All Forum Posts by: Glidden Rivera

@Crencenthia Brown

Get 6% concession s from the seller.

Keep one thing in mind, the VA will assess a funding fee ( mine was 14k)

They roll it into the loan. I didn’t know this until I was ready to close.

FHA is very good too, you may not get the same interest as the VA loan, but it's pretty close.

But If basic closing cost are a barrier then the additional 3% down payment required by FHA would probably be a burden as well. With the VA

You can fund a 100% of the loan.

Lean on the seller for concessions, you will need to negotiate that with the seller. In most cases, you will add 6% to price of the home and receive the credit towards closing.

Ex: purchase price 100k

Add 6% to acquisition

New purchase price is 106k. 6k is credited towards closing.

You can try to negotiate that the seller contribute a portion of it so you don’t have add 6% to the acquisition ( may be 3% and the owner comes down by 3%)

You still get the max concession (6%)

@Diallo Jones

I think him getting out of the business is your negotiation angle.

How much he makes or doesn’t make is neither here nor there.

An argument for a price adjustment should based on real facts. Is it over priced by 15k

Does the deal break down because of the 15k difference?

If he is an old investor, he can likely relate to being in your shoes, I would work on rapport

With the seller, get to know him better ( go get lunch or coffee.) People enjoy doing deals with people they know, like and can relate to. Otherwise, you are just another guy trying to pick apart his nest.

Try to hear what he really needs, and then bring the deal as close to the line as possible.

You would be surprised how relationship can impact a deal favorably...... dont be disingenuous, actually take interest in solving the problem. Once you know the real need you can build the best offer.

Conversely, if you don’t want to invest time;

Just make your offer!

@Diallo Jones

Cut to the chase and make your offer. Ultimately, someone who is unmotivated will not budge any way. Find out what if any motivation there is. If there is little, move on; no sense in wasting time trying to convince someone to sell to you ( you risk over paying) Make sure your emotions are in check and that your not overly zealous about getting the deal, be willing to walk and make that known. I had a seller call me back on an offer I made, he was unrealistic about price and he thought someone would buy at his price ( no one did).

Remember this: “the deal of a lifetime comes around once a week!”

I think Robert Kyosaki said that in a book I read

@Rusty Pollard

Dude find Joe Fairless, he basically wrote a text book on the subject.

The book is called : joe fairless best ever apartment syndication book. It is literally a syndication bible

Also his podcast and YouTube are incredible

Joefairless.com

@Duncan Banks

First thing you should do is define your strategy/ model for investing. Are you flipping or is it long term cash flow, what is the exit strategy (fix and flip, Refi, long term cash flow etc) this will help you to form a strategy for finance. If it’s short term, you can borrow from retirement, friends family etc. if it’s long term. Pursue the seller for help with financing ( owner financing is incredible, subject to are awesome as well, lease options etc.

Remember that you can ask the owner for concession. I asked a seller for 10k and got it ( recently) if the deal is strong enough you can pull cash at closing. I started in this game money challenged, really my problem wasn’t money, it was finding the deal; funding was the easy part.

@James Archuleta

That is subject to, I have done it plenty of times. You can have an attorney draft the agreement, have it recorded and you get the deed. I recommend you make the payment directly to the bank ( you will need passwords and pins) additionally you will need an affidavit or power of attorney so you can have access to info when needed. I also recommend you do a title search, you don’t want to find out in 5 years time that the title is encumbered by someone or something. Subject to financial gos awesome, it is a good way to acquire it, I would try to negotiate the down payment a little more if possible.

For the BRRRR to work you should know that when you Refi that you may get between 70-80 LTV

You need to factor this so you know how much you can get out of the deal or how much your leaving in. Ideally, you buy the right property at the right price so u can put your money in, pull it back out, then repeat. Check out the bigger pockets YouTube channel for detailed videos on BRRRR

@Anita Anand

There are 4 major phases in the investor journey.

1. Recognizing that investing is a great idea

2. Establishing the will to invest

3 education: not gurus but understanding your market. Can you recognize a good deal?

4 Having the ability to pull the trigger quickly.

You know exactly how to finance, control it, or hold it.

The way to crush anxiety is to leave minimal space for uncertainty. Winning at this game is about executing your strategy. Every deal won’t be the same but if you approach this as a business with systems, you can avoid heart ache and bleeding money.

Many market across the US are hot, don’t know where you live. My best advice is that you spend 10x as much time understanding your target market and narrow down your criteria with laser focus.

This will make you an expert in your area. It would put you in a place where you can easily identify the opportunity before everyone else.

Seasoned investors are not lucky, we stay on the path and always find opportunity along the way.

Get smart, get confidence, take massive action.

@Nathan G.

Hey Nathan,

While I am sure you are mostly correct about the property prospects, don’t fret. I would like to suggest that you may not be facing a lack of deal flow exclusively because they don’t exist in your area, but congruently; you may need to increase your level of understanding how to find them. Identify property prospects by continually being on the market, and understanding values.

Something noteworthy is this. The vast majority of people can not afford to own or rent in those high dollar communities, those ranks are not entirely filled scum. To get in the game, you may need to find those pockets where the majority abides. Good people who work hard for their families and are responsible are seldom rich but need a place to stay. In a sense, you need those good people as much as they need you.

Stay on the market, recognize a good deal immediately, pull the trigger before others catch up. Good deals are not found exclusively by luck but by near perfect attendance on our part.

Always be learning, always be fishing.

@Tony F.

JoeFairless.com

Probably the single best resource from start to completion. Syndication superstar!

@Shane W. Chapin

Look forward to it