All Forum Posts by: Rob Jones

That is truly hilarious! Thanks for posting Nathan Gesner

@Dwayne George

Funny thing.....I actually grew up going to Temple FWB.  Believe it or not my parents still attend Temple to this day!  Whenever I am home(I live in Florida now) I'm usually there with my parents.

Feel free to shoot me a connection request.  I'd love to meet you next time I'm home!

@Christopher Vargas

As far as a respectable interest rate, you may want to feel out the seller in regards to their current investments.  If they are invested in CD's or anything safe, they would probably be okay with getting a return that is a tick above what they are currently getting. 

If they are invested in the market or other real estate and are used to getting 8-10%+ returns you may have to expect a higher rate and negotiate.  This is all going to be dependent upon the inherent risk that the seller is assuming and their trust that you will be able to sell in a short period of time for a profit.

@Christopher Vargas You may want to speak to an attorney in regards to the drafts that you will be using, nomenclature, and legalities.  I am not a lawyer by any stretch of the imagination and would hate to tell you something that isn't accurate.

You may want to try to get Brian Gibbons' insight on this.  I've seen some of his posts and he is a master at creative financing.  

Keep us updated!

@Christopher Vargas,

Here's scenario.  Get the hard money loan for $53k to pay off the current owners mortgage and create an agreement to pay the remaining balance($57k) plus an agreed upon interest percentage to the original seller once you sell post-rehab.  This will allow you to pay the $10k for the rehab out of your owner pocket.  Upon selling the property post-flip, you can pay the original owner the $57k plus interest(or you could split the profit with them).  I would see this as a win-win for both the original seller and yourself since you would be making some money on the $10k you invested and the original seller would be getting more than their asking price.

Not sure if that would work but it might...you never know until you ask!

@Malcolm Brown do you have a deal in mind that you could run by us?  It'd be hard to tell you how to set up terms, rates, etc. without any knowledge of the property, your intentions for the property, and the position of the seller.The more detail the better!  

Also, I would highly recommend you read the bigger pockets book on real estate investing with little or no money down.  The strategies detailed in that book will be very valuable for you in your real estate career.

Joel Florek What a great success story! Have you had a mentor throughout your process or did you gain your knowledge elsewhere? Hats off to you buddy!

@Jordan Griggs

Thank you for your service!  Have you read any of the Bigger Pockets Books?  If you are investing with smaller amounts of money I would highly recommend reading the Book on Investing with Little or No Money Down.  This will give you some great insight on creative financing.  

Another recommendation is to be a sponge on the forums....read and network as much as possible.  There are many experienced investors on this forum so turn their previous mistakes into valuable lessons for yourself moving forward.

Best of luck!

Welcome to BP Adam Cousley I currently do all of my investing in the Greenville area in and around East Carolina University. Everything is buy and hold at the moment which has worked out extremely well. I'd love to hear about your experiences so far in Raleigh. I have several friends that live there and love it! Best of luck to you!

Hey Alex, I live in Fort Myers and the prices here are pretty ridiculous right now. You'd be hard pressed to find a SFH that's not in a dilapidated area for $80k or less. Cape Coral may be a little cheaper but things don't last long over there so you'd need to be quick! Feel free to drop me a PM if you'd like to meet up. I'm looking for someone to partner with in the area. Good luck!