All Forum Posts by: Pyrrha Rivers

@Michael SwanThank you for the affirmation and inspiration that where there's a will there are many ways.

I'm a teacher as well and I'm trying to become as smart as you and so many others here on this site.

Congratulations and thank you for your willingness to candidly share your method and your financials.

Pyrrha 

Hello BP,

I am trying to put together a deal using some of the structures and thought processes I’ve seen you smart people use, but since it’s my first time trying it, I'm not sure if I'm thinking it through and correctly. Here it is for your review and helpful advise.

Seller has been unemployed for some time, needs money to keep things afloat and has investment home he is motivated to sell.

3/2.5 townhome in quiet neighborhood potential rent range $800 - $850.

Yearly taxes are $1160 and insurance may be approximately $700 per year.

Seller offers to sell for remaining balance on the loan $43K.

According to seller, the home needs about 750 sq. ft. of floor coverings in second level, 1 bedroom door and 1 sink vanity.

I asked the seller if he would consider owner financing and he is open to that but would like to finance for a short term (3 years max) and have me get a loan to pay him out of the deal. 

I would like to pay $50K so I can get a conventional loan to begin with, have the seller pay closing and repair costs amounting $7K. This way seller gets all his money and I get the property for $10K down payment and have a mortgage of $33K to be paid by my tenant.

Is this sound thinking? 

How would you do it?

Thanks for your help!

Pyrrha

Hi @Chukwudi MotanyaMy thoughts exactly.

Since we close with attorneys in GA, it never crossed my mind to make connections with title companies. Very interested in the responses you will get from the more experienced folks here.

@Dave Williamson I am still in Japan and have managed to acquire two SFH properties thus far. Not the easiest process but I'm making it work.

Thanks for asking.

@Matthew Pinkston, It was nice to meet again and spend some time discussing progress, goals and brainstorming strategies. Good introduction for my friend to get a feel of what BP members interactions can be like.

Hope you have a great Friday!

Pyrrha

Thanks, 

I"ll look into those resources.

When will I see you, Friday or Saturday?

@Daniel Ryu Thanks for the link. I've joined the group and will be exploring the posts.

Welcome!

@Matthew Pinkston I will be +1 tomorrow. Bringing a friend along.

See you then,

Pyrrha

@Leonard Nisay, you have no shortage of great advise here, so be sure to follow it, make personal connections, ask questions, including "What questions should I ask?" Because you just don't know what you don't know.

@Daniel Ryu,Absolutely! Although he's not a continent away, distance is distance and you've shared a detailed process that he may find helpful. About Thanksgiving...How is your schedule looking for Friday or Saturday? My group is planning to have dinner together on Thursday but that's about all we have set on our schedule. The rest of my time is still pretty open but I know you're busy, so hopefully you can fit me in some time.