All Forum Posts by: Devin Woods

Thanks @Ian Hoover 

I'm absolutely interested. 

Thanks everyone. I didn't know about getting a loan servicer, that's great info to know.

To answer the questions about my realtor, she actually didn't find the property or set up the meeting, I did. The realtor also doesn't seem to know much about seller financing. I do understand that due diligence is the only way to gather the info I need to assess this deal. 

Thanks Jeff, that does shed some light. The seller I have actually owns his own property management company for a REIT, and is looking to offload the property as he doesn't have time to grow his business and personally invest. He stated he has his own closing company that he uses for his purchases, and is also a licensed Realtor himself. Should I suggest we contact his closing company for an attorney or should I find one on my own? I also have a Realtor on my behalf who the seller has agreed to pay 3% to. I guess what I'm asking is to take this from a "generic" question and see if you would suggest anything specific for my circumstance? Thanks again for your initial response!

Hello All,

I have a generic question regarding seller financing and how to actually put the deal together.  I have a property I am looking at and I believe the seller may be open to this, and I feel we would both benefit from this type of deal. I am just unsure of how I actually put together this type of financing. Should my realtor be putting it together, do I need an attorney, a closing company, etc... I am just looking for some guidance on how to physically get the seller financing in place and a legal note created. Any help would be appreciated. 

Thanks for the responses. I assumed that since I couldn't have less than 75% LTV to purchase the property, I probably couldn't do it to refinance, but I wasn't sure how refinancing worked.

I have a question for anyone who may be experienced with the process of refinancing a rental property. I currently have a rental property that I put 25% down on last year. I was wondering if it is possible to refinance the property for the whole value (or close to it) and then use that money to put down on another property? I have gained about 3k in equity from paying down the loan, and purchased the property for maybe 5k less than the appraisal price. The property is cash flowing nicely so the increased mortgage payment wouldn't hurt to significantly, and my current mortgage in on a 15 year amoritization. Is this a realistic approach that a lender would allow, both on the refinancing side and then also on the aspect of using that cash to put as a down payment on another property? Thanks in advance for the insight!

-Devin

Greetings,

I am looking for a real estate agent in the Pittsburgh area who is experienced in residential investment properties. I do currently have an agent that I have dealt with on a previous deal, but I would like to see if anyone on Bigger Pockets may be more experienced in the investor side in this particular market. Any help would be appreciated!

Thanks Cory,

I have given a lot of thought into buying multi-families with the intention of renting out to oil and gas workers. I work for a large drilling company, so I know the inflated costs our employees pay for rentals. Unfortunately I also know the condition that many of these places are left in, plus the very temporary nature of the tenants as rigs and frac crews move frequently. Also, if the industry tanks in this area, not only is the company I work for struggling, but I'll face hard times personally as well.

Thanks Dan,

I have one in Butler and the next will be in Bellevue.

Hello All,

My name is Devin Woods, I'm a fairly young professional in the oil and gas industry. I found Bigger Pockets through a Podcast search and decided this would be a great forum to learn and share! My wife and I began real estate investing late last year, and we currently own one multi-family and are in the process of purchasing a second. We plan to own 5 multi-families within our first 3 years, while we both continue working in our careers. I'm looking to network with other investors, gain insight, possibly partner on deals, and become a successful investor.