All Forum Posts by: Michael McDermott

Lee Stivale in Springfield. 

 John,

Thanks, that's what I was looking for in an answer, I will update this afternoon.

 Chris,

I've been shopping around for HML in the past week like crazy. You may find a place that will roll majority of the closing costs into the loan but I have yet to see a place that will roll the points into the loan.

Look up rehab financial group in Wynnewood, little high but they may be exactly what you are looking for.

 Joe,

The only numbers I "have" are previous listings/settled amounts of my local MLS. He has 2-Quadraplexs that are right around 400k, five 2 bedroom townhouses on one deed that were listed for 749k but never sold and one 6 unit apartment around 300k. I don't believe he owns them out right but I could be wrong, I will know more tomorrow. I just want an idea of what I can offer or what I should avoid offering that would turn him off from any business in the future.

Confidence, Clarity and be Concise. 

Confidence-No one will lend you a large sum of money if you don't believe in yourself. You don't need them, they need you. Money sitting in a bank is making nothing compared to what you can make them!

Clarity-Know what your message is and relay it loud and clear. Have a game plan for what you want to get across and stick to it.

Concise-Keep it short and to the point.

 When you find this please share it, this would be nice to have before my next deal comes up.

I am a firm believer that 99% of what sells a home is price, and like others have said your home is on the high end of the neighborhood and that's what I would attribute it to. Drop the price a little and offer some incentives?

I have a meeting tomorrow with a lead from one of my yellow letters, sent to an LLC actually. Turns out the guy owns 4 multifamily units, I would be interested in purchasing 3 out of the 4 but I simply do not have the funds to do so.

What type of deal could I present that would seem appealing enough to have him sell me the properties without listing them on the MLS? He has stated that he wants out of the business but doesn't seem desperate to sell.

I came across a similar thread from about a month ago and a few people suggested "terms" and "quit claim", neither which I am familiar with. Would offering subject to on something liken this be crazy?

Sorry if this sounds jumbled, I'm not even sure what questions to ask to get this going.

 Sean, give me a call or shoot me an email. Let's talk. 

Steven,

I can definitely help you out, I'm a realtor and investor myself. Shoot me a dm, email me or give me a call.