All Forum Posts by: Devin Scott

@Josh Stech I would be interested to know if you lend in Delaware? I am going to take a look at your website. 

@Eric Roberson

Welcome to BP! Make sure you checkout the podcasts. 

@Brie Schmidt, have you thought about a local PO Box, where they could drop in a mail slot?  If cash, you still may have an issue of them saying they put it in when they really didnt, but that can be an "at your own risk" option. 

Welcome to BP @John Bouter

 I think you are right by looking for a mentor and offering sweat equity. That along with continuing to learn is a great first step. 

With the bankruptcy, you prob will wana make learning creative financing a priority. I suggest @Brandon Turner's book "Investing in Real Estate with no and low money down"

Good luck Sir. 

Great Job @Alex Applebee, thanks for sharing!

@Tarl Yarber

@Tarl YarberNice! Thanks for sharing. 

@Tom Mole

Thank you Sir. It would be great if the seller could hold 80%. I noticed from the tax records that they just purchased it a few years ago and they had at least partial financing. So they may not be able to finance 80% even if they wanted to. That is something I need to find out for sure though. The local market is not bad, Id say a B to C- area and it varies street to street. My exit strategy would be to add value, raise rent and refinance. I live about 45 minutes away and own another unit within 10 minutes from it.  I put the offer in so we will see. I gave myself a 30 day feasibility study to do my due diligence. 

@Bryan C.

Yea FHA wouldnt work then. I just bought a primary in December, it wouldnt be realistic that I now am moving in a 4 unit.. So i havta scratch FHA off list haha

@Aaron Thivierge

 Im not looking to have the seller provide a 5 year loan. Im looking for 30 years, with a balloon payment in a couple years. So the $130,000 (if both loans are at 5%) would be $697

Thnx for the input:

@Account Closed

Where my numbers differ is I was hoping for the seller financing to be 30 years amortized, but balloon in 2-5 years. Just to give me some time to value add and refinance. Thats where I got the $470 cashflow. The taxes and insurance are accurate estimates, taxes from the state records, and insurance from similar properties i have sent to State Farm. For reserves, you add reserves too? in addition to cap x, and maintenance?  

Trust me the input is very appreciated.