All Forum Posts by: Mary B.

Gotcha, so its recent comps. So long as you don't have to do any repairs that will suck up your spread, it sounds like a pretty good lease/option deal.

Now once you secure the mortgage, you will handle the landlording or will they continue to do property management services for you?

Kudos,
Mary

@Eamon Heggartyundefined

0 Votes

I think David Fair's uberly grossed out hoarder house took the crown here....

Kudos,

Mary

0 Votes

Originally posted by @Eamon Heggarty:

Hi all.

I'm 22 and from the UK and currently just bought my first property. I would just like to share my recent investment and how ive been able to pay for it with a new technique ive never heard off or seen.

It is a 1 bedroom apartment in a new off plan small 4 story block building in the city center of Birmingham UK.

The property is an off plan investment and its purchase price is 15% under market value at $117,000. The developer has set up a payment scheme whereby i (the RE) pays a deposit and legal fee to secure the property (3% off the property value). Then after this i make payments once a month for 24 months to cover the 30%. Therefore 30% off $117000 = $35,100. This is this divided by the 24 monthly to calculate my monthly payments ($35,100/24= $1462.50/month).

After the 24 month period i will secure a mortgage for the reminder of the property value ($81900).

ADDITIONALLY to this (this is the bonus ball) the developer has guaranteed 5 years rental income, weather they find tenants or not, i still get my $650/month rent cheque (-8% for management fees). Thus $598/month for 5 years guaranteed.

I am currently 6 months into paying the monthly installments and the property has appreciated to $155,000. (STILL OFF PLAN).

All in all i think i've made a good invest and would like to hear what any of yous think, good/bad/ugly.

Thanks :D

Welcome to BP. This "off-plan investment" sounds similar to a 'sandwich lease option', imo. Its a real estate investment strategy used in the USA and possibly abroad. I don't see how you are getting 30% off though because from what you've described - it seems like you must pay 30% down via 2 years of monthly installments, before you get to secure a mortgage on it ( aka rent to own). Did you have the property appraised to get the amount of $155,000 or is that from the latest comps? Hopefully everything works out for you.

Kudos,

Mary

0 Votes

Welcome to BP,

Definitely take your time to fully explore this website for all that it has to offer. The guys are changing / upgrading the site all of the time so you don't want to miss anything. There are great learning resources here and as you can see the forums are opened to everyone to share. Many seasoned and newbies frequent BP so you are among the best real estate professionals globally for networking plus. Happy learning & hunting...hope to see you around.

Kudos,

Mary

0 Votes

Originally posted by @James DeRoest:

Kinda semi serious here ; are you sure they've gone? That is a lot of cra,...stuff that they've left behind.

Check that all the windows are locked as well. Scum often leave one window unlocked in case they forget something.

I was wonder the same thing: are they really gone for good? Especially since they're living in cars/trucks around the corner, I'd still be concerned that they'd try to re-enter. They could be waiting to see if / when Will gets the place fixed up (even if a tad) to break in... sorry but they aren't far enough away, imo. Out of sight - out of mind - so until they are totally out of sight they'd still be on my mind somewhat...

Kudos,

Mary

0 Votes

Originally posted by @Jennifer L.:

I'm unable to view the videos. They are set to private.

The first link was private but go to the next message he left a few min ago and you'll have access to view....

Kudos,

Mary

0 Votes

Originally posted by @Jean-Claude Governale:

Hello all, brand new to BP and RE investing. I have been reading everything I can on BP, listening to podcasts and talking to some investors I already know. I have been practicing analyzing deals, my goal is to have "reviewed" about 100 deals in 30 days.

I'd like to get started with buy and hold rentals, I have owned 2 homes previously so I am somewhat familiar with the home buying process. I also have some resources for flipping, fixer ups in place and might look that route also for additional revenue.

