All Forum Posts by: Jason Carter

Thanks @Wayne Brooks. Does the servicer make the payments on his underlying mortgage? Or does the seller? 

Thanks a ton @Mitch Messer. I've posted this in a couple places and you explained it the best. Seller no longer wants to be a landlord. Just had kids, has a stressful, demanding job that he wants to keep. Wants the income and to lessen the tax burden without the headaches. We'll inspect the property before closing too. 

Question about this scenario: Seller has a duplex he wants to seller finance for around 200K. ARV 300K.

100% financing 4-5% he even floated interest only. But he owes 40K on his current mortgage. ($580 PITI with about 4 years left on it)

Duplex brings in $2400 total. 1200 a side. I want to keep it as a hold for myself. 

How do I structure this? Do I do a subject to on the 40K as a 1st and seller finance the remainder as a 2nd mortgage? 

Thanks in advance. 

I've worked with Martel Turnkey. I've lent them private money. They do a top notch job on everything. Never had an issue. Great communication, everything's buttoned up. I've even walked some of their properties and can vouch for their high quality rehabs. I also highly recommend them. 

One piece of advice on buying a turnkey is to make the closing contingent upon all repairs being done and having a tenant in place. I've met other investors who went with other turnkey companies and after buying they wait months for the rehab to be finished and/or tenant placement. That's not really turnkey. But you won't have those kind of issues if you go with Martel. 

Sorry everyone but cancelling this meetup due to coronavirus concerns. Culver City has asked people to postpone group meetings and I'd rather be part of the solution, than part of the problem.

Hopefully all the protective measures will stop the spread and we can have another meetup in April. I'll keep you posted.

@Rajan Udeshi You can absolutely do this in Birmingham. @matthew 

@Matthew Whitaker has provided you some great neighborhoods to start in. James Wise's guide is pretty spot on with the B neighborhoods too. 

And @Daniel Reeder can help with your insurance. 

I'd recommend finding a property manager first. They're the most important piece in out of state investing. Don't skimp on this step. Start by checking out Signal Rents and @Mark Byers. 

I'd also recommend visiting before buying. And give me a shout if you need a contractor, I've got one down there who did great work on a few rentals for me. 

Welcome to our Happy Hour meetup. No musty hotel conference rooms for us. This is much more casual and investors of all levels are welcome. Whether you're syndicating apartments or just trying to get started investing, come hang out and meet other investors, share knowledge, get advice, brainstorm, build your network, enjoy a drink and/or a bite to eat.

No fees. No presentations. No sales pitches. No pressure.

I'll be your host. As owner of Smart Home Investments LLC, I've been investing in real estate for over 10 years. My experience includes flipping, wholesaling, buy and holds (residential and commercial), syndication investments, lending private money, and now, hosting meetups. One thing I've learned is the more people you talk to about real estate, the more opportunities come your way. I'm starting this meetup to provide that opportunity to everyone in a fun, casual and inviting setting.

Feel free to invite anyone you like, just please RSVP so I can let the restaurant know how many to expect.

Not required but if you can, please buy a drink or food, it'd be great to show the bar appreciation for allowing us to meet here.

RSVP here

No problem. And good luck! Let us know how it goes. Maybe do a few flips and then you'll have enough to do a BRRRR. Flipping can get addictive and it's fun, but buy and holds are where it's at - almost passive income. Whereas flips are active and basically a job, you can lose money too. I'm trying to stop flipping now, have some that are very slow to sell, but have to say - I miss the action!

@Jared Elms Gets a little trickier on the BRRR. I've never done one with investors. I think on the BRRRR refi you're talking about getting 70% of the ARV as opposed to about 100% of the ARV on a sale. So that's about 30% less than a straight sale. So you'd have to get a helluva deal to be able to refi and get enough to pay off your private money lender, your contractor and then have additional funds to split. I think the additional funds will be a lot less on a BRRRR (cuz it's 70% of ARV than on a flip where you're talking close to 100%). And you may not even get enough on the refi to cover all your expenses, it depends on the appraisal too.

But again, I've never done that type of deal so maybe someone else has some input? 

Just a reminder - looking forward to seeing everyone tomorrow night! I'll be there at 6, upstairs in the back. Hope you can make it.