All Forum Posts by: Shawn Ackerman

@Renae Able Ever hear the expression, "If you want to go far travel, go with a team. If you want to go fast travel alone?"  Well both are true.  We are similar in the sense that I prefer to work alone, but I've manage to build my own team around the business.

That aside, regarding finding a wholesale friendly title company I'd suggest using the same tool you use to find motivated sellers. Cold call some.  That's what we did, and have been with them for over a decade. Just be sure they understand the assignment process as most title companies are mostly familiar with vanilla on market real estate deals.

Side note, we operate in Milwaukee where an attorney is not required to close a deal, only a title company.  Does Michigan operate the same way?  DM me and I can send you the OTP and assignments we use. all the best!

Hey @Shane Thaxton I totally misread your post man.  Lord!!! I though you wrote rent to own since you included down payment and eviction.

Regarding sub2, as someone mentioned earlier, you would have gone on title and the only way your ownership interest could have changed would have been through a title/deed transfer.  Not sure where eviction comes in to play unless you bought sub2 as an owner occupant.

AAAAAH YOU PUT RENT TO OWN IN THE TITLE!

Those two creative strategies can be put together to execute an amazing deal but as someone mentioned they are not the same!!!

So which one is it? if you want advice we need the facts!

best of luck!

Hi @Shane Thaxton it is my understanding, without knowing the landlord tenant laws in GA, that when a "tenant buyer" does not perform(Make on time payments or buys the property at the set time), they default to a ordinary tenant.  At that point you would follow the ordinary eviction process to end tenancy.  I am assuming that is what occurred? 

"Illegal eviction"??? Did the owner not file an eviction with the courts and receive approval to have you vacate the property?

@Dario Alvarado "Creative Financing" is such a broad term that it would mean something different to everyone however if you are referring to acquisition of buy and hold property then it sounds like you are referring to the strategy of seller financing.

Some of our best deals were taken down on terms.  That said here are some terms that you must be familiar with and know how they work together to structure any deal.

off market

skip tracing

cold calling

pay per click

Purchase price

Down Payment

Interest rate

Amortization

loan term 

I'll leave it here....There is so much to discuss in this area of real estate that I'd end up writing a novel for you to read.

Best of luck on your journey!!!

Hi @James Huff congrats on getting started at such a young age.  Don't worry, you have time to not get things all the way right and still rebound.  Not sure if this is a house hack(You will live in one of the units) or strictly investment.  

If it is strictly investment and you are looking to make money on the property after expenses i.e taxes, insurance, management, capital expenses, maintenance, vacancy, utilities, landscape/snow and Mortgage then I'd say getting the rents to be at 1% or purchase/renovation would be a spot to break even.  When you get over 1% price to rent ratio is where you would typically cash flow.  Now if you bought for appreciation and don't need the cash flow now then that is another ball of wax and can lead to speculation.  

Generally all real estate will go up in value as demand increases so you will be ok in the long term I'd imagine.

Keep the post, posted on this deal and congrats man! 

All the best to you on your journey!!!!

@Scott Suryan I think the best person to pose this question too would be your CPA. I see advantages on both sides. Using the HELOC, In my limited understanding, the money you pull out (Interest only) is fully deductible come tax time so if you pull out $60K on 8.99% you should be looking at around a $450 per month payment.($5400 annually) It hurts on the front end but if you can deduct it against your taxable income is that better than making $450 per month and paying your effective tax rate on the $5400(let's assume your tax rate is 20%($1,080)?

Which has the greater benefit? using the $4,320 today or reducing your tax liability by $5400 tomorrow? I guess then it becomes a question about the time value of money.

All the best!

@Clare Pitcher Thanks for sharing! @Jay Hinrichs Finally Milwaukee is getting some respect LOL!!!!

@Mostafa Khalifa you are making this bigger than it needs to be man.  Reverse engineer a motivated sellers list and simply look for people that bought properties cash in the area of where the property you have under contract is.

We still use Prop Stream to find our cash buyers! let me know if you need a trial link or further clarification on how to execute.  I can show you a deal, closing statement and the list we found the buyer from.  

Here is a piece of advice for you.  If you find a "DEAL" the buyers will come.  FIND DEALS, FIND DEALS, FIND DEALS!!!

Don't over think it.  GO!

Hi @Griffin Spence I would first learn about how to underwrite a deal because with this knowledge you will know how to speak intelligently to that "motivated seller" when you find that diamond.  are you analyzing deals? what zip codes are you most familiar with in Milwaukee?

Hi @Rory Darcy I've sold property off market and I've also put properties on market after not moving off market.  why did your property not sell on market?