All Forum Posts by: Jeffry Valencia

Hi! My girlfriend and I bought a house by a University and were looking to rent it out to students. Unfortunately we were in the process of making the purchase toward the end of the semester at a time we're most students already have their housing lined up for the next semester. I'd like to think that there are still students out there who are looking but we are having some trouble reaching them. The issue is that the spring semester just ended this past week and I'm pretty sure the campus closes for the summer until August when sports resume. We only recently put up signs at the house, but there's probably not a lot of students seeing it at this point. We've been posting to a bunch FB groups (for university parents and other parents groups in towns where a lot of students come from), FB marketplace, and our personal social media pages. My girlfriend, who is an alumn of the university, reached out to her former supervisor in the athletic department in case she was aware of any athletes looking for housing. No luck there. She also messaged the instagram pages of different clubs and groups at the university. No one has responded. I should note that we got some help (from a friend in marketing) with creating a flyer for the property that we've been posting and it looks very professional.

Any thoughts on what else we can do?! I feel like we have tried it all. We still have time as our goal is to have students in by late August and maybe something we've already done will stick. But as of now we have no renters! Please let me know your thoughts! Thanks in advance. 

Hi all. 

Are there any sample promissory notes available to BP members? I'm still playing around with the all fucntions and resources available here. 

Thanks in advance!

I recently bought a house (LI, NY) with my girlfriend (we're expected to close in May). We are intending to house hack and then eventually rent out both units which will at least cover the mortgage. We are both anxious to make moves for our next property, but we are struggling to decide our next move. We know we want to buy out of state because NY is just way too expensive, but we are struggling to pick a market. We've been doing research on the markets suggested by BP (specifically, Goldsboro, Brownsville, and Cincinnati), but, ultimately, I think we are going to have to fly out to these different areas to scope them out. If you have purchased out of state, how did you come to a decision on the market? We have a call with a property manager (who is also part of a group with RE agents) this week and hoping to get some insight from them. 

Also, because we are planning to buy out of state, would you suggest something that's turn key? We wanted to fix and flip for a quicker return but we can't take extended time off from work to do renovations. I suppose if we connected with contractors and trusted them enough we'd be able to leave them to it.  Any advice on what our next move should be? 

I should also note that we are planning to do renovations to the home we just bought. We have not yet come up with a budget and not all renovations need to be done at once, but I think we're looking at around $10k within the first few months. Perhaps our next move is wait and save up some more money.  

Thanks in advance!

Hi all! This might be a bit of a broad question, but I am a rookie investor and want to learn more about seller financing. I'm wondering if those who have gone through this process on the buyer's side can explain what it looked like for you. I've cold called, reached out to sellers who offer this financing, and thought about the terms of the financing (including number of years, monthly payments, whether there is a balloon payment, etc.), but what are the next steps after you and the seller agree to specific terms? Drafting contracts? And then do you order an inspection of the property before signing contracts? Have you ever signed contracts without first seeing the house? I am looking to buy out-of-state and personally wouldn't feel comfortable doing this. Are the properties that offer seller financing oftentimes unmortgageable? I guess I worry about purchasing a good deal in a good area to later realize that there serious issues with the property. I appreciate any and all insight you have on this process. Thank you in advance! 

Are tax advantages the main reason why the homeowners agree to do seller financing? Do you find that the reason for offering this financing is typically because the house is not mortgageable?