All Forum Posts by: Winston Spence

@Kevin Gerace

Welcome to Biggerpockets!

@Sean Rand

I listen to his podcast. He mentions that he offers a free 15-min phone call to people who sign up on his website. Try scheduling an appointment and that will help with your decision.

Disclosure: I am not affiliated just listening to the podcasts

@Thomas St John

Congrats on your first purchase!

I have a few questions to ask since I am also considering this funding option as well:

- Was the process of applying for a loan easy or did you have to jump through hops?

- How fast did you get the loan?

- Was your credit score great, good, or poor? And interest rate are they charging you?

Any info will be greatly appreciated!

@Piotr Salanowski

Welcome to Biggerpockets!

I need help with this master lease option deal I'm working on. The realtor listing the property said this, "What are you proposing for a lease option fee, how much per month, what percebt would you like to put towards your down payment from the monthly payments, and what timeframe. Also at what price would you come in". How do I respond to this? Any advice from those who have completed a master lease option would help. Thanks

@Bill Gulley

Since you have plenty of experience with seller financing, I know I should still double check with an lender but how do you set up your deals? What are the usually terms you put in the contract? Interest rate and years? Any other info would help

I've been looking on craigslist for seller financed homes and I'm trying to figure out how should I structure deals. How are BP investors structuring their seller financed homes? What terms should I put in the contract? How does the safe act play into seller financing? Any help is with this appreciated!

@Mark Ferguson

If the property is already undervalued and noone is bidding, why not go the minimum HUD is trying to net, or REO for that matter. Just makes it a better deal.

@Jason Ligon

Its good that you are trying to buy a home. Honestly, I would never bid list price unless there is competition regardless of the area. Even then I would just let the property go. I dont know how your market works, but since its in the owner occupant period, there should be even less competition. I would check to see how much people are bidding on the property then determine what you need to do from there.

How do I get a 203K loan on a HUD home? I know I have to pay the earnest deposit either $500 or $1,000. Does this take the place of the 3.5% down? And if I'm bidding online how do I add in the rehab costs with the loan? Any help is appreciated!