more lucrative to the seller in order to get the deal done?

Just wondering if anyone has purchased any properties from auction.com? How was the process? I see a lot of properties for sale on here and just wondering if it is worth looking into.

@Jason Dillard

Just wondering how you find people with these accounts and do you find most are willing to lend to you? Do you borrow with a promissory note or use the property as collateral? I just learned about these recently and have a lot of questions

@Jaysen Medhurst

Not sure if so not much. I am still trying to learn the local market

@Jaysen Medhurst

This is multi family seven units total. The insurance is the cost that the current owners gave to me. The management fee is correct with local agent as she does others for me now. If I raised those cost you mentioned there would be very little cash flow left. I think I can get the purchase price down some but not enough to make a huge difference for the cash flow

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*This link comes directly from our calculators, based on information input by the member who posted.

How many of you have used self directed IRA to fund your real estate transactions?

@Anthony Wick not to sound dumb but what is an ETF?

@Todd Noe

I purchased near buy. I got lucky a little as I purchased from a neighbor and already had renters that have been there for a couple years. I was still nervous for the first purchase but now I have that under my belt and ready to expand.