All Forum Posts by: Dominique Palmer

 Hey Patrick, I live in New Orleans and you're right. I bought my first duplex in New Orleans but after that everything else has been in Chalmette.

@Regina Sloan

Hey Regina, from the information that you have provided I think a good route for you and your husband would be to focus the money on the rental property. If you purchase a deal that cash flows well you could put that cash flow toward speeding up the debt pay down(if you wanted). I didnt see anywhere in your post where you said you and your husband are looking to leave your jobs soon so you could essentially keep working and paying off that low interest debt from your W2 jobs and reinvest the cashflow from the rental property back into more real estate investments.

Good luck to you and your husband in your investment journey with whichever route you all take.

@Bryan Hartlen

I've dealt with them before. They did charge an up front "commitment fee" of about $1k. They said they are a direct money lender but kept telling me they were shopping my deal around to investors. The deal didn't close but because of issues that came up with the title. So I'm not sure if funding for the deal would have provided if there was a clear title on the property.

Also about a few months after working with them I received an email and text message from them stating they had several disgruntled employees that had gone "rouge" and were scamming people out of additional money.

Long story short I would stear clear of them.

@Ceasar Cifuentes

Congrats. How did you go about finding the deal?

It's a great book. I'm currently reading itnow for the 3rd time. I consider it a spiritual book. It speaks about the same concepts and principals that other spiritual books speak about but it focuses mainly on applying the concepts to making money.

If you look up Universal Laws you will see that many of them pop up in the book.

@Taneisha Wells hello and welcome to the BP community. I invest mostly in the buy and hold area of real estate but if you have any questions or if I can help in some way don't hesitate to ask.

@Carl Fischer great points. I know a guy that models his entire investing strategy on seller financing modular homes. He buys them distressed and under value, fixes them up and seller finances to people that can't get the bank qualifications but they have money for larger down payments than the bank would require them to pay. He charges about 9% interest and offers flexible payment terms ie. once a month, bi-weekly or weekly but for every payment other thank once a month he charges an additional fee. He said out of 60 of the owner finance deals he's never had one default.

It does still work and especially for the instances @Steve Vaughan and @@Daniel Dietz pointed out. Late last year while looking for duplexes on the MLS I kept coming across duplexes in the same area all with owner financing available. Got In touch with the sellers agent and found out it was an older guy selling two of his rental portfolios.

He had an 8 unit/1 commercial warehouse property for sale in the package. I looked at the numbers and saw that it was under rented as is and had value add opportunities. We were able to purchase it with a 12%Dp as opposed to 25%-30% which we didnt have. We were also able to negotiate that they keep the insurance coverage they had in place because it was cheaper than anything we could find which also meant greater cash flow. The closing costs were also extremely cheaper. All in all it is just a tool in the belt but its one that I actively look for now.