I'm currently working on networking and looking to meet people so I can begin to develop a team of people to work with.
Agent
Attorney
CPA
Lenders
Investors

Looking forward to meeting local investors and continuing to learn more from BP, and everyone I meet.
Thank you for taking a moment to read my intro.
JC

MODERATOR NOTE: DO NOT reply offering any of the services mentioned above. It is a violation of forum rules

Hello and Welcome to BP,

I just got back from Tampa yesterday...cool place for a vacay. You seem to be on the right path and you very well have located a great source to find those team players and then some. Definitely put the time in to fully explore all that BP has to offer - the lovely tool bar above will get and keep you going. :-) Looking forward to seeing you around in the forums. Enjoy.

Kudos,

Mary

0 Votes

Originally posted by @Kristin Whitaker:

Hello all,

Searched the forums with quite a few different keywords but didn't find any discussions similar to this.

I've come across a deal on a rural property, numbers are great. Not a bad area, probably B-. Just rural. Homes selling on the high end for the region.

The owner wants to get rid of the property because he's let his sister live there who is married to a violent criminal with 17 assaults on his record. Last time owner was at the property, husband answered the door with a gun to his face.

So needless to say, I will not be touring the house or property. Number is low enough that I don't feel like I have to anyway.

There is no written lease in place. Owner says they are "squatting." 92-year old father is also there "squatting."

My plan is to wholesale, but I can't really show any potential buyers inside. I don't really want to pass this problem of a violent (and now even more pissed off) criminal on to any of my buyers either.

What would you do?

Pass on the deal? Tell the owner to get rid of them THEN we can make a deal? Go ahead and get it under contract and try to find a buyer anyway? And the elderly father issue - kinda feel terrible about possibly kicking him out of his home at 92 years old..

Gut tells me to walk away but I know there's a way to do this and make (almost) everyone happy.

Thanks for any insight!

Kristin

So where is the deal here? Generally I wouldn't deter anyone from putting forth effort even on complex situations if there is a chance to get the deal done but again....where is the deal here?

If it were a situation where the tenants were all about to be forced out within a day or so...but unless the numbers are stupendously in the cash buyers favor and the owner was doing his damnedest in getting them out (which he seemingly has run out of wind) I can't even see many r.e. agents wanting a piece of this crazy action. Now, if you have one of those off-world wacky investors in your arsenal then by all means go for it. I've seen threads on BP of investors knowingly buying meth lab houses with skinhead & junky tenants still living there and whatnot so its not utterly impossible. The crucially key factors to make this work in your favor here are the numbers have to be superb and the off-world investor has to be easily within reach for you. Otherwise I'd go with the masses to walk / run away from this. My coin.

Kudos,

Mary

0 Votes

Originally posted by @Hakeem Palmer:

@Mary B. what source did you use to see when the last house was sold in that area between that radius ?

Hey Hakeem,

This thread is a few years old so I can't recall exactly but likely the link that was enclosed by the OP was a starting point...

Kudos,

Mary

0 Votes

Honestly I have to agree with most of the previous statements although I didn't fully read them I did glance several comments. I understand what you are feeling because often peoples discomfort is projected outward and it can leave a damper on your spirit. That stated - Don't give up... Adjust. Wear a suit , smile a bit more (not suggesting subservience) beat them to the punch by projecting your good jovial attitude on them. Which may be able to ease their discomfort if not totally then substantially. How could you not be excited in a business that you love enroute to financial freedom?

You can also try doing business in another market. Either one in a close proximity or out of state so long as it offers profitable numbers , the 'all parties win' opportunity. The thing is @Kalid Alogbiin the beginning of your REI career you will have to deal with people so you either adjust to succeed or don't. Later you may be able to automate your business. Some people are shy, passive aggressive, some are just not gregarious. Don't take it personal in any event. My coin.

Kudos,

Mary

2 Votes

All Forum Posts by: Mary B.

Mary B. has started 17 posts and replied 1764 times.

Post: First Property at 22 and a NEW way to Invest OFFPLAN.

Post: Worst Hoarder House Ever

Post: First Property at 22 and a NEW way to Invest OFFPLAN.

Post: New Canadian member looking for creative finance advice.

Post: The Occupants from Hell!

Post: The Occupants from Hell!

Post: New Member in Tampa

Post: Wholesaling a deal with violent felon - what would you do?

Post: First wholesale deal in Newark, NJ

Post: people avoid me because I look different, what should I do ?