All Forum Posts by: Stephen Dickey

@Jeff B. Thanks, I will be establishing contact with these parties tomorrow! I just have to remember, PERSISTENCE IS KEY!!!

Beautiful thread guys .. Such is the joy of Bigger Pockets as to being able to stumble across threads like these when needing some direction and clarity!!

Evening

Does anyone have suggestions as to a good source (s) of where to find Notice of Defaults / Preforeclosure lists? Would a title agent be the best route to go? Or the county assessors office? Any ideas or suggestions? I am new to dealing with this and I am just looking  for the best way to get this information.

@Rico S. . It actually turned out great, we covered all ends and we were able to close the deal! Seems like eveyrthing is going well to this point and we are actually working on closing our next deal! Thank you Everyone for your responses!!!

Good morning . 

Newbie here in Charlotte NC who is on the verge of getting my first deal. I am just looking for advice on whether or not I should get involved in something . Any feedback you could provide would be very helpful.

I am working on a deal with a potential partner who has all the systems lined up as far as a way to really expand his real estate business and take off. He was looking for a partner and we connected at a REI meeting . After some collaborating he invited me to join his partnership and help grow his business. He has some key ideas that could really be valuable down the road .

We came across a deal (profitable, I won't get into details) and it would be my first one. However he is wanting me to sign into his LLC at a 70%/30% split. His reasoning is that he has an asset already in the LLC valuing $60K he is wanting to use for equity and the fact he is putting 5k in on funding this new deal compared to my $2500.

I am brand new to this business and while I want to dive in, I don't want it to come back and  bite me In the you know what. I understand his logic but I am concerned about the split . Any ideas ? Feedback? 

Hi All,

Got a great opportunity to move forward on my first deal and was looking to receive some insight on where to go on the internet to properly perform some due diligence. I am hoping to get this done before I perform a title search on the property tomorrow. Does anyone have any suggestions about where and what to look for online ?

Thank you for your responses! Sorry, should have clarified more. The duplex rents both units for $860 per month.. After taxes ($150) insurance ($55) and the $207 HOA fee ( which includes water bill) .. It cash flows $1300 per month. I would be giving 800 to the owner, which would give me $500 ( these #'s are rounded)... However update .. He did not want to do 100% financing.. Therefore back to the drawing board as far as financing. He did give me suggestions which shows I must have built a solid relationship (he knows this would be my first deal and he is an investor himself) So now I am thinking of ways I can finance this .. Brainstorming and talking to my mentor tonight .. I will find a way to make this work!!! If anyone has creative ideas please let me know!

Making my first offer this afternoon. Offer is for a duplex that is cash flowing 1300 per month. I am going to offer seller, who owns the property free and clear, to do seller financing, in a deal where I will pay him the full retail price of his property, for $135,000. The terms are that I am going to pay him 800 per month for 120 months, on the 121st month I will pay him balloon for remainder of loan. I will cash flow 500 per month after paying him.Yes it is zero money down zero interest but it works for him bc he no longer has to deal w property and it will save him capital gains taxes. It works for me for obvious reasons. Any ideas/comments/suggestions? It seems fairly simple to me. Am I overlooking something?

could someone please help me understand how seller financing works? I mean I understand how they are able to finance it with the equity they have... I am jus having a hard time wrapping my head around the details. Could anyone help give me a basic overview of this type of financing?

Check out Brandon Turner's book "Investing in Real Estate with Little Or No Money Down"... Great read and it will give you all sorts of creative ideas on how to finance properties with out having a lot of cash. You can order it right here off BP!!!!