All Forum Posts by: Pyrrha Rivers

@Jon S.That is great news!

Congratulations!

Absolutely @Marvin McTaw! So you know I'm going to be all about meeting people when I get home to GA in the summer. Hope you can make a little room in your calendar for me.

@Michael Le You are right! But it is very helpful to get together and talk with others in your same boat. They may be ahead of you, just starting or wherever in the path of experience but they will have ideas you don't and you will have ideas they don't and together through conversation you may come up with completely new ideas. Most important for me, though is the encouragement I get from talking with others who are doing what I aspire to do from a distance as great as mine and with obstacles perhaps bigger. For example, @Daniel Ryufigured out how to successfully invest in a state he has never visited. I admire that because I find it challenging to invest in the area I'm familiar with. So his success negates all of my excuses.

@Dan Denton I really recommend you and everyone to try it. It wasn't hard at all. Just as you communicate here in the forums, you can connect with someone in their local area for a meal (have to eat any way) and get: 

#1 an amazing meal in a restaurant you would not have been able to find on your own :)

#2 the chance to talk with someone or some people about a variety of topics, not just Real Estate.

#3 continue the conversation well after you've departed because there are so many things that come up and you can't really explore each one in depth.

The benefits go on and on! Let me know when you do it.

@Bill GulleyI just finished reading your blog post. What an education you provided and so timely for my situation. Thank you so much!

Everyone reading this thread, whether you interact here or not, you must go over to Bills' blog post. here is the link. Be sure to read that. 

https://www.biggerpockets.com/blogs/5101/blog_post...

@Jeff Lezark Thank you so much for confirmation on my resolve to just go with my initial decision. Keep it simple. That's key and very helpful!

@Curt Smith You have just reminded me of KISS principle.

I’m glad I asked these questions. Both the bad one and the clarified version because I have learned so much from the responses I’ve received.

I guess I’m so pleased that my BP education inspired me to do so many things. #1 Tell everyone I’m an investor. I initially though nobody would care about what I do. I was wrong. Many people have shown interest, if only out of curiosity or sheer disbelief that I can be so crazy, but at least they know, which resulted in a deal coming to me. Another think I didn’t believe would happen. I know it happens for other people, but I was sure it wouldn’t happen to me until I hit the “big time”. Well it happened here in my infancy and I was brave and confident to consider the offer, then I decided to be “creative” which is the only way I can make this work at the moment. I asked the owner the first smart question. Not mine but from BP Is the loan was assumable? I felt rather fancy to ask that question I didn’t know the meaning of just a few months ago.

When he said the loan is not assumable I then asked another PB smart question. Will you consider owner financing? He said YES! I’m now even more impressed with myself for being in this conversation. LOL Then came the scary part when he asked “How do we do it?” I ran to BP to ask the smart people and although I made a mess of my question, I was still patiently guided by @John Dirgo Deweese to figure out what I should really be asking and here you now bring me back full circle to where I started. I offered a down payment and monthly payments that work for me and the seller agreed. So why did I decide I needed to make it as close to a cash purchase as possible? I’m one of the new folks you’re referring to. Bending over backwards to do something the seller didn’t even ask! He just wants to be paid in full when I manage to get a loan. I will stick with the offer I made but I am indeed glad to have had the thoughts, misguided as they were, that brought me here to ask the questions and learn so much I never intended.

Thank you for so generously giving of your time.

@Chance HousosThank you for your input. Can you explain the process of just taking the deed? I think this is a good offer to present to an owner but I don’t want to again run into the trouble I ran into earlier when he says “Okay, how do we do that?” I think that approach has to be very reassuring to any prospective seller as an alternative to subject to.

Thanks again for helping.

@Brian Gibbons The seller is not looking to profit, is willing to sell for the balance of the mortgage but needs enough cash to either pay it off or at least have enough to pay for a while without having to access his limited family funds. I guess he’s trying to avoid a foreclosure situation because with the property not rented he cannot afford to make his monthly payment.

I will also keep your suggestions in my Acquisition notes. I only recently learned of Land trusts. 

I wasn’t aware of being able to use a collection service to make payments as you suggest. Can you explain your reasoning for that? I’m sure that besides it being a good business practice there may be protections built in for both buyer and seller.

Having a plan B in case the loan is called makes a lot of sense and tells me that this is a strategy one should use to keep from depleting resources, but not as the only means to acquire property without reserves to make good on the loan if it’s called.

Who knew how much one can learn even by asking a bad question! I’ve learned a lot!

Thank you.