All Forum Posts by: Rosemarie Smith

Thank you @Chris Seveney & @Patrick Michael ! I supposed I was mixing my language up. 

I think it will still be a seller-finance deal because the down-payment will be 30K+ to wipe out the existing mortgage and cover Kyle (The seller's) closing cost.... so each monthly payment will go to the seller.

So, the purchase and sale agreement should be for ~260K... and the assignment of contract should be 10K. When I was rattling off numbers, I guess I'm thinking through the eyes of the end-buyer.

As of now, a few people have expressed interest because the house is on 28 acres of prime hunting land, I'm going back to the property next weekend to take pics/videos.

I will look into Madison Management, 35/mo seems very reasonable.

Also, The deed "type" should be a discussion with the attorney? I was thinking the title company, but that makes sense.

Hey ya'll, I have a homeowner willing to do a seller-finance deal. He's willing to pay a 10K assignment fee, has an existing mortgage of 29K, and is content just receiving monthly payments each month after closing. Should 3-4% suffice for his anticipated closing costs?

What are the ducks I need to get in a row?
-Title company/Attorney - I've found the Maryland wholesale title-company, and she has an attorney who does underwriting at a flat rate
-Servicing Company - Is there a recommended company within Maryland? How much does this service typically charge?
-Performance Deed - I heard this mentioned in the "Wealth without cash" book, but do I just tell the Title company to process this type of deed?

What other tips do you have so I enter this transaction organized. The seller is a good friend of mine so I'm not worried about losing him, I just want to make sure I appear confident and professional.

Rosemarie Smith
Eternal Estates LLC.

I'd also love to connect with Maryland investors. I'm in Baltimore currently. 

I'd love to, but I'm open to any opportunity that has a low entry costs right now. I've started reaching out to FSBO listings with high equity to see if anyone is interested in seller-finance deal and I'd assign the contract.

I'm located in Baltimore, let's connect!

This gives me good ideas moving forward. Thanks!

Quote from @Kerry Baird:

Welcome to BP, and thank you for sharing your deal. Come over to the STR forums and help the folks who are looking to start or grow their STR business.

Thank you, I have so much to learn! I will definitely start following/contributing to the group. 

Quote from @Jaycee Greene:

Quote from @Rosemarie Smith:

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $22,000

This property showed great potential as an per-room Airbnb Rental. It is <15min from my primary residence and I'm working with a close friend to furnish and get it on the market within a month.

What made you interested in investing in this type of deal?

My primary residence has had great success on the Airbnb Market.

How did you find this deal and how did you negotiate it?

MLS-listed property, Realtor did all the negotiations with the seller. They even left us 4 of the 6 bedrooms, the dining room, and livingroom furnished!

How did you finance this deal?

VA Loan

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Highly recommend Tobin Seven for any property within Northern Virginia, DC, or Maryland. (Especially for military folks) He gives back 25% of his commissions to Active Duty members and negotiates very well!

Hey @Rosemarie Smith! Congrats on this deal. Are you planning to move into this property and rent out some of the rooms? I'm not a VA loan expert, but I thought they required the properties to be primary residences.

Hey Jaycee, you are correct! The VA Loan requires the homeowner live in the property so the mortgage is actually in a friends name who will be residing in the basement and I'm on the deed. Andrew was looking for opportunities to partner up on a deal, and after we walked through this home we knew this was THE ONE. I actually cohab my primary residence 15 minutes away from this property. We rent one of the rooms out to someone we vetted at a discounted rate to help maintain guest turnovers. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $22,000

This property showed great potential as an per-room Airbnb Rental. It is <15min from my primary residence and I'm working with a close friend to furnish and get it on the market within a month.

What made you interested in investing in this type of deal?

My primary residence has had great success on the Airbnb Market.

How did you find this deal and how did you negotiate it?

MLS-listed property, Realtor did all the negotiations with the seller. They even left us 4 of the 6 bedrooms, the dining room, and livingroom furnished!

How did you finance this deal?

VA Loan

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Highly recommend Tobin Seven for any property within Northern Virginia, DC, or Maryland. (Especially for military folks) He gives back 25% of his commissions to Active Duty members and negotiates very well!