All Forum Posts by: Tom Horan

@Joe Splitrock

All good points for sure - I like your thinking. To your question about financing - I could get a conventional without much of an issue. I'll be reaching out to the owner directly and gauging the motivation level. 

I'm speculating - but they just lost a long term tenant, so I'm hoping they just don't want the landlord hassle anymore - but would still enjoy the monthly income. We'll see!

Thanks for the response.

@Matt M.@Micki M.

Thanks for reaching out. I agree that I was getting the run around from the property manager - as they aren't really in the selling business necessarily. I do however believe the owner is actually looking to sell in the near future. I have compiled a list of free-and-clear in this neighborhood (the subject house being one of those) and have been slowly marketing to them - but look to beef up my efforts this month and in future months. I agree that someone will be interested.

I can qualify for a mortgage and throw down a good down payment - my point however, was that an attractive seller-finance offer, may be a win-win for both parties and that'll be my ideal route.

Thanks again folks - will hopefully be following up soon!

@Matt M. Per property manager - seller wanted to hold on to this property for another year, but is contemplating selling in the near future. I'm hoping to get some advice that I can apply to other properties in the neighborhood. Lots of aging, free and clear, owners in my neck of the woods.

I'd prefer seller-financing if the deal can be structured attractive enough to the seller - and still make sense as an investment. Purchasing with a mortgage is an option as well, but seller-financing would be the first preference. Again, I think there is a lot of opportunity in this neighborhood - so even if this owner isn't itching to sell, I'm hoping that the BP advice could be used in similar situations nearby.

Hi All - I'm not new to BP, but I am finally jumping into the discussion threads looking for some advice on making an offer on a property. Trying to get a deal under my belt. Thanks in advance for any helpful feedback.

I'm renting a house in Colorado (just outside Denver) that is owned free-and-clear. 1950's home, very cookie-cutter in this neighborhood with comps between 300-310k.

To get that ARV of 300-310k, it'd need about 25-30k in work.

I'm trying to figure out the best way to approach the owner with an offer. I'm paying 1400/month - and would love for those payments to go towards principal or interest if I could negotiate a seller-finance deal, or a rent-to-own situation. 

I'm not really in a time-crunch because this property isn't on the market - and I'm sure the owner is feeling pretty good about pulling in 700+ a month in cashflow. If you have advice on how to make this deal intriguing to the owner, as well as profitable as an investment - I'm all ears.

I appreciate the help!