All Forum Posts by: Ryan Dossey

@Mike Higgins They aren't flick me a PM with your email. 

Something tells me that "dogs next door" wasn't a line item in your inspection contingency. It's highly likely that you can't walk for this issue alone contractually. You can put the screws to them on anything else that pops up and hope they walk though!

1) Use a tool like Prop Stream to search for cash buyers near your subject property & skip trace through Skip Genie or Spokeo.

2) Pull sold transactions out of the MLS in your zip code and call the brokers/ask if they still have cash buyers.
3) Export LLC's and Absentee owned properties in your zip code sold in the past 6 months - a year out of list source skip trace and call or mail them.
4) Search your city in the massive FB groups. People comment on posts with their email all the time. 
5) Facebook ads.
6) Craigslist

Do NOT do any of the above unless you're ready to sell something. There's nothing more annoying to a real buyer than getting a call from someone with nothing to sell wanting to walk them through a 50 point questionnaire. 

@Dillon Dale Thanks man! Yeah, definitely not anything we are upset about. 

I'm happy to share them @Pratik P. it gives people an idea of what  REALLY goes into doing direct to seller deals. 

We do have before pictures and it has been sent to our attorney. The driveway was about 20 years old I'm guessing he had a habit of parking there with a full load. 

Yeah this is one of the downsides of Lease Options, Master Leases, Seller Finance, and even land contracts. Where does the rehab $$$ come from? The honest answer... Your pocket. 

I don't recommend anyone new go with one of these options. We had one last year where a tenant caused $58,000 in damages. Had we seller-financed this thing and not had some real liquidity it would have killed us waiting on the insurance check with holding costs and lost rents. Ended up selling it for a serious profit once it was repaired but here's an action shot of how bad it got.

Best of luck man! If I were you I would try to roll the master lease into a seller-financed deal with them in a 2nd position assuming it's a solid deal. This makes getting rehab $$$ significantly easier from private lenders as you'd be able to offer a 1st position lien. 

You guys are REALLY brave allowing tenants to pay rent via Paypal. We used to use them for merchant account processing but businesses with higher MRR volumes are HORRIBLE to have on Paypal. We at one point had them hold hostage everything we got for 60 days while they "verified" the business we were in. Without even touching the whole dispute resolution process I would never let a resident pay via Paypal. 

We had a tenant skip out on a months rent and vacate a rental. The occupant was an over the road trucker and apparently parked his loaded rig on the residential driveway. This could have destroyed our ability to Brrrr this house. Before/After below and details. 

As you can imagine they haven't been responsive... We are sending them to collections for the damage and owed rent. 

The best bid we got from a contractor that could do it this season. 

How it looks now: 

We, fortunately, got an incredible deal on this home and were only into it for $77,***.00 or so prior to this incident. Post new driveway we are going to be in for right at 86k. The house is worth 125k+/- so we will be able to cash-out refinance right at $93,750.

I don't know that I would lease to another owner-operator. 

PS: We didn't go through insurance as we run with a higher deductible. 

@Blake Moody Thanks man! Just pended on one last night! Purhcased for 100k, 25k in work, accepted an offer of 195k. I'll post the full expose' when it closes end of the month.