All Forum Posts by: Carlos Rovira

Bienvenidos, @Rene Vergara!

@Mariah Arkins

Welcome to BP! Fortunately you are in a very good real estate market. Indy has great value and is a healthy rental market. If you are looking into buy and hold investing, you are in a market that cash flows very well and you will have no problem finding deals. Good luck!

Angela Jossy You mention you are web / graphic designer. I currently own a web design company and help other investors build web sites for their businesses. This is a great way to raise capital for that first deal. The majority of my acquisitions have been done with funds raised by my web design income. Always leverage your strengths and talents in order to generate additional streams of income that will help you with your end game (which I assume is passive income through real estate investing).

I'd say the safest way to accomplish that is to make sure the down payment is enough to pay off the existing mortgage. You would then pay off the seller's mortgage at closing, and they then would hold papers for the remaining amount.  If the seller owes too much on the property, seller financing wouldn't make sense. 

@Brian Simmonds I've never been asked to provide a W9. The closing statement should have documented the security deposit transfer from the seller to the buyer. If not, as long as the lease agreements document what the security deposits are, and you are able to provide a bank statement with that amount of money in it, you should be good to go.

@Raj Tirur I am currently refinancing a property in FL using Guaranteed Rate. LTV is 80% with 30 yr Amo. Feel free to PM me and I can provide their information.

@Franky Juwana In a seller financing situation, the seller sells the property to the prospective buyer and then assumes a first mortgage position. The buyer would potentially provide a down payment (agreed by both parties) and then the seller will hold a promissory note for the difference between the sales price of the property and the down payment provided by the buyer.

In essence, the seller then becomes the bank/lender and then must follow all of the same laws that lenders must follow in the event of a default and formal foreclosure proceedings must occur.

In regards to the renting of the property. Once the sales goes through, the buyer is the new owner and can rent the property (assuming the terms of the mortgage do not restrict this). No sharing of rent is required. The buyer will pay the seller a "monthly mortgage payment" with whatever terms are negotiated at the time of sale. 

@Lesley Govan- I work with Guaranteed Rate. They are a national company and lock in about $60M per day in financing. I can recommend the person I work with there. He is very bright and knows the market well. He is based in Chicago, though, but is licensed in other states and has a team that helps him. Send me a PM if you want me to share his info with you. I live in FL and work with him virtually and find that it is sufficient. 

Jack Gibson welcome to BP! I am an out of state investor and just purchased my first SFH in Indianapolis. I hear this is a great cash flow market so I hope to buy many more if this first investment works out. Like you, I also have a main business which is Web Design. This provides me with the "active" income necessary to lay the foundation for my "passive" income. I'm interested in hearing more about your experience as a business owner who also invests in real estate. Feel free to reach out and connect further.

Welcome Nicholas Feanny and good luck on you're new venture! I am an active investor and property manager in Miami, so feel free to reach out if you need anything. This is currently a tough market. It is a "sellers" market, making it difficult to find deals, which makes finding great opportunities extremely valuable. It is in a market like this that networking with the right people is very important, allowing you to be able to tap into "off market" opportunities not regularly available to everyone.