All Forum Posts by: Jimmy Dudley

So ask your agent to SHOW YOU the days on market for the comps. He can pull it up in a couple minutes. Then go down the list and say to yourself if this house were on the market right now would I buy it or mine. You will quickly find out how much your house is worth to the market. Lenders can imagine what the house is worth, but if 78 people saw it and said too high it's too high for your market. 

Well at least you got a great lesson, eviction process and holding tenants accountable, and you may still come out on top. I wouldn't let this scare you off. I know some guys who have made serious profits in the seller financed world. People who are willing to pay 9% in today's world are going to be a risk. No way around it. So take your money upfront, stay on them to make their payments and then quickly move them out so you can get it ready to do it again if they fail to live up to their end of the bargain.  

That seems like an expensive fix to a common problem. You want a deal but your frustrated because you can't find one. Don't settle for something you don't want. It sounds like you want a small multi so go find one. Work with agents call owners and ask if they are willing to sell. An hour commute is not a big deal on the coasts so put it in context. Listen to BP Podcasts on the road. I will let you in on a little secret. A lot of farms have multiple dwellings on them. People don't look at them as "Multis" but they could. Plus you may be able to qualify for FDA or some state rural development loans to get yourself in business. Just an idea.  

Don't be afraid, be mindful. The process can seem daunting but be patient. The deal, every deal, is made when you buy. You buy right and you have the room to make it work. Too often people get that approval letter and its like money burning a hole in their pocket. Take your time and buy a DEAL. I am not in NJ but I have friends who are making some serious money there. The DEALS are out there. 

As a recently retired military man myself, welcome to the community! I chose the DC area to live in after the military. I wish I had found BP sooner, the opportunities and strategies you find here will change your outlook and your life. Shoot me a PM and I will buy you lunch sometime.  

I mean money for nothing aint bad. You should have them sign the lease when they pay the deposit. Also consider collecting the full deposit, people will be more likely to commit. If they don't move in at that point you just double your free money. 

"Sentimental value, I have heard of that." Nikolai from Eastern Promises

You will lose money on this and hurt peoples feelings if you are not careful. Flip it and never look back. 

Make sure you speak with a lender to ensure the you have the money from relatives "seasoned." A lot of deals fall apart because people don't have the money for long enough. 

Plus max it out if you can, use every cent of FHA you can get your hands on.

Well at least you claim you are willing to do the right thing and purchase it, if you have to. Sounds like people have different numbers than you do. Plus a lot of people have little interest in negotiating with a wholesaler. 

Looks like probate court and attorneys to me. Good luck I have never seen these types of situations work out smoothly. Some states may actually recognize squatters rights in this situation, good luck.