All Forum Posts by: Jessie Dillon

- don't bank on natural rent growth in the future. not safe.

- don't bank on being able to do xyz on the raw land. you never know what roadblocks will come up with the land itself or the town! make sure the deal makes sense even if you have to leave the unused land as is.

- make sure it still has a 1.2x cashflow ratio even with your TWO loans considered. that's what the bank would do! moreso one rents are at market; if it doesn't meet that ratio right off the bat that's not that big of a deal. just be sure you have 6mo of expenses in a reserve account, if not more. lots of growing pains in the first year with something like this, that all cost money.

i'd love to help if you need a sounding board! feel free to dm me

hey! reach out to unlockedhomeproject.com > they specialize in this and are very collaborative with other investors!

i recently sold on creative financing. i was thrilled because i didn't have to go through the hoops of a 1031 exchange, got a higher purchase price (45k more than my best traditional offer), am getting monthly checks, and will get a balloon payment at a good time (kid graduating, want to get her into a multifamily). i was only willing to walk away with a certain profit on the property, no less, and this was the only way i could do that. hope this helps!

i'd tell the agent you need more information. ask if you could get on a videocall with them and the seller & say you'd be happy to sign whatever disclosures prior to that if needed. remind them you will not be using a buyers agent and are comfortable with them representing both of you with their responsibility laying with the seller. you need to know about the existing debt (amount, monthly pmt, interest rate, maturity date), and what ONE thing would be most important to them between purchase price, size of monthly payments on the seller carry, interest on the seller carry, if there's a balloon payment or not & when, and down payment. they should pick the one thing that's most important, MAYBE a second thing, then you can work the rest of the terms around that.

there's ALWAYS a bank that will do a high interest heloc for someone with low credit. but if it's not your primary residence, you could also partner with a private lender!

rather than asking about specific properties, i'd try to get on the phone with as many agents as possible (x/day), and explain who you are and what you do, and just say like, if you're ever sitting on a listing that just won't move for months, or you get a lead that would be underwater if they had to pay commissions/fees, i may be able to make it work this way and pay your commission myself.

hi anthony! i do some wholesaling and am well-versed in sub to (just sold a property this way actually). message me and lmk how you're looking to collab!

one thing that you can do is have the seller transfer the deed to a living trust that they're the sole beneficiary of, and call the bank to give them a heads up that they're doing it for estate planning purposes. then, a month or more later, buy the property sub-to, and change the beneficiary of the trust. the bank can not see who owns a trust, and if they ever come back and question it, you can just swap the beneficiaries again, show the bank that the seller is still the owner, then swap it back again when they buzz off. this is one of many reasons it's so important to keep a good relationships with the seller if you're buying this way. you have to work together on some stuff.

i think motivation and timeline are really the only ones on this list. an amazing creative finance deal can be made with someone who wants a high price for a beautiful home. 

cold calling is super popular! lots of people use companies that specialize in doing this for investors, so they can spend their working hours doing things that only the hot shot can do.