All Forum Posts by: Jason Buswell

Well, how did it all go?

I am interested in buying a SFH in Schenectady too. I live and work in the area and I am targeting Schenectady houses in desirable neighborhoods that need work to bring them up to par, repair and improve them, rent and hold. I have found a couple properties that seem to meet my requirements but they need a lot of work and I am concerned I will blow my budget when I start digging into the repairs. Have you ever dealt with knob and tube electrical? Does it have to be replaced or can remain in place if functioning properly. Also any experience with water damage properties?

I like the idea of keeping the property for years if I could find a way to make the seller happy, and getting a buyer in with terms they are happy with, and me in the middle profiting monthly. I am familiar with the BRRRR, i do not want to be a landlord. I really am interested in owner financing to a prospective buyer. Cash up front to me, cash income monthly, and cash lump sum when I sell the mortgage, and I dont have to be a landlord. I just dont know if this is possible unless I find someone who owns their property free and clear.

I told her I would offer full asking price, 25yr term zero interest rate.  Yes i did the calcs for amortizing and see the huge benefit of interest on a deal to prospective buyer (owner financing) if I charged 6% interest.  I don't quite know how to deal with the fact the seller has a mortgage with 50% equity.  Do I offer to cover her mortgage payment plus couple hundred a month, with the goal of getting a buyer?  I am having trouble wrapping my head around this all which is why I am stumbling with creating an enticing deal for the seller that would also be a good deal for me.

I offered 6% down.  I did not explain to her the mortgage would not transfer to me until paid in full... probably because I didn't understand that until right now!  Thanks.  Have you done a deal like this, was it/they successful?  

So, I want to make money in real estate.  I did a bunch of research, BP, Youtube, talked to couple realtors, talked to an attorney (who thought I was crazy...), and found a property on Craigslist, made an offer, re negotiated and was still turned down.  She didn't think my offer of monthly payments to her in exchange for the property would be a good idea.  She has a mortgage, and 50% equity.  I explained her monthly costs associated with all expenses were likely creating negative cash flow and I was offering her a way to make money each month without having to be a landlord.  Any advice on how I could have approached this differently?  What is the best strategy for finding an agreement with someone who likely wants to sell, has a mortgage but significant equity, that would be a good move for me?