All Forum Posts by: Sean H.

Hi @Rick C. , welcome to BP!

I invest south of Pittsburgh and mainly buy/hold.  It is a great rental market to be in right now with the Marcellus Shale.  Are you investing primarily in Westmoreland county?  

Best of luck!  

@Jeremy W. I wouldn't get too bogged down in worrying about making your plan perfect.  If you commit to doing one thing and the market changes or your goals change, you will find yourself unwilling to adapt.  Instead, focus on short term (3-6 month), SMART objectives. 

Kenny Estes has a great article about this on the BP blog (link).  He does a much better job explaining it than I can. 

@Joel Owens @Jon Holdman I think you are correct regarding what I am offering versus what the buyer is expecting.  I would like to offer owner financing and not a land contract. 

He may be thinking this is a land contract /master lease because one of the units is in need of a rehab before it will be rent-ready.  Would this have any bearing on whether I should be offering holding paper vs lease/land contract?

I tried to be careful to word the thread as seeking advice for a potential deal from a sellers perspective, not as an offering.  If this falls through and I do decide to advertise as an offering, I will create a separate thread in the marketplace with deal particulars.  

I built up my rental portfolio over the past few years and am now looking to sell it.  I built it in blue collar neighborhoods and the management process is not something I am interested in participating in anymore.  I realize that because of the location of the properties, I will probably have to hold some of the paper if I want to sell as a package

I have begun discussions with an interested buyer who is questioning what equity he would receive, if he is responsible for maintenance/repairs, if the sale does not ultimately happen.  He offered for major repairs (roofing, windows, etc.) to have the out of pocket expenses split between me and him or to have the payments credited towards a portion of the principal.  

To me, I believe I should respond that he is effectively the owner of the properties and will receive the deed after he satisfies the balloon payment.  It would be no different than if he purchased the properties from a seller using a bank loan, whereby the bank would not credit a major repair towards principal.  

For others who have sold properties or portfolios with owner financing in place, is it common to offer portions of equity or principal credit for major repairs?  

@David Beard How has this project been advancing?

Hi @Pete Torres , did you end up getting this re-zoned or have an update?

The Obstacle is the Way by Ryan Holiday

I would recommend having the properties be the classes instead of tenants. Then you can run a p&l by class and see how the properties have performed over multiple tena

@Account Closed Congratulations on your success.

Most of the properties near me on auction.com are occupied and you cannot disturb the tenants. Did you have any of the same issues and if so, how did you deal with them?

@Brandon C. How has this been going for you?