All Forum Posts by: Eric Emond

Thanks Christopher, how do you evaluate the success of each option compare to the other? What closes best out of the 3? You make your cash option on 70% or 60% ask? How much do you increase the value for option 2 - 3? and finally explain to be the concept of the balloon?

Sorry a lot of question but this approach intrigue's me

Thanks again for taking the time

Thank you so much. I will have to check if they would pay the taxes if a succession in Québec you made a great point. For the seller financing it's a little obscure to me. I need about 50k for repair and closing cost. So they would finance the 50k or the complete amount(let's say 200k)? An other option is that they front the 50k the house is mine (so I can fix it) I would pay them 500$ a month for up to 5 years. Eventualy paying it asking price 230k they would make around 15k rent + 30k more a possibility of 45k more for them inside 5 years. And I can you my finances on other deals. Is this a possible option or I'm just dreaming? 

And again thanks a million for your advise.

Hi all, I would need your advice on my first property. I have 2 sisters willing to sell a small house in Quebec Canada, as part of their succession 70k below market 230k city evaluation 300k . The problem with the house not selling is that it is small only 2 rooms and an no finish basement. I have 3 options

a) make it 2 apartments main floor and downstairs (add 25k to create) (already have a 1 tenant)

b) finish downstairs and flip the house for a profit: can probably get 330k for it

The problem is financing this would use all my finances. The sister have no mortgage on the house so could I make them 2 deals? A smaller deal with my finances (offer 190k) 

OR

I learned on the BiggerPockets book, the seller financing option, have them become my finance, be the owner of the house with them financing it. Make the changes to a buy and old for a few max 5 years then ren it out, sell it for them to receive not only a montly paiement but also their asking price of 230k. This way I do not use my finances and I can go on to other deals.

Can someone tell me how to present the 2 options or should I present both or only one. 

For seller financing how would I build the deal? How can the agents get paied and money for the renovation.

All your advises are very important to me, I want to start my investing adventure on the right foot