All Forum Posts by: Chance Stein

@Lisa Harris

Welcome! Good to see another new MN REI on the forums! Where is your market?

@Garth Mackendel

I wouldn't be supprised if you could get 2-3 sales a month starting out. That might sound low but if you work full time and have 40-50 prospective sales to sift through it's not that time effective to do more than a few. If you are experienced in the area you could probably swing a lot more.

This is all pretty speculative on my end as I have no idea what your market is like, but if you are getting 2 leads a day and can get 5% of those to sales you are looking at 3 a month.

@Garth Mackendel

I think it depends a lot on the market you are in.

If you are face to face with people and tell them you are interested in buying their house odds are you will get a lot of leads! But I dont think the quality of the leads will be very good IMHO. On top of that I suspect that most leads you get that turn into potential deals will not be good deals by a long shot.

Again that depends on the market you are into, but due to your lack of information I'm just guessing you are in a middle upper class area.

@Alex Cifelli

If the buyer absolutely does not want tenants you could offer them cash for keys. Give them x amount to sign an agreement to break the lease.

@Russ Marlborough If the cash flow is good and you can take the hit on interest, look at getting a commercial loan. Banks tend to lend based on the rates of the property not its appraisal value. If you can present the paperwork and show that even at that price you can make the payments and still cashflow they shouldn't have an issue lending to you.

@Curt Smith

Thanks for the info, very informative!

@Natalie Kolodij that's a good point

@Natalie from what I have read I don't think that's necessarily true. In essence it's no different than me hiring a property management company. They bear the risk for malpractice because they are the ones doing all of the tenanting and building servicing.

@Bob Okenwa

I came across that document, but that is only for FM loans. I haven't seen anything like that for other types of loans.

Hey BP!

I have been working on potential strategies and tactics for buying owner occupied and moving to an LLC later down the road. In my research and brainstorming I have run into the issue of the "Due on Sale Clause". Now I might be missing something crucial on the legal side of things, but couldn't I just contract for deed/Sublet the property to my LLC when the time comes and still gain the protection of the LLC while avoiding the DoS clause? As far as everything goes, I would still own 100% of the property until the C4D is fulfilled so I dont see how a bank could call Due on Sale.