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All Forum Posts by: Scott Bottomley

Scott Bottomley has started 4 posts and replied 111 times.

Post: Best ways to wholesale during covid?

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

@Greg Koszkul

In my limited experience during Covid-19, the more virtual you can be the better. D4$ isn’t necessarily the same as door knocking.

Personally I find PropStream to be a great source for off market leads. Before that I cold called/text FSBO on Zillow. Definitely not the most effective or efficient but doable regardless of Covid

Post: How to find off-market deals

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

@Greg Koszkul

Chris’ advice is spot on. The propelio academy is a wealth of info and PropStream is awesome! I sent you a Facebook message too

Post: Questions on Virtual Wholesaling

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

@Jade Vaughn

What are you currently using for lists and where are you getting them?

Chad B. Congrats! I love the idea of partnering up on your first deal. I'm working on that arrangement myself right now. How did you structure/document the partnership on this deal? And, how did this play out with assignment of the contract to the end-buyer? I bet without the strong partnership 14 days might have been a tight timetable. I really respect your decision to partner. 50% of a deal is infinitely better than 100% of nothing, if you had never got started.

Post: Mortgage broker to screen lease option tenant-buyers

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

I'm working on wholesaling some lease options. I've been studying Joe McCall's info.

I'm stuck on finding a mortgage broker to screen tenant-buyers. 

Anyone who has studied joe's course have any recommendations?

Post: Owner Financed, Owner Occupant, Wholesale?

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

Hi @Brian Gibbons ,

First off thanks for all of your videos, they've helped me understand this a lot better. 

If I assign a contract in which the seller has provided owner financing (in any form i.e. wrap, sub-2, etc.) and I assign that to an owner-occupant buyer, am I providing owner financing or is the seller? I see where a double closing would likely be me providing the financing. the chain of title would go seller > me > buyer(owner-occupant) but with an assignment it would essentially be the seller owner financing to the buyer directly. And if they are selling their primary residence then they likely haven't and wont sell any other property with owner financing in a year then they'd be exempt and I'd be exempt.

I'd love to know your thoughts

Post: Looking For Title Company South Of Pittsburgh

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

@Mary B. Thanks! I would be assigning a contract so I don't think I'd need to be present either but it would be nice to find a title company well versed in long distance communication to make sure things go smoothly.

I'll Look into First American.

Thanks

Post: Looking For Title Company South Of Pittsburgh

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

Looking for a Title company to do an assignment. The deal is near Uniontown.

I'm an out of state wholesaler so looking for a title company that can communicate quickly.

Thanks

Post: A good wholesale deal for buy & hold?

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

hi guys. Just wanted to air this deal out there.

Not currently under contract.

4 unit (2building) 2x2 bed 1 bath and 2x1 bed 1 bath.

Current combined rent is $1400 and all are currently occupied. Rented $50-75 per month below market avg.

owner pays water bill. Tenants pay electric and heat. Current owner reports 400 profit a month after expenses with monthly mortgage of $638.

Their asking 53k. Based on the numbers, it seems like a good wholesale opportunity as I'm not looking to buy and hold myself.

What do you think would be reasonable asking price? The 2% rule would put it at 70k at current rent ( but rent hasn't been raised since 1996 for one tenant). 80k would still give a cash on cash return over 11%.

Should I get this under contract? No major repairs need as all are currently occupied.

Your thoughts are appreciated

Post: First Potential Deal - How can I structure it?

Scott BottomleyPosted
  • Investor
  • Bethel, ME
  • Posts 126
  • Votes 52

Thanks for all the input. I agree the margins aren't great if I were looking to buy n hold or even wholesale to a cash flow investor. However, I think there is value to a retail buyer that can't get traditional financing.

Granted it's 7% interest but it is $200/mo below area rent and the financing a in place. Once they can get approved they can refinance.

Whether I move forward with his deal or not, can anyone from florida recommend the best way to structure owner financed deals with regard to FL laws? I still plan to structure low equity deals in the future.