All Forum Posts by: Ryan Billingsley

From the comps I pulled, it looked like all the properties are worth basically what they owe.  They bought these properties right before the market crashed and were underwater since then.  They are just now catching up.

@Account Closed  Thank you for explaining!  That sounds like a good option!  I would definitely be more interested if the seller would pay us to make it work. 

@Wayne Brooks   I understand your perspective.  I am trying to find a way to maximize every lead we get from our DM campaign.  The first property is a negative cash flow deal, 2-3 are barely in the positive after VIMTM.  I am always open to a creative solution.  We are currently in the process of closing on 2 rental houses we picked up so another loan is not a option.

@Jon Holdman   Thanks for the quick response.  So we know the seller is motivated.  He would be open for anything I would assume if its gave him a solution.  So the first step would be to mention this to the seller and find out who the lender is to contact them?

We came in to contact with a lead through our DM campaign that has three properties he wants to move.  He only wants to get what he owes on the properties.  They are all three rented as investment properties.

Property One:

2/1 1k sqft
Mortgage: 64k
Rent is 770 on section 8
Mortgage inc piti: 900 (15 year fixed at 4.5%)

Property Two:

3/2 1052sqft
Mortgage: 57k
Rent: 825
Mortgage inc piti:540 (30 year fixed at 5%)

Property Three:

3/1 864sqft
Mortgage:41k
Rent:700
Mortgage Inc piti:410 (30 year fixed at 5%)

Property one would only make sense if we could refinance it and create a better cash flow situation.

Properties 2 and 3 he wants to do a package deal because they are owned with a partner.  Would it be possible to offer to assume the loan from him to avoid getting a traditional loan?  When doing so is there a due-on-sale clause?

@Doug Pretorius   That is a good point about finding a job that requires less hours.  I am planning on working on my real estate agent license next week so that might be a option for me to generate some income while working on investing.

@Dean Letfus   I believe there will never be the "perfect" time to jump in and go full time.

It will only be a matter of time for me.  

@Dean Letfus   I feel that with what we have accomplished while working around a full time job that consist of 40+ hour work weeks, we should be able to fast forward the growth if we dedicated all our time to real estate investing.  I feel as though I give my best work, energy, and time to my current full time employer.   Once I become a full time investor, the energy, time and work will be 100% dedicated to real estate.

@Victoria Winters   Your absolutely right!  There is no exact path or precise amount of time it takes to be a full time investor.  Each journey is unique to the person experiencing it.

@Dawn Anastasi  It is definitely not a sprint, but a marathon.  Some times it is a must to step back and remind myself that.  My plan is not to be rich.  I want to be wealthy so my liabilities, expenses and salary is paid every month from passive income.

@Arlan Potter  I agree that most people have responsibilities that require a safe reliable income.  I am fortunate that my wife has a great career that provides that guaranteed salary.  My income can be used for our investing, savings, and pleasure.  We plan to wait till passive income from the business can pay for the leads and other expenses we require on the month to month.  Once we grow it to be a self sustaining business and have a large amount of capital in the bank, then we plan to go full time!  

@Arlan Potter   Optimistic is the only way to make our goals and aspirations a reality!

@Brie Schmidt   W-2 is essential for borrowing.  We have a portfolio lender that we are working with and we want to do whatever it takes to keep him happy with our situation.