All Forum Posts by: Paul Haviland

I started in Health Care IT, doing project management. I traveled around the country 3+ weeks a month when I started investing. After I picked up my 16th unit and had a years worth of expenses in the bank, I became a realtor. It allows me the flexibility I wanted to increase my investing, and I'm home every night.

You are correct. I think Craig's list allows you to repost every three days. I believe on the podcast he discussed having 8+ different "styles" of advertising for each unit. That would help, but still not get you to the 2 hour refresh.

I would call them directly. If I'm doing a mailing, and recognize a name I don't send them my standard letter. Hopefully, you already have a foundation of trust/mutual admiration.

If you have good reason to suspect there is drug dealing going on, you should involve the police.

I apologize for the lack of clarity. You need to disclose that the seller is providing you the mortgage to the bank. Often there is a clause in the mortgage documents that says there are no additional "financial" deals between you and the seller. Normally, I would state in the offer to purchase that the offer to purchase property X is contingent upon receiving a second mortgage on property Y from the Seller.

I would like to say that Brokers add value, and will help you fetch more for your property. :)

That said, I would do everything.

- Post on Craig's List, Zillow, BP, etc.

-Drop in and mention it often at local REI meetings

-Call the neighboring owners (of apartments)

I'm always frustrated when I see a property sell right next to one I own that I wasn't aware was going to be for sale. 

Good Luck!

@Todd L. - Thanks for the details.  The key is disclosure.  That said, I have been successful having the Seller provide the note and I'll attach it with a mortgage to another property (that has sufficient equity).  For example, in your case the Seller would give you the $75,000 note/mortgage secured by another property.  Presumably, this would be a second mortgage on that property as well.  

I have had some success with bank's then viewing the transaction more like a cash-out refi on the previously owned property and that you are bringing the required cash to the subject property.  

The trick is making sure the Seller feels comfortable with a mortgage on a property other than their own.  

@Nick B. - Thanks for the link..  It is a good read, and good reminder to everyone to do their due diligence on the sponsor.  Also, for those aspiring sponsors, when you take other people's money, the consequences are real.  

The terms on a loan secured by your primary residence would be better than that on your rental. May want to think about reversing the plan - depending on your ultimate goals.

My commercial lenders look at global cash flow, but net worth isn't the most important. Also, my net worth is less than that of the amount of loans I have.