All Forum Posts by: Austin Faux

It depends on how you go about picking up the leads.  If you get a good deal the money will come quick.  But if they're wanting a proof of funds letter then you might need to get your partners in place.  I say don't hesitate either way you look at the situation, meaning just keep trying to get a deal, while you're trying to secure the funding.  If one happens to come before the other then great, but don't stop...keep moving forward.

I say call back as soon as possible and be honest with them.  My first phone call involved a property for $1.7 mil so I understand the gitters.  I'm assuming you have all the property info like bed/bath, sq ft., etc.  I wouldn't worry about talking to them as if you're looking to buy at discount.  They're a broker and they're used to working with investors, just be yourself, be honest and you'll learn something!

I have no experience in construction, but I have a buddy that's a Construction superintendent for Shea homes.  I have a few money partners, as well as a relationship with a hard money lender in the area.  We've been negotiating the deal, and we should see if they accept our offer in the next day or so.  Then it will be go-time! 

Austin-

How are you finding your deals?  What marketing methods are you using and what success rates are you getting?

My understanding of Dodd Frank was that you could have up to 4 Seller financed homes, and we were thinking 3 would be under my name and 3 under my wife. We were also thinking of bringing on a broker into our business, give them 1% of transactions and that would open up seller financed homes for us. 

A lot of food for thought here.  My wife and I were thinking of doing a 50/50 partnership with another married couple.  We would do the work, they would finance everything.  The only thing is all four of us are rather new to investing, and my wife and I have been rethinking about starting up this partnership.  Instead we're thinking of maybe asking an experience rehabber to team up with us on a deal, and teach us the ropes.  Otherwise it might very well be the blind leading the blind....lol.  

I've never done a mobile home deal, but I found a motivated seller.  How do you comp Mobile Homes?  I have checked the park rules on tenants restrictions, and basically I could lease option it to the end buyer.  I'm thinking of getting it on seller financing too.  Thoughts?

Are there exit strategies that are better suited for seller financing?  For example could you buy, fix, sell a home on seller financing?  Could you get into some legal trouble if you try bulldozing a home on seller financing?

Kwame one of my mentors is from Charlotte and has been operating there for 15 years.  If you want a really big boast to your Investor career you should try and find some win/win property deals and get in touch with Travis Howard.  He also just started a podcast called "Real Estate Nerd" which I highly recommend.  The podcast is completely oriented for first time investors.