All Forum Posts by: Rick Pozos

MLS is one way of many. When you go to MLS you have a trained(hopefully), licensed real estate professional listing the property. I think that they are going to advise the seller to price the property at the fair market value. Deals?? Not really. You might be able to find something that has been on the market for a while, but deals or bargains have to be tracked down and sniffed out off of the MLS. This is just my opinion.

Most of the properties that I buy are never on MLS nor were they going to be. Distressed homeowners tend to be a little more flexible when it comes to price and/or terms.

I usually send the "Authorization to Release Information" form along with a power of attorney to the bank. You would want the seller to call the bank first and let them know that it is coming or if they have a certain form that they use. Some banks will only use their form. You can email me and I will send you the form that I use.

If you have to go to traditional financing, then I would pour almost all rental and personal income into paying down the properties to get them to 30% equity.  In the mean time, try wholesaling a house or two for some extra "paydown" money.

Perhaps you could find a private lender at one of the investor meetings. 

What about partnering with someone who has money to put in, but does not want to have such an active role??

@Account Closedwhat was your offer?? and what was the asking price?? 

Actually, I have never thought about an alarm system. Nothing is usually left in the house overnight except maybe for some material, but it is usually tile or sheetrock. Material is usually too heavy and not expensive enough to be worth it for a quick smash and grab.

I guess people could cause some damage to your property that you have just fixed up. When I do a rehab I usually talk with neighbors and ask them to keep an eye out for me. They have my business card for referrals and for late night calls of burglary if needed.

When I bought my first home in the 90s, we barely had enough to close the deal. After a few days the anxiety fades away. Yes it is normal to have doubts, fears, anxiety, etc. with your first home.

You sound like you are in a good position financially. Dont sweat it. Enjoy!!!

Get in front of the seller and ask. What can it hurt to have a serious conversation. Dont email, text, or go through the broker, talk directly with the seller in person.

Let him know that you can help with the timing of his deal, but want to be compensated for moving things around to his schedule.

There are lenders out there who will do portfolio loans. B2R is a sponsor here on BP. If the terms are not favorable to your partner, find another partner who is OK with the terms. Private money can be had from self directed IRAs. Just have to keep making the calls and finding out who will do the deals with your terms.

Personally, I only invest within an hour from my house.  I like to be able to go and check on the rehab, tenants, whatever.  Unless you are comfortable investing out of city or state, I would not do it.  There are plenty of deals in your area. You just have to market and talk with people everyday around you.  

3.5% of $165k is $5775. Your lender should have told you that you would need more than that to close on the house.  Several months insurance and taxes up front, doc prep, loan origination fees, underwriters fees, title co. closing costs. I dont see how you could think that you could get away with only 5k out of pocket if the seller said they would not contribute to your costs.

Im sorry if it sounds harsh, but again 3.5% of 165k is over $5k.

If you found a different house where the owner was willing to take back a second lien position, that would work.  Maybe there is a program for first time homeowners in your area that will gift you some money or give a second that will get forgiven at a later time.

If you want to do a little creative type of financing, the seller has to be on board. This usually means that the seller is flexible because he/she really needs to get out of the house.