BiggerPockets

I bought my very first house way back in 1987 straight off the MLS with owner financing. We were working directly with the listing agent, and he told us straight out the seller was willing to carry a note. 1987 in Texas was pretty similar to where we are right now in terms of the lending environment.

Heres my story Bill. I'll be returning from deployment soon with about 30k. I'll need to spend about 10k. so I'll have around 20 left.

my goal is to acheive an income of 1500-2000 a month.

reading Jon's responses he expects 100+ dollars per month per unit.

The money I have allows me to buy like 2-3 houses assuming i can get financing for the properties. credit is about 600, very little to my credit history.

I figure creative financing will better allow me to acheive my SHORT TERM GOALS.
I'm open to learning more about lease options but I would need a mentor to get started doing that, it seems like more I read about them the more I need to know.

??? If you ask for creative financing does it discredit you as a buyer in the listing agent's eyes???

Heres my story Bill. I'll be returning from deployment soon with about 30k. I'll need to spend about 10k. so I'll have around 20 left.

my goal is to acheive an income of 1500-2000 a month.

reading Jon's responses he expects 100+ dollars per month per unit.

The money I have allows me to buy like 2-3 houses assuming i can get financing for the properties. credit is about 600, very little to my credit history.

I figure creative financing will better allow me to acheive my SHORT TERM GOALS.
I'm open to learning more about lease options but I would need a mentor to get started doing that, it seems like more I read about them the more I need to know.

??? If you ask for creative financing does it discredit you as a buyer in the listing agent's eyes???

No, I haven't had any luck because the agent always is in the middle. I have had luck with recently expired listings, especially vacant ones.

Brian Haskins

I had to explain what a "wrap around" mortgage was to an agent a couple days ago! :oops:

It's a 2/1 condo in Hawaii listed at 110k. Absentee owner. ALL EQUITY!!!! He said the owner would finance 20k only. "buyer will have to get a loan for the remaining 90k or pay cash.", he said. I think it would be better the other way around. How about 20k down, and carry back 90k? It's been on the market for over 6 months. And the market here ain't that depressed like on the mainland.

Going to see another 2/1 in the same complex listed at 75k. The agent above claimed it was trashed to the max. Called the listing agent for THAT unit, she laughed. She said it needs alot of work, but it's not that bad.

Both units are "leasehold". May have different lease hold periods which may explain the price difference. I prefer "fee simple".

Units rent for 1200-1250. Big army post nearby (schofield barracks).

TC

I had to explain what a "wrap around" mortgage was to an agent a couple days ago! :oops:

It's a 2/1 condo in Hawaii listed at 110k. Absentee owner. ALL EQUITY!!!! He said the owner would finance 20k only. I'd have to get a loan for the remaining 90k. I think it would be better the other way around. How about 20k down, and carry back 90k? It's been on the market for over 6 months. And the market here ain't that depressed like on the mainland.

Going to see another 2/1 in the same complex listed at 75k. The agent above claimed it was trashed to the max. Called the listing agent for THAT unit, she laughed. She said it needs alot of work, but it's not that bad.

Both units are "leasehold". May have different lease hold periods which may explain the price difference. I prefer "fee simple".

Units rent for 1200-1250. Big army post nearby (schofield barracks).

TC

tom thats crazy. did you end up with eitehr of the properites.

your welcome if I had to I would to it all over again

As far as the beard, LOL, thats not my real pic. I'm 23 if I had hair like that people would probably think I"m a freak. Thats Tom Cruise in Tropic Thunder. Hilarious movie "silly" comedy. It's about a guy that was considered a hero in war wrote a book and ben stiller and a few others are actors making the book into a movie
Tom cruise is the Money Hungry producer.

Anthony,

With 10k to invest (30k - 20k you want to keep = 10k), options and wholesaling/bird dogging might be your only choice. Both would provide a good avenue for you to get some hands on learning experience.

I am actually in the same boat, trying to decide how to use my funds - I am also looking at owner financing possibilities. That may be the option that i go with, unless of course i saw a good option opportunity i'd take it.

I understand how you get someone under an option contract, but how would you be able to rehab a property that you don't own but only have the option to own - a special option contract that gives you that right or besically the equivalent of the right of ownership?

Originally posted by John Higginbotham

Real estate agents (in my area anyway) are quick to discredit you if you mention owner financing... In the beginning I had a lot of trouble... I've spent a lot of time educating my current agent... he just does as I tell him. I used to get the same old line, "they won't do owner financing"... I wanted it in writing though along with my offer that they rejected it. A lot of times real estate agents aren't willing to present the seller with an owner financing offer, even though they are required to.

Hey John, Did you have to coach the realtor? Did you provide the correctly worded contract or fill out his generic form yourself? Could you provide the verbiage needed to pull it off?

Much thanks,
Mark