All Forum Posts by: Nic Hill

Hey Michael, I’m currently looking for off market deals also. Like @Jon Schoeller mentioned, I drive for dollars also. I also advertise “subject to” deals or “mortgage assumption agreements” for people facing hardships that might be behind on their taxes, divorce or whatever the case may be. I haven’t closed on any deals with this strategy yet but have sat down with a few homeowners and talked about their needs and expectations. Hope this helps 

 @Jairo Rincon what strategy are you looking to do? 

my advice when using family is to ease into it. This can be very overwhelming for family member to trust thousands of dollars with you especially If you are just starting out and if this is your first deal. Take your time, analyze and prove through numbers that it makes sense. This means you might need to go to a private or hard money lender for your first couple of deals. Once you hit 3, they will start paying attention because 3 is now a pattern. Hope this helps. 

Hello all, 

Can anyone tell me how a mortgage assumption agreement works? What are some things I should be aware of when trying this strategy? would I analyze the property at the 1% rule? What are some appropriate collaterals or cash agreements that should go into a agreement? Thanks in advance! 

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Hello BP community,

Has anyone used hard money on a condo before? Is it even possible? 

My RE agent just contacted me on a condo for sale around the corner from my house. Currently has long term tenets in it and they would like to stay. From my understanding there is no work that needs to be done. Would anyone be able to help me run the numbers accurately from a buy and hold with hard money, Refi after a year and roll to a conventional loan? Haven’t checked any comps yet on condos sold yet within the area, but will have those shortly. My main focus isn’t condos, but if the numbers make sense I’m willing to jump in. 

Afternoon @Adam Batcheller, 

It would be at your discretion I suppose. Type of dog breed etc. I have two children with special needs and when my wife and I used to rent, even though no pets were not allowed, they would allow us to have a therapeutic pet for my sons. Don’t know if this helps or not. I suppose you don’t want any backlash for someone living with a disability. 

Morning bigger pockets community! 

This would be my second post on some advise. 

I’ve came across a property that is in the foreclosure stage. I looked up the property and the man who owns it only owes 13k and some change to get back from being upside down. Which is a shame in itself, but everyone had a different situation in life. My question is this. Once it hits foreclosure is it to late to offer to buy his debt And get him out of foreclosure? My plan is to talk him into signing the house over to me if I buy the debt, renting it out, then refinancing after a year. Has anyone had success doing this? I have very limited funds so I’m trying to be creative in ways to get my first rental property. 

Thanks! 

 Hey Heath, thanks for the reply. I currently do have a mortgage yes.  We would like to stay with in the general area.  I estimated my mortgage to rent at 2600 a month. 

 My “why” and goal is to own a house  for each one of my children. We have four children. 

I need a little advise here, 

So my wife and I live in a relatively expensive area on the central coast of California. We bout a 1900 square foot two story home last year (Easter weekend to be exact). It has allot of potential. Everything cosmetic. With a pretty decent size lot. A high school quarter mile down the road and a middle school around the corner. Safe friendly neighborhood. Although I didn’t run any numbers before purchasing because well, frankly I wasn’t aware. I went off of pure gut instinct. There are some new homes being built about 1.5 miles down the street starting at 500K. We picked ours up for 340k. 401k loan is payed back in full. 

My question is, should we sell this time next year? Or rent it out and buy another home? I’m trying my best to run the numbers but still very green. Any advise helps!