All Forum Posts by: Shaun R.

I've been waiting until I had the deposit check in my hand to post this, and I got it today so here goes...

We bought a 2 bed/2.5 bath condo using a commercial loan for $67,000 with the seller paying $1,500 in closing costs. With all closing costs and purchase price we were all in for $69,370. We originally intended on keeping it as a rental, but decided to give selling with bond for deed instead. I listed it FSBO at $99,000, w/ a 10% down payment and the balance to be paid over 10 years. Someone brought me a buyer that offered $99,000, w/ $25,000 down and the balance to be paid over the next 4 years.

We got the contract notarized and recorded today and I turned the property over to the new buyer.  We received the $25,000 check and handed over the keys.  It will be used to reimburse the $13,400 my partner had in the deal and the $2,370 I had in it.  We are paying the person that brought us the buyer $2,000 and that leaves us with $7,230 in the account.  We begin receiving ~$1,541 per month for the next 4 years on 2/1/18.  According to my calculations, by using all of the monthly payment our loan will be paid off in 3.25 years.  Then we will receive ~$13,870 more in payments on the back end.  

I wish all of the deals could go this way.  I looked at the property once before we made the offer on it, then once more after we closed.  But, we didn't' have to do any work at all to the condo.  

Looking for the next one now.  I'll also be keeping an eye out for more properties like this, since this buyer is looking for more bond for deed purchases.  

Welcome @Carson Wyld.  You’re at the right place if you want to learn about real estate investing. If you haven’t started on the podcasts yet, then dive right in. I’m still working my way through all of them, but there is so much gold there. 

Just curious, why are you waiting until after school to get your real estate license?  You could take the course online in your spare time and get a big head start. 

How about this to keep it simple. Financed portion is $89,100 @ 6% interest over 15 years. Principal - $495, Interest - $445.50, total monthly payment is $940.50. If they pay extra principal, it will be easy for me to keep track of. If I also collect taxes, insurance, and HOA fees that would come up to about $1,090.50. I was going to list it for rent at $1,200/month.

I bought a condo that I was originally going to rent, but since I'm usually pretty strapped for time, I'm considering selling via bond for deed.  I have been reading on line and I get how it works... seller retains title until the property is paid for, then title changes hands.  I'm curious about the part where you're acting as the banker.  I'm going to set the term and interest rate, and I can print an amortization schedule out in the beginning.  But how does it work if the buyer starts making extra principal payments?  How does that affect the amortization schedule?  Is it better/easier/less confusing to just not charge interest?  

I tried putting in a call to an escrow services company today to get some info and see how much it would be for them to handle it, but they never called back.  I want to know if it's going to be too complicated for me to handle on my own.

Deal number two was purchased today.  This comes about six months after our first purchase.  Everything has gone fairly well on the first one as a rental, but I'm thinking about trying something different with this one.  I got a commercial loan on this condo, and there is no due on sale clause.  I'm considering selling it via bond for deed so I don't have to deal with the tenant calls anymore.  We got it at a pretty good price, so there will be a pretty good spread.  

But, whether we hang onto it as a rental, or sell it bond for deed, deal number two is in the books.  Bring on the next one!

It's still being done.  Are there areas that you can't wholesale in?

After giving it some thought, I decided I mainly want something I can use easily in the field for now... for sales and investing.  I ended up adding an ipad to my cellular plan for now.  I do want to upgrade my home computer though and have the capability to use multiple monitors.

Yeah I get there is, and always will be, a debate on whether a part-time agent is a good thing or not. That’s not what I’m asking though... I’ve already decided I’m going to be a part-time agent. I don’t have a goal to give up my full-time job in the future to be a full-time agent. I have a job that pays six figures, where I work half of the year and have 7 weeks of vacation time. 

I got my license for investing, but I can also spare 20-30 hrs per week for my “side hustle”  My job also has lots of down time while I’m on the clock to be able to be online and doing RE work. 

What I need to know is if you’re starting from scratch and trying to learn how to be an agent, which resources do you use to learn?  My broker and the other agents at the office are very good about answering my questions, but I’m looking for some “training “ to teach me how to be a good agent. I’ll deal with my time constraints. Any recommendations?

Again... I don’t want to make a career as a real estate agent. My investing is the most important thing to me, and money earned as a real estate agent will go towards that. 

I want to make a purchase for my real estate businesses (investing and sales).  I'm debating on getting a new laptop or an IPad.  I have a laptop at home that we use like a desktop.  It's a family computer that myself, my wife, and two kids use.  Now I want to get something that is just mine that will be used for business (mostly).  

I'm leaning toward the IPad.  I can add a line to my current Verizon plan and upgrade to unlimited data, and it only makes a few dollar a month difference on my bill.  I will have to pay $340 upfront for the IPad.  I'd also get a bluetooth keyboard to make typing easier.

What is your preference to use in your business?  I'm sure there are pros and cons for both, so I'd like to hear opinions from the people that are using them.

I got my RE license in Louisiana to make it easier to find investment properties. So far, I've had a little success and have our second rental property under contract. I've loved having access to the MLS and being able to make my own offers.

So here's the thing... I also used my license to help a friend of mine to purchase a home, and that commission check for $4,900 I got yesterday has me hungry for more.  I've got a full-time job that keeps me pretty busy, but I do have time to do some part-time work.  I hung my license at a smaller office and I believe most of the agents are part-time.  I'm setting a goal for myself to close more transactions than any of the other agents in 2018, other than the broker.  

When I got my license I had no intention of doing any work as an agent for other people, but now I believe it would be a waste not to use it.  And it will allow me to earn extra income to help purchase more investment properties.  But, I need to learn how to be a good agent.  I've been listening to some podcasts, but what other resources would you recommend to a new agent to get educated on what it takes to be successful in this field?  

I've got the bug now, and I want to do big things in 2018.  Help me get this upcoming new year kicked off in the right direction.  I know there are some successful agents on this forum that have lots of knowledge to share.