All Forum Posts by: Chris Armistad

Hello BP, My family and I moved to Albuquerque a few months back. My wife went to undergrad at UNM, so it's moving back "home" for her after being gone for about 15 years, but I'm new to the area and I'm looking to start investing in the area. I started wholeselling while we were in Memphis and I like to start back up here in ABQ. I also recently got my real estate license and I am an Associate Broker at a full service brokerage firm in the NE area. I'm looking to network, connect, grow my business and to make my services available to any BP member. Thanks for the time!!

Thanks Jon. In the scenario I mentioned, the comps were in the $173,000 range and based on what I could see. If repairs were needed it would be minimal. This is what I term the "pretty home" type. Good looking home, little to no repairs, etc. in regards to the mortgage, the $875-$900 was the mortgage payment that included principle, interest and taxes.

Thanks Jon. In the scenario I mentioned, the comps were in the $173,000 range.

Thanks Jon! What's your experience with land contracts? I seem to be in an area where I have "pretty" homes, but either there is little equity or people are upside down; However, they have good loans in place (30 yr fix, 4-5%). I thought land contract could be very attractive to the seller, so they can get out of the home, but also to an investor who can have seller financing in place with a "little" down payment. Any thoughts? So, in both of your opinions, you advised me to stay away from land contracts. What would you recommend to sellers who have little to know equity and you can't whole sell it? Thanks Jay. Let me explain when I say upside down. I had one person call me and she needed to move ASAP. She had a good loan in place, 30 yrs @ 3.75, p&i was $875 (it might of been $900, but definitely lower than rental market of $1200-1300 per month). The original loan was for $177k and she owed $165k and was asking for $165k. They have lived in the house for only 4 yrs. I thought that because the loan was good, that keeping the seller financing in place was a good option for them, and I thought the the potential $300-$400 cash flow would be attractive to a buy and hold investor or maybe this would be a good retail deal for someone who had cash for a deposit, but didn't have the credit to qualify for a mortgage. Also, my title company also has a property management side to their business where I would set up for them to "service" the loan to ensure the seller that payments are getting paid until the agreed upon time the note is due. Any issues with this strategy that I'm not seeing? I appreciate all the feedback. I guess the bottom line is that I like to have more than one option to present to a potential seller when they call me. Obviously whole selling is a cleaner way to go, but I like to be able to assess the situation and present reasonable solutions to all parties involved.

Thanks Jon! What's your experience with land contracts? I seem to be in an area where I have "pretty" homes, but either there is little equity or people are upside down; However, they have good loans in place (30 yr fix, 4-5%). I thought land contract could be very attractive to the seller, so they can get out of the home, but also to an investor who can have seller financing in place with a "little" down payment. Any thoughts? So, in both of your opinions, you advised me to stay away from land contracts. What would you recommend to sellers who have little to know equity and you can't whole sell it? Thanks Jay. Let me explain when I say upside down. I had one person call me and she needed to move ASAP. She had a good loan in place, 30 yrs @ 3.75, p&i was $875 (it might of been $900, but definitely lower than rental market of $1200-1300 per month). The original loan was for $177k and she owed $165k and was asking for $165k. They have lived in the house for only 4 yrs. I thought that because the loan was good, that keeping the seller financing in place was a good option for them, and I thought the the potential $300-$400 cash flow would be attractive to a buy and hold investor or maybe this would be a good retail deal for someone who had cash for a deposit, but didn't have the credit to qualify for a mortgage. Also, my title company also has a property management side to their business where I would set up for them to "service" the loan to ensure the seller that payments are getting paid until the agreed upon time the note is due. Any issues with this strategy that I'm not seeing?

Thanks Jon! What's your experience with land contracts? I seem to be in an area where I have "pretty" homes, but either there is little equity or people are upside down; However, they have good loans in place (30 yr fix, 4-5%). I thought land contract could be very attractive to the seller, so they can get out of the home, but also to an investor who can have seller financing in place with a "little" down payment. Any thoughts? So, in both of your opinions, you advised me to stay away from land contracts. What would you recommend to sellers who have little to know equity and you can't whole sell it?

Thanks Jon! What's your experience with land contracts? I seem to be in an area where I have "pretty" homes, but either there is little equity or people are upside down; However, they have good loans in place (30 yr fix, 4-5%). I thought land contract could be very attractive to the seller, so they can get out of the home, but also to an investor who can have seller financing in place with a "little" down payment. Any thoughts?

Hello BP, Need some advise on how to properly fill out a land contract. Is the deposit amount required added to the sell price of the home when I'm trying to flip it. Any advise about this process would be greatly appreciated. Thanks