All Forum Posts by: Tou Vang

There are many pros and cons to owner carry finance and if it's for sale by owner.. Pro: little out of pocket for down payment if you can get someone/bank to come up with the 90%.  You can take the upper hand if you can negotiate the price very low. Con: if he/she is an experienced owner then you could end up paying more for the land if you don't know what to do. Make sure you structure the loan correct: no balloon payment (unless you expect this) or balance pay off contingency before the set length.

E.g. I have seen Hmong people buying land for $500k and required to pay 50% up front with a contingency to pay in full within 1 year. They end up losing the deal and their money because they couldn't coming in with the rest of the money within the 12 months. 

I suggest you talk to a broke to give you a CMA or check with your local court to see how much the tax assessor evaluate the land if there's not house.

Next get him/her to sign a purchase agreement on what you two agreed upon. dress a lawyer if you need legal help. Some lawyer will give free consultation the first time. (you can look online for a basic template.) Then take it to a title company and bring you funding.

Hope this helps.

@Account ClosedMaybe Phil can explain this better than I can..

https://www.youtube.com/watch?v=D4JL4PxK3_o

Hope this helps.

@Robert Polyack I would suggest that you spend sometime browsing through the Bigger Pocket Podcast on their youtube channel and go through all the buy and hold strategy ones.

Additionally, I suggest you look into reading "2 Years to a Million in Real Estate by Matthew Martinez" this book outline a lot of the things you should look for as a landlord/RE investor. It's a simple 200 pg read. This book should give you a quick of the good, bad, and ugly of being a landlord.

I hope this helps.

I agree with @Franklin Romine

To start off the typical property value that you can purchase with you income is 3X the annual amount. For example if you make $24K/yr then it's best if you purchase a property for $24K*3= $72K property value. Unless you have a decent size of down payment greater than 3.5% (Basic FHA down). The debt from your mortgage doesn't consumer all of your income unless you can find a duplex @ this price.

This is why majority of the beginner RE investor start with Wholesaling to generate a good income before getting into buy and hold.

If you're still interested in the buy and hold strategy then I suggest getting with a mortgage lender to know the specific loan amount they will give you.

Good luck.

@Chase Hancock

I would say it's best to talk with a lawyer and/or CPA for them to give you advise in this area. Majority of the time the first consultation is usually free. Otherwise, attend some of these meetings and you'll find mentor(s) who can guide you.

I hope this helps.

I have a possibility of landing a deal with a motivated seller. She has 2 property: 1st SFR own free and clear and 2 SFR has a note of $39K.

1st SFR: She wants $50K on the 1st home. How do I go about this deal if I want it for a buy and hold?

2nd SFR: There's a $39K note on this home. How do I go about this SFR?

As the title suggest... 

Any recommendation for home inspector in the fresno/clovis area?

Thanks in advance.

Can you explain a little bit more in-depth on borrowing money from credit card?

I've been looking at some of the apt unit for sale as apart of a apartment complex. 

What are things to look for while buying these as buy and hold?

What are some of the rental regulation for these? 

How are the equity or appreciation of these? 

@Account Closed 

While some of the statements above are, the most important thing I have learned regarding separate business CC vs personal CC is asset protection.