All Forum Posts by: Emma Hustis

@Zeus Kang If you're going to a transaction on seller financing you should go through a long term escrow company. They will keep track of that for you and can provide statements. 

I have been an agent at Keller Williams for the last 3 years and have done a bit of wholesaling on the side. I am now significantly more focused on my Wholesaling business, and less on my agent business. My broker used to allow me to collect my full assignment fee from the title company but now they're saying the check has to go through them first, and they want to take splits on it. 

I am planning on leaving the brokerage to go somewhere that is more investor friendly, and somewhere with a broker who knows what wholesaling is. Does anyone have any recommendations for brokerages moving forward? I live in a small town and don't know that any of the local brokerages will be a good option. I have heard some of the more remote brokerages, like EXP might be a good option. 

Thanks for your response Bob- I should have been more clear. 

I need help coming up with a potential purchase price. What are people looking for in terms of ROI on this type of investment?

I am talking to an off market seller of a 120(ish) storage unit facility in Bonner's Ferry, Idaho (near where I live). 

I have the numbers for the business, but don't know how to value something like this. Who has some insights? I know self storage is popular these days so I need some wisdom from those who are doing it! 

I might also be looking for an end buyer, private money, or partner for this deal depending how the numbers shake out. 

Thanks in advance!

 Right- I understand that. But I can't figure out how to manually enter a Mortgage payment amount. Bigger pockets wants to ask me loan details and come up with the mortgage payment. I want to put in my own custom mortgage payment. 

What is the best way to use the Rental Property Calculator when you are planning on putting together a seller financed deal? I feel like you should be able to customize the mortgage section of this calculator but I can't figure out how to adjust my payments to the amount I agreed on with the seller. 

What am I missing? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $105,000
Cash invested: $4,000

This is a house I found off market, the seller gave me a great price because we agreed to keep the current tenants in place (two 80 something year old sisters were living in the house).

How did you find this deal and how did you negotiate it?

I found this deal off market using direct mail. The seller called me and told me she wanted to sell but she didn't want the two old ladies to get kicked out. I told her we could leave them in, but she would need to cut me a deal on the house. We came to an agreement on price, and closed about 3 weeks later.

How did you finance this deal?

We used a private money lender to finance this deal. He placed a lien on another rental property we own (which we have about $100,000 equity in) so we didn't have to bring a down payment to the table. Just closing costs, and the 1% charged up front.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000

Just purchased this house and plan to BRRR it. Working on getting the current tenant out of there (not paying rent and not taking care of the house) before we can do anything with it.

What made you interested in investing in this type of deal?

I am interested in long term rentals (single or multifamily) and it was a great deal.

How did you find this deal and how did you negotiate it?

I found this deal by sending post cards to the owners of dilapidated houses asking if they would like to sell. When the owners reached out to me to let me know they would be interested in selling it I negotiated the price by telling them I would buy it as-is and deal with the difficult tenant who had been taking advantage of them.

How did you finance this deal?

The seller's financed $70,000 and I put $20,000 down. The down payment and rehab budget ($40,000) are coming from my dad who is being paid back at a 10% interest.

How did you add value to the deal?

Finding a good off market deal! I am also a Realtor so I know how to move through a transaction. I helped explain everything to the sellers along the way even though I didn't technically represent them, this made them feel at ease when deciding to sell to me.

What was the outcome?

Not sure yet... Just closed on the house yesterday. First step is to get the tenant out.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $456,000
Cash invested: $19,000

A property that I bought with a partner/teammate. House hacking it at the moment, plan to move out of it in a year and a half and put long term renters in it.

What made you interested in investing in this type of deal?

The location of this house is going to be the reason that it will be valuable for the long term. 10 minute walk down to Lake Pend Orielle with plans to build a community beach in the near future. I'm interested in buying and holding- this house is going to make a great long term rental.

How did you find this deal and how did you negotiate it?

I am a Realtor so I found this deal on the MLS and negotiated it on behalf of myself. I partnered with a teammate for this one because I haven't been a Realtor for 2 years, so I am not able to qualify for a traditional loan.

How did you finance this deal?

Myself/my fiancé/ and my business partner all got a conventional loan with 10% down. The partner brought the down payment.

How did you add value to the deal?

I contributed my Real Estate Commissions which were around 13,000 and my finance and I are currently using the house as our primary residence so we were able to get a low interest rate.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would highly recommend myself as a real estate agent. :)