All Forum Posts by: Stephen Sokolow

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*This link comes directly from our calculators, based on information input by the member who posted.

Can anyone walk me through how land contracts work? Who holds title? How do you work out the monthly payment? If there is an initial down payment and a balloon how do you figure monthly payments? Also how is this drawn up? Is it a private mortgage?

I am looking at a deal that is off market and I found it through mailing. The owner owns a few rentals and is on the older side. The house is 2/1 864 sqft. The outside looks like it could use a paint job.It has a new roof, updated mechanicals and a tenant that has been there 7 years and pays on time. Rent is $650. Taxes are currently $614 but I put $714 in calculator. I am getting a quote now on home insurance but the area runs about $50 a month on a house that size. The owner is asking $44,000 and my ARV using Zillow closed sales this year show it to be around $62,208 using price per sqft. When I spoke with the owner I asked if he would do seller financing and he said he would do a land contract $7000 down with three year balloon. I have never done a BRRRR deal or seller financing deal. I wanted to get advice on how to run this deal. Do I do it as a BRRRR in which case I am not sure what to do with a good tenant or just a straight rental?

It seems they were not showing accurate rents in the listing. I passed on the deal. 

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*This link comes directly from our calculators, based on information input by the member who posted.

Can anyone tell me what the typical wholesaling fees are in South Bend/Elkhart area? Does $5000 to $10,000 sound normal for hear? Also, what are flippers making on deals in general? I know that in other parts of the country a flipper will not touch a property if the profit is less than $50,000. Not sure that is so reasonable here by would love to get feedback. Thanks so much and happy Holidays

Hi @Thayer Hood I have brokered an AirBnb in the past. I am happy to jump on a call with you this coming week. Send me a pm 

Hello all. I wanted to get some local insight to the North Miami sub market. I grew up in North Miami but have been away from home for over 20 years. I had never really looked at it at the time as a good area to invest. However as I have started to invest remotely I wanted to get insight into where that market is now. Is it a good place to invest? If so why or why not? I know there used to be the higher end markets east of Biscayne and closer to the water and then the more middle end market West of Biscayne. Is that still the same? Are there any hot pockets in the city currently? How is the job market there? Any feedback would be greatly appreciated. Thanks

The market rent on it is $800. Do you think I should consider it as a BRRRR?

Hi all,

I have a potential deal that I am trying to put under contract. The ARV is $64,500. The home needs about $25,000 in work. The owner is asking $40,000. They are willing to do seller financing with 10% down, carrying a note for 36k at 10% interest for 10 years for a monthly payment of $475.74. I would like advice on how to proceed. Does the seller financing benefit me if I am trying to wholesale the deal?