All Forum Posts by: Nick Luongo

Thanks for posting the thread and the good replies. Could anyone care to expand on the general mechanics of an mls wholesale deal? I am thinking most listing agents will be unfamiliar with wholesaling and unsure they'll get paid. I don't think I quite grasp the assignment in escrow tactic and how to get it under contract and have the agent be ok with tying up the property. Thanks in advance

Welcome @vladimir lopez

Great tip Joe as a new wholesaler myself I will certainly try that

Hey Glenn
I'm thinking of using the same strategy on a short sale condo I just bought (was a primary residence, but as of next month I'm renting it out going forward). I assume the bank doing the HELOC will do an appraisal so you'll know how much you have to work with? And If I were to buy a 2nd property using a bank (for instance a multi for $400k), do you know if I'd be able to using the HELOC funds as the $25% down payment?
Thanks

Hey Rebecca,

I have not gotten any owner financing deals (mostly due to being new at the strategy) but have wholesaled a couple properties and have a few more places still up in the air. I would say be open minded about how you can make profit on each deal. Go in prepared and be ready to switch the strategy quickly if your original offer didn't work for the seller. I probably lost a couple wholesale opportunities when I should have just gotten the property under contract immediately after my carryback offer didn't work for them.

Hey Mike

Yes still mailing.. getting about 1% response on my postcards. I live in Back bay but am marketing quite a few different areas in and around boston

Thanks

Thanks in advance for any help on this topic

I am in the process of purchasing a condo in Massachusetts using a first time homebuyer loan program (not FHA or Mass housing). It should close sometime in late February '13.

However, over the past couple of months I've been marketing to sellers in efforts to purchase their homes using owner financing. I now have a seller that is interested, and if we move forward we would close and transfer the deed to my name prior to the closing of the condo purchase.

Obviously, I don't want to botch up the first time homebuyer program I have in process. Will this owner financing deal cause an issue and how do I get around this? Would starting an llc be sufficient or must I create a realty trust? Any ideas are appreciated

At $700 per mailing, I sure hope I get some results before the 7th try. But if marketing wasn't worth the cost I wouldn't be doing it anyway... Thanks so much for the links and info, will definitely check them out.

Thanks for the info, much appreciated. Any advice on sites that you use to get that type of info?

Hi all

I'm pretty new so I apologize if any of this has been covered. Basically I just signed up for the Joint Venture program with Richard Roop who leans towards owner financing using creative strategies and a long term hold approach. Typically it would be an attractive offer (usually over retail) with low or no interest owner financing over 10-20 years

I'm in the beginning marketing stage and I just had 1000 postcards go out targeting high equity and free and clear owners in Boston (specifically Allston, Brighton, Cambridge and Somerville). These happen to be areas I like and would love to own property in. However the demand here is super high, rents are up, and typically when a multi or well priced condo hits mls it is going for more than asking.

The purpose of my post is to sort of plan ahead if these areas don't yield results. Can anyone tell me the best ways to determine other areas to invest in and what types of criteria I should look for? If there are specific websites you use to find where you want to invest I would love to hear about it

Thanks in advance