All Forum Posts by: Simon Ghandil

Someone that makes you pay for mentorship isn't a mentor.

If I put an offer on a MLS property, my EMD ranges from $100-500. Only one time did I put down $1,000. I don't think there would be any lender out there that would lend you EMD capital.

@Jeff G.

The only qualifications I have are that you make 3x the monthly payment. I have friends who also do background checks, but I don't do that. Also I don't require it, but if they are a contractor or are good with their hands that is a big plus in my books.

I buy my houses cash usually, since my properties never cost me more than $45k, I could imagine that securing a mortgage for such a low priced property would be difficult. I also don't like debt. 

1. I'm not too sure, each state varies.

2. There is a high failure rate because most owners will do no credit check and have no qualifications for a tenant. If you have the down payment handy, they'll sell to you no matter what. When I first started I did that, I had my tenants leaving after 4-6 month. I started to some qualifications which has definitely brought me much better tenants, but I also love selling to somebody that has a trade. Those are usually my best tenants and rarely give me any headaches. 

3. I can't think of a huge downside that makes me want to stay away from owner financing. My phone isn't ringing constantly because I don't handle maintenance, nine times out of ten the tenant is actually making improvements to the home, and I can charge a little above market rent because they're actually owning the property, and I can buy cheaper properties that need some TLC, do no work to it and sell it as is to somebody who doesn't mind doing the work in exchange to be an owner of a home.

I do lease options on every single one of my properties, I can't imagine switching over to traditional rentals. Happy Investing!

Here's my reason for not jumping into the multi-family market, maybe you can change my mind, or shed some light.

I only buy SFRs, usually pricing around $50k for cash, then I'll owner finance them as is. Its convenient for me because it eliminates the need for me to maintain the property, the tenant/buyer would have to take care of all repairs, and I have no debt.

I can't owner finance an apartment complex, so theres a chance my phone will still ring because something inside the unit broke, and I won't be able to purchase many complexes cash, so I will have debt.

Send me a PM as well with information whenever you get it, I'm local in Virginia Beach. Thank you.

Finally moved somebody in there today. Reason why it took so long is because I spent the first week marketing it, got someone to put a non refundable deposit down for 2 weeks, he ended up not going through, so spent last week marketing it again and closed on it today! These two buyers are extremely happy. On to the next house!

What kind of repairs does the home need?

@Mindy Jensen I do no work, I sell the homes as is.

UPDATE: Got a tenant buyer into this home today, documents and everything are signed. He brought his contractor, got a bid on the repairs, and was ready to move forward. He's happy, I'm happy, time to get another property. 

Closed and got the keys yesterday. Its another 2 bed 1 bath in Portsmouth, VA. Purchased it for $35,000.

Planning on placing a tenant buyer in there for $3k down $875 a month as a contractors special. Have two contractors already taking a look at it today.

Going to sell this as a lease option as I planned with my first property and the rest of my properties. Will update you guys when I fill this one.

Pictures - https://drive.google.com/open?id=0B4gRIJkesW-HbkI5...