All Forum Posts by: Cameron Tope

"Its not your lack of resources. It's your lack of resourcefulness" ~ Tony Robbins 

Hi Rachel!

I currently use both. My employer 100% matches my contributions up to 7% of my income. I max that out then use the rest of the money to invest in RE. BUT (there's always a "but") this strategy may not fit your goals. Determine your goals and how hands on you want to be with your investments.

Best of luck!

I always look at cash on cash return (annual rents / purchasing the property and doing all repairs with cash) and ROI. I always stay away from properties with minimal cash flow where a AC can wipe out years of rents.

@Account Closed I have rented a room to a colleague for over 2 years (we go out for margaritas every now and then) as well as my brother for over a year. I have never had any issues getting rent or asking for favors. I set a clear expectation from the get-go that I will not tolerate late rent, etc.

I agree some people are going to take advantage, which is why we do thorough tenant screening. Like you would a tenant, screen your friends. You know which ones are deadbeats and free-loaders. 

Regardless whether they're friends or family, you get what you tolerate. Don't tolerate late rent, dirtying the house, etc. and you won't have to worry about it. You have the power to "evict" your friends.

We all get what we tolerate.  

@Robert Herrera The title company and the attorneys will handle the lien portion. I don't know any real estate agents who are completing their own owner finance paperwork. 

What does the buyer defaulting have to do with the agent getting paid? 

Maybe we're confused. Have you sold a house owner finance with or without an agent? 

The reason you want to use an agent is to put the property on MLS, more exposure. The other huge benefit is the buyer (with their agent) is usually pre-qualified, saving you time from sifting and sorting through buyers with no W2s, tax returns or pay stubs.

I have tried both ways, MLS and non-MLS. I would absolutely use the MLS with RE agents to save me the headaches. It's worth the 6%.

@Account Closed

@Account Closed I agree that your friends and family may get mad...if you don't treat it up front like a business transaction. If you act like you are doing them a favor you are setting yourself up for headaches.

It depends on how savvy you are with technology. If you can organize folders on your desktop and add attachments to emails, you'll be just fine.

 The attorneys are used to draw up the wrap documentation.

@Robert Herrera why can't it be done with a real estate agent? The agent gets paid when they sell the house regardless whether that's to a conventional, cash or OF buyer. 

Michelle, we need to catch up! 

The marketing strategy that will work is the one to consistently use and refine through small tests.