All Forum Posts by: Jesse Waters

If you don't feel that you have the credit, first I would do what @George Calbert suggested and make the bank tell you no.  You would be surprised at what the bank can do.  You don't have to have a 780 to get a loan, and with a down payment of 20-25% even easier.  

If you still can't get financing you can always take on a partner credit partner (co-signer) for a part of the action.  I'll skip the details of a partnership, but it is an option.

I would aim for the small banks, credit union's etc, particularly one that holds them in house.

Best of luck.

No pet policy!!!

Welcome to BP!  If you have the time, do a podcast marathon, and make sure to take notes.  I have gotten tons of inspiration from them.

Best of luck

Not to sound callouos, but the best way to help that seller would be to give her the numbers to both a good property manager & a good attorney who can handle this situation.  I would avoid playing games & pretending that you are interested in buying the property.

Just my $0.02.  Best of luck.

Welcome to BP.  This is the single greatest place to learn, network & grow your business & ideas.  I don't think that you need to be an agent before you start investing, and I know lots of agents that are also investors.  Best of luck.

Welcome to BP!  Do you have any specific RE goals?

Congrats on picking up two more units.  You are in the same boat I am in, I'm 31 and trying to quit by 40.

It doesn't hurt to have one.  The commission that an agent gets is paid by the seller, so its no cost to you, so why not.  If you get a decent agent it should be a good help to you.

Since you own the property next door, you should already have a good idea of the numbers on the place.  Start a discussion with the owner and gauge his appetite for wanting to sell and see if he has a price in mind.

I am currently buying two properties from an owner referred to me through my property manager, at the moment we don't have a formal contract just a hand shake deal, since I told him I needed some time to wrap up a few other things first.  Going forward we will formalize things on a contract, most likely we will use the standard contract that most realtors in SC use and adapt it as we need & I'll pass it to my lawyer to review.

As far as price goes...  See what the seller has in mind, you should have a good idea of the numbers and if you suggest the first number, do it at a number that is good for you & fits firmly inside of your investing goals.

If you want to bring your agent in, offer to hire him/her as a consultant for a flat fee, since, generally the agent's fee is paid by the seller.

Hope this answered some of your questions.

Jesse

Welcome to SC & BP.  This has been a great resource for me and I am sure it will be for you as well.  Learn, network & don't be afraid to ask questions.  I'm sure that most would agree that when we all first started out we didn't know what we needed to ask & should have asked more questions, but sometimes you just have to learn by doing.

Best of luck