All Forum Posts by: Jonathan Jewell

Just thinking out loud here, because I really don't have all the info.  But based off of everything that was said so far 

1) There is currently a mortgage in place 

2) The attorney is advising the client to do seller finance agreement and NOT a lease option.

Spidey sense is tingling here.... I suspect this property is significantly under water.  Yes?  Do we know the appraised value? or recently sold comps.  

You stated your a newbie investor and that's ok.  But a no money down deal doesn't always equate to a home run.  Sometimes it means your taking on someone else's burden with troubles down the road when you try to refi out of it and there still isn't any equity.

BTW no such thing as a 90 day Refi, at leat not anymore....like 10 years 

@Jessie Nunley  Damn dude, I think this is the highest trending topic on BP ever.  Your question definitely struck a nerve with a lot of people whether they like to admit it or not, but this is something we all have gone through to some degree or another.  Thank you for originally posting it,  I kept that story inside me for a long time, felt good to share it.

@Brian Corcodilos  "Use it as fuel to make your passions a reality. Something funny happens when you mix anger with love for your craft. That creates passion, and passion can't be stopped."

Damn Straight!  Philly boy speaking the Gods honest truth right there.  That's how we do it.

@Travis Dawson "They caution you because they love you. They aren't trying to hold you back."   I whole heartedly disagree with that statement.  I have personal real life examples that are contrary to that, and so does Tony Robbins, Donald Trump, Dan Pena and many others would disagree with that as well.  However, for you, I very happy you have family and friends that care that much that you feel that way.   I can only imagine it, and I envy you in a way.

@Rivy S.  I have been following @Chris Mason posts and the guy knows his stuff, and I 100% agree, they will find out and it won't end well.  Pre 2008 , it wouldn't be that big of a deal lenders were awash with money and lax credit criteria.  What used to be so so gray areas are more black and white these days.  play it safe. wish you the best

Ah ok.  If it was the Pittsburgh one was gonna give ya flak for stealing my seat!   lol  I have yet to go to one (went to o signup and it was already sold out.  I have talked to Frank and Brandon extensively both guys are awesome, but wanted to go to one boot to actually hang out with them.  Happy to hear you got a lot out of it.  Cheers to your future success :-).  I'll send ya a colleague req.  I'm on the hunt for my own park so you never know. 

@Laura H.  Which one didya go to?  Was it the Pittsburgh boot camp?  That one sold out quick!!!

@Leona N.  If its any consolation, we all make mistakes, that is exactly how we learn.  Lord knows I have made plenty myself in my investment career.  I'm sorry this happened to you.  Bright side, it's  a 5 year lease. NOT 10 or 15, which would have been catastrophic.  I personally hope you weather the storm and keep focusing on other RE investments so you have somewhat of a cushion.  You were doing very well there, keep it up. :-)

@Chris Eley  Hats off to both you and your wife.  That is some quality work you put in there, and solid numbers too.  Way to go!!!

@Greg H.  Agreed,  I just reread their original post 

"we haven't signed anything yet and neither has our property manager signed anything with the tenants accept for screening their rental application and taking the application screening fee of $40 per adult."  

Nothing has been signed, there is no issue.