All Forum Posts by: Ryan Furst

Originally posted by @Chris H.:

Investment Info:

Mobile home buy & hold investment.

Purchase price: $53,000
Cash invested: $5,300

Found this property through Marketing directly to the owners. It was her moms house which she has passed and has been sitting vacant for a few years. After i had first looked at it i made an offer and 49k based on a (90k ARV) or i told her i would do a little more if she could seller finance. So we settled on 53k seller financed with 10 percent down. Guys i got into this place for 5300 dollars.It needs some updating but ARV should be at least around 95k i will try to do a BRRR on this one.

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

The seller seemed open to negotiations.

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

I found this through marketing directly to homeowners. I offered a higher number for seller financing with 6 percent interest and 10 percent down. a

How did you finance this deal?

It was seller financed with 10 percent down. So i only needed to come up with 5300 for a down payment. Which i will pay myself.

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

Nope, this was directly between seller and buyer

Chris, 

Congrats on getting this deal!

You stated in your post that you bought this property without using an agent or lender.

I am curious how you went about writing the contract to present to the seller.

Did you go through a real estate attorney or just write it yourself?

Thanks in advance!

Ryan Furst

@Hai Loc thank you for getting back to me on this! I have since called a handful of attorneys and am waiting to hear back. 

Also, just to clarify, are you saying to first write my own LOI (making sure to include a time frame of when an official offer will be drafted upon the acceptance of the LOI offer), then once I have come to an agreement with the owner, go to a real estate attorney who will look over my LOI?

Just wanted to make sure I am understanding you correctly.

Thanks!

Hello Everyone,

I have been contacting owners of homes that look to be in disrepair for the past 6 months or so and I have finally gotten in touch with an owner who recently evicted her tenant and is now looking to sell the property in "as is" condition. The property is paid off and she has already made it clear to me that she is looking to sell sooner rather than later.

At this point, I am thinking of approaching her with the idea of seller financing but I am unsure as to what my next steps should be. I have been working on coming up with a purchase price and terms to present her with, but after that I am unclear.

I have read the blogs and forums and feel as if I understand the concept of seller financing, but I do not have a full grasp of the process from start to finish. For example, who the key people are that need to be involved or when I should reach out to them. I have read that you should have an attorney look over your contract before you present it to the seller, as well as have a title company transfer the title after you come to an agreement with the seller. 

Am I getting ahead of myself trying to figure this out before I have even agreed to a price and terms with the seller?

This will be my first home purchase. I am looking to move in, do the repairs myself and eventually use it as a rental.

Any advice would be extremely helpful.

Thank you,

Ryan

Hey Jake, I appreciate you getting back to me on this! 

You don't think an absentee landlord would consider selling their property to someone who is looking to use traditional bank financing?

Also, I wrote and sent out the letters today and put what you suggested in there. Thanks again! 

I just started driving for dollars and have found some vacant homes that are owned by absentee land lords.

1. What should I say on the hand writen letter I send them?

Note:

- I intend to buy with bank financing.

- I am buying it to use as a house hack (single family home and rent out the other rooms) and eventually move out.

2. Everything I have read talks about buying for cash but I would not be able to do that. Do I even bother contacting them if I can't buy cash?

Thanks!

Hey Christian! I am new to BP and learning about real estate in general. I am from Newtown Sqaure area and stumbled upon you and your brothers posts the other day. I have been looking for a meet up of some type closer to my area but can not really find anything. Was wondering if you guys were planning on having another meet up anytime soon and what they are all about.

Hello everyone,

My name is Ryan and I am currently working part time while going to school full time at West Chester University.I heard about BP after hearing one of their podcasts am looking forward to learning as much as I can while I finish up my last semesters of school. I have been listening to the BP podcasts daily and have read both Rich Dad Poor Dad by David Kiyosakai and The ABC's of Real Estate Investing by Ken McElroy. I am looking to learn as much as I can to hopefully get into real estate investing after I graduate, so if anyone has any suggestions on books or others ways to learn I am open to anything.