All Forum Posts by: Rick Stein

There is no need for me to echo what previous responders have said. But, for future deals, why not look for owner financing or private money. On buy and hold properties, the terms are more important that the purchase price. Last year I purchased a three family with $10K down and seller financing at 2%. I am paying considerable more that than the 30 year amortized amount, so I am retiring the loan in 12.5 years. I was able to raise the rents by $200/month thereby increasing the NOI and, by extension, the value. I have about a $600/month cash flow. I use private money extensively and try to avoid banks whenever possible. A previous writer said that good deals in CO are hard to find. With all due respect, you don't look for great deals, you create them. I invite you to visit my Youtube channel: RLS Properties, LLC where I explain some of the creative financing techniques I have learned and use.

I wish you the best of luck!

I echo the sentiments of the previous responders. You need to check the laws in Canada. Having said that, if the laws are similar to those in NJ, you don't do anything nor can you do anything until or when the remaining tenant does not pay you. Should that occur, you can file for eviction. The lady who is leaving signed a three years lease. A lease is a contract and she does not have the right to break the contract by having her name removed. Of course, if the remaining tenant does not pay, the one who has flown the coup is still responsible. I assume you have a security deposit? In NJ the legal limit is a month and a half. I will curious to know the outcome. I have been a landlord for about 25 years and it's definitely NOT the romantic "sit back and collect the checks" lifestyle that some would have you believe. 

I am a 30 year vet in the real estate industry. As a sales manager for a major agency, an REO agent and an investor I have lots of experience to bring to the table.I am always buying and looking for private investors and/or equity partners to fund my deals. I operate in central New Jersey. I'd love to talk to you.

Thanks,

Hi, Jessica,

Getting licensed is a good idea. Of course, the licensing info will teach you precious little about investing. Most real estate agents no nothing about investing which has its own language. I'd join your local REIA and read everything you can. Education is key! Joining BP was a good move.

Good luck!

How about owner financing or private money ( I don't mean hard money)? With seller or private money, anything is possible. Be creative. Ask the seller if there is an underlying lien (mortgage). if not, craft a deal that will make sense for you and the seller. I recently bought a 3 family with slightly less that 10% down and owner financing at 2%. the owner REALLY wanted out. Just a few weeks ago, I bought a HUD home with private money. I borrowed 100% of the purchase price. The lender is at a 60% LTV after I rehab it. he gets a monthly check and is quite happy with the arrangement. I put out a monthly newsletter. It contains videos of my projects and has an educational component as well. I'd be happy to place you on my mailing list if you like. There is no cost.

Good luck!

if you can sell and get a check at the closing table, I would definitely sell. $800/mo is almost $10K year. Take the equity and invest in something that would make money-- not lose it.

If your numbers are correct, and you rent out the other side, it sounds like a winner. How are you financing it? Is there the possibility of seller financing?

Hi, All,

I am purchasing a HUD property in Trenton NJ On the Ewing boarder. It is on a nice residential steeet and I intend to use it as a buy and hold. I am seeking $45k in a first lien position. The ARV is $75k which would place the lender in a 60% LTV. Please send me a private message if you are interested.

Jason,

What are you saying? First of all, if I buy a property as an investor, I would not be use at an FHA loan as they are for owner occupants only. However, if I buy an off market property, my buyer can certainly use an FHA laon to purchase it from me assuming I have rehabbed it

Whether you are a Realtor or not, you can send "Yellow" letters to the neighborhood your buyer desires and try to get some off market properties. You will have less competition than looking in the MLS.