All Forum Posts by: Steven J.

Mitch,

I love the idea of owner finance, I don't have to do any work and still get the cash flow. My question is this. I've got a property I'm trying to work a deal on right now, there isn't much equity in it, but that's not the problem. It was a meth lab seizure house, current owner knows that, doesn't look bad at all though (I checked it out yesterday.) Do you suppose I could find someone willing to do the mitigation under owner finance? I believe that would fall on me because new owners have a certain time period to act on it. Or I suppose I could get the current owners to pay for the mitigation costs and then lease/option it out to new tenant/buyers.
What's your suggestion?

What about vacation rentals in seasonal areas. I'm originally from Minnesota in the lakes area where tons of people come to vacation spending a weekend or week in a cabin. Obviously, with Minnesota winters the winter season isn't a very hot time. Does anyone have experience with this type of seasonal rental investing?

I'm a new investor still working on acquiring my first deal and I've got plans for the near future to be moving quite quickly once that first deal is done.

I know within 6-7 months I'll be moving out of state, possible Seattle, where I'll be for at least a year. I want to by a duplex or bigger, probably through traditional financing, and live in it while tenant(s) pay for my asset. To get there I will do lease-options on mobile homes bringing in small but consistent cashflow to build my reserves for the down payment and whatever costs I'll need.

I would like to hear from people their opinions on this strategy. Am I missing something, should I invest in something else perhaps?

In order to keep myself busy and motivated I'd bring "Goals" by Brian Tracy.

To develop systems for continuing survival and then some I'd also bring "The E-Myth."

And lastly, I would like to bring with a book about foreclosures and short sales. Since I don't know much about those yet that would really help me kill the time.

I recently found melissadata.com. You can get roughly the same information and you're still going to have to pay roughly 50 bucks at a time but its a new one out there.