All Forum Posts by: Scotty Bowers

Your forum topics need to be reduced by 50%. It takes me 15 minutes to decide which forum to post in. And who is this annoying guy that pops up in the corner of the screen trying to pretend like a real person who wants to chat with me? COMON! I was almost excited to have found a good real estate community since creonline basically shut down. You have a good thing going, but please don't over do it.

Jerry, I don't think he is interested in financing the whole thing to me, he is doing this as a favor I think. I can get a loan for 80%. I think he would be willing with carrying 20% with no problem. I just need to know how exactly to do that so that the bank (and him) will understand how to do it. I believe this is stepping into the "creative real estate" realm of things. 

And Steve I have no intention on occupying, I would if I were single. I even thrown that idea to my wife, she will not have anything to do with that plan. So I already own a house. And I am going to have to stay here.  About sacrificing and saving. I know all about that I am the most frugal guy you will ever meet. There is a story about why I don't have the money to pay 20% down, but that is another story and this post is about closing this deal in this present time, not for me to make excuses about why I don't have the money.

Hi, I have found a duplex that seems like a good deal. The asking price is $110,000, each unit is rented out for $600 monthly. So that's a GRM of 7.6. It is in good shape & has been updated well maintained through the years, in a decent neighborhood. Credit is very good. The problem is I don't have the money for 20% down. If I could get a 2nd mortgage on it, then taxes, insurance, mortgage would be around $700 total. That leaves me with a positive cash flow of about $500, I don't think that's so bad for having 100% financing and it's already rented right?

Currently there is no mortgage on the property it's paid off. Isn't it possible for the seller to carry a 2nd mortgage? Because if so, that would be likely because the seller is my cousin who wants to sell it because he's too busy doing other things to deal with it. How does that work exactly? And how hard is it to get a 2nd mortgage? And would my bank with the 1st mortgage be happy about that? Thanks.

Hello, I am from Athens, TN. I am glad I found this site because I am trying to get into real estate investing. My past experience years ago I used to do mobile home owner financing (Lonnie Deals). Then I started a different type of small business and got sidetracked. Now I want to get out of this business because it is slow, and by slow I mean I'm about to have to shut down slow. So here I am at 40 years old wanting to get into investing in duplexes, Triplexes and quads with very little money. I have always wanted to do this for years, just got comfortable and busy, kept putting it off. Now I NEED to do this before I go broke for the rest of my life, I don't want to have to work for someone else. 

I have been putting all the spare money I can get into a no load growth mutual fund trying to build it up to about $10k so that I should have enough for a down payment for a small duplex if I can get lucky enough to find my first decent one for around $100k and pay 10% with positive cash flow. In the mean time I have been reading books and now I can hang out here and learn from all of you. 

I am new to investing and was wondering about this same question. Rentec  looks really nice and it's good that they base the price on how many properties you have.  My question would be Do I need this software if I plan to hire a professional property manager?