All Forum Posts by: Tyler Speelman

Hey Everyone, 

I have a seller who wants to sell because they are worried about potential higher capital gains taxes after the 1st of the year. I mentioned seller financing and the seller said that he would not want his money tied up longer than 2 years because he wants to use the proceeds to build. I have a few offers below.  Please let me know if you would add or change anything. Thanks in advance. 

*Offer 1: $170,000 cash, no contingencies, can close in 2 weeks.

*Offer 2: $180,000 contingent upon conventional financing, no inspection contingency, must close before the end of the year.

*Offer 3: $190,000 seller financed, 20% down payment ($38,000) due in 2 weeks, $152,000 amortized over 30 years at 5.5%, $863.04 monthly payment, balance due on 11/18/23. Contingent upon appraisal no less than the purchase price. *Seller keeps the deed in their name until the full balance is paid (contract for deed) allowing the seller to continue to use depreciation on the asset.

*All offers are without a realtor involved. 

Hello, 

I've heard on a few podcasts that tax credits can be sold - can someone give me a simple example explaining how this benefits the buyer and the seller of the tax credit(s)? 

Thanks,

Tyler

Hello,

I recently got a triplex under contract. There were 2 other offers on this property. Would it be okay to ask the listing agent to provide the names and contact info for the others who made an offer so we can connect and potentially partner on future deals? 

Thanks,

Tyler

“REAL ESTATE CRISIS. 6 million homeowners in FORBEARANCE. Sad. Before they can receive stimulus money they need to qualify for new loan. If they lost job or lost credit they may lose home. Opportunity for investors. Sad news for homeowners business & country. Pandemic must end.” -Robert Kiyosaki

How are you preparing?

Hi,

Would you turn a 4 car detached garage into a 1-2 bed air bnb or apt?

The detached garage has electric, but no gas, water or sewer. It is on a separate parcel a stones throw away from a popular lake in Ohio with limited housing.

Other 2 bed Air BNBs in the area get 2k per month.

What steps would you take to get the conversion started (zoning, general contractor familiar with the area and scope of work, etc.) or is this a bad idea?

Would you worry about pouring money into this property and it not appraising as high as you’d like due to lack of similar properties?

Thanks in advance for any comments, ideas/ suggestions!

Hello,

Off-market condo in Ohio, asking price from seller 100k. Comps show it is worth 150k. It was transferred to the current seller via quitclaim deed. The current seller is willing to seller finance, but I am concerned about holding it for a year due to negative cash flow and speculating it will still be worth more in a year. Family member (the owner of the adjacent condo with shared roof/wall to the condo for sale) wants to split this deal 50/50 and suggested wholesaling. 

If we wholesale this deal with a double close is the end buyer responsible for title search and other due diligence related to the property?  

If we got it under contract for 90K what would you sell it for? 

Just had resident ask if she still needs to pay rent, her employer is still open, but she is worried her company may shut down? Normally I wouldn’t think twice and would tell her yes, but do not want to be insensitive. She always pays on time and is a great resident. How would you respond?

Hello, Off market recently built duplex (2200 sq ft) with tax abatement. Gross rents are $1400 and below market rent ($1600 = market rent) Seller is all in at $190,000. Duplex is insured for $236,000. Seller is asking 231,000 ($105/sq ft) Seller says Duplex is almost paid off. Seller needs cash for new business venture unrelated to real estate and wants to sell ASAP. If cash offer is not doable - would you offer high earnest money deposit ($100,000) given to seller ASAP and finance the rest with conventional mortgage in exchange for lower purchase price? Thanks in advance for any advice.

Sue K. 
My goal was to create cash flow by being the bank for the resident. If I did a lease option could I make the resident pay a down payment (option fee), make him responsible for all expenses and make his monthly payments greater than my expenses? Thanks for the response!

Hai Loc Okay, good to know. I was not planning on paying cash. I will have to research this further. Thanks for your response. Sue K. My goal was to create cash flow by being the bank for the resident. If I did a lease option could I make the resident pay a down payment (option fee), make him responsible for all expenses and make his monthly payments greater than my expenses?