All Forum Posts by: Page Huyette

Why would you want to keep tenants that haven't paid rent in months when you can have new ones with a new lease and deposit that will pay rent?  Who knows how reliable they were before, but if they've gotten comfortable living rent free, my guess is you'll have some hurdles with them, and perhaps some demands for repairs.

Seller financed, and financing is not tied to any other properties.

Some good insights, thank you Mitch.

I own a vacant parcel in a desirable part of town that we purchased as part of a package agreement with a seller (buy this one with the other and we'll give you a deal).  There were a few complications with boundaries and septic they didn't feel like dealing with.  That's all been resolved and we'd like to sell the vacant lot but have an owner carry with a one-year term.  Other property is a duplex on a lot we'll split down the road a bit.

I'd like to do a wrap mortgage for a buyer, but would need it paid off at the one year mark per our mortgage terms, though I suspect we could extend the timing on our mortgage with the sellers a few months if needed.  My thoughts were to amortize over 15 or 30 years with at least 10% down.  Curious how to structure this so it doesn't get us in trouble with Dodd-Frank.  

Don't think a lease-option or similar structure would work since this will likely be purchased to build a single family home, and assume the bank lending on the construction loan will need to see ownership of the lot.

Can you elaborate on what you mean by "rehab to rent"?

Write a clear, detailed job description.  This will help you as well as the individual you hire understand your requirements.  You might try odesk for a virtual assistant, which could be less expensive and help you to clarify what you really need in an admin.

What is most important to me is that they have the skills I do not have. In the words of Barabara Corcoran, if you are an "expander", find someone who is a "container" to compliment you.  That way you have the entire package.  

You might consider developing a relationship with a real estate agent in your area that knows your target area well.  Many of them do bpo's for as low as $100 each, which is similar to running comps.  If you are struggling with finding and understanding values, they can not only provide that for you, but can perhaps educate you a bit as well.  The more comparatives you look at the better you will get at analyzing values.

You seem to have what it takes to put a deal together.  My thought while reading this was not to get attached to any particular property.  If the numbers don't work then they simply don't work.  Don't start adjusting what you need/want to do or your exit plan to accommodate a seller that wants more than a property is worth.  That is never a good deal.

I've been making offers on investment properties both on and off-market for the last three years and just FINALLY closed on two properties this month, both off-market.  It took me a year of working with the sellers for them to see the value of my offers, but I spread out my contact with them over 4-6 month periods.  Contacting them more frequently doesn't seem to help them see the light.  Instead, focus on sellers that have the capacity to understand the value you bring. You will be successful!

I've heard great things about http://www.myoutdesk.com/ for real estate VA services.

Just put a deal together that had one income property purchase using conventional financing tied to the purchase of a vacant parcel owned by the same seller.  Wrote two separate buy/sells but made the vacant land contract conditional upon acceptance of the other, and included seller financing for close to 100% of asking price.