All Forum Posts by: Robert Herrera

Stuart Crowell Wow! This is an Amazing space. I proposed to my Fiancé in this place. Great views all around. Don’t have the money to buy it right now, but what a great opportunity

Mike Cumbie this is why I don’t like Realtors. You think every deal needs to go through you... so you can get a piece of everyone’s action. The price of the house is up because they did $10,000 worth of work on the place. I’m sure they teach you how push everything as mortgage fraud so people have to use you and your “expertise.” I’m not buying it. I think realtors have a time and a place for everything, and i have used them in the past. Having an agent involved in this isn’t going to make a bit of a difference.

Mike Cumbie 1) they just asked if their sister wanted to buy it, would I help them get some of the money back out of it. They already have possession and are not out actively selling the property. 2) There is NO Realtor needed. I know how to draw up a purchase and sale agreement. If a realtor gets involved then they would just be getting a cut and then the tenant buyer would only be getting the difference after that. So basically giving a commission to a realtor for nothing as the deal is already done. Please read my message again. I’m trying for ME TO AVOID paying taxes. I don’t care if they have to pay taxes. This is why paying them as a 1099 employee for the work they did works well for everyone. I don’t pay taxes in the money I pay them, and they are required to list that income on their taxes. 3) The point is that THEY pay the taxes. 4) That sounds like a terrible idea. What happens when I pay them $8k to get out of it, and then the sister backs out of the deal or something falls apart on the financing. Now I’ve been sitting in the property waiting to sell it, and paying holding fees to my mortgage company and utilities, etc. No thank you.

Brent Coombs I’ve been doing lease options for a while now. I picked this thing up for $40k. $5,000 down payment. I put in $0 in rehab costs. I lease optioned it for a $3,000 non refundable lease option fee and $60,000 purchase price. The tenant/buyer put $10k worth of repairs into the place. I am getting great Cashflow from the place of rent is $800/month and I pocket $450. This is a LONG TERM Lease Option. The tenant/buyer is paying fine monthly and still has many years left to go. They aren’t just going to give the place up. After the repairs it will probably appraise around the $65k price. It Seems like you want me to be greedy, and screw over my tenant buyer. You want me to remove them, screw them out of the option fee, and the money they put into the place. Then you want me to pocket the gain of $25k after words. I’m mean dang man, I wouldn’t want to do any deals with someone who doesn’t even put some moral thought over their profits.

Greg Martineau sounds like the brrr strategy would work well for you. Welcome to the Colorado Market. Have fun. Happy investing!

Burt L. I would let them know that you already submitted an offer. Ask if they have had the time to review it. They are calling you because you probably are the only offer out there. Just ask them if your submitted offer was seen and how can you move forward with it

Eric C. It was drawn up by a Colorado real estate attorney

Eric C. I paid $1,000 for my contract. I just fill it in as needed.

Eric C. A tenant is not an Investor in this case. The tenant doesn’t have good enough credit to get a loan or else they would just buy a property off the MLS. I don’t do a credit check so they really like that. I negotiated a good deal on the buy, so I got the upside of doing this many times. I’m also the person responsible for the debt. I set my price and terms. I give options on terms. The options were: $5000 down $1,500/month $7,500 down $1,300/month $10,000 down $1,100/month They can either do the deal or not. If they wanted me to do the work, they would have to pay about $1,350 in rents for March and April, and get crap renters carpet and paint that was on sale. Or they could rent a similar place for $1,200-$1,500/month and just throw their money away. In lease options, tenants are usually responsible for all Utilities, Repairs, and Maintenance. It’s all about your contract. Remember, just because you can get a great deal, doesn’t mean everyone else knows how to. If I would have went to the MLS I probably would have paid $105k for this house and just over $20k down.

Eric C. Here are the numbers on the most recent property. Purchase price $85k, down payment 10% at $8,500. Mortgage payment is $660/month PITI 30 year. First payment due May 1st. House needs patches and paint. Needs carpet and a window replaced. Old T-loc roof no leaks. Renovations- $0. I was planning on changing out the window, paint and carpet. Didn’t need to do any of that. Tenant Buyer- saw the house and wanted it. $10,000 down Non-Refundable option fee. (That’s $1,500 profit and all my money back) $1,100/month rent. That’s $440/month Cashflow. $120k Option to Purchase Price. This is what it’s worth fixed up and through a bank.($35k equity add) Tenant responsible for all Utilities, Repairs, and Maintenance. Tenant gets free rent for the rest of March and all of April in exchange for doing the repairs. First payment due May 1st.