All Forum Posts by: Josh Crockett

@NaDean A. Bowles do you service Conway by chance?  I'm ISO someone that might be able to PM for me out there.  TIA!

I also wanted to ask you guys, how long do you run Vacancy, CapEx and Repairs and MX for? Is there a certain dollar figure you target where you pause contributing to those funds or do you run them forever? Thanks for the knowledge in advance BP forum!

@Kevin S. I too am trying to get into long term buy and hold.  When you say "If you're dead set on making a down payment like you talked about" is there an option?  I didn't think when purchasing an investment property conventionally you could get around that?  If you are doing creative financing I could see some options but is that what you're talking about?  This conversation is coming in a timely fashion for this house, again I really appreciate the insights.

Follow on question here @Kevin S. So when you run the "0%" down and leave the interest rate what number are you looking to have in CoC % and monthly income after expenses? Just anything in the positive? In this case I have to get into the $157 range to make that work and I can't see the seller doing $23K off the sale price to get this where you're talking about. Thank you for taking a second more to help on this!

Guys I really appreciate the help. As I'm reading this I'm wondering what kind of property can support an 8-10% rate on Vacancy, Repairs, CapEx and at $0 down can generate income but this has given me a new set of criteria to consider beyond what's being taught in the videos/webinars. I appreciate you guys teaching me as one of the young guys still trying to get my footing!

-Josh

@Kevin S. thank you for taking a look!  I'll rerun with a few numbers bumped up.  What do you mean "if you ugly financed $168K @ 5.375% you'd be looking at $942/month."  For an investment property I have to put 25% down so P&I go to ~$700.  Just trying to make sure I'm following you here!  Thank you again for taking a look! 

It's difficult to tell from the report, but this is a duplex but the comments only reflect the one side.     It's a mirror of itself which is why you see "3 Bed / 2 Bath" in the description, but the report has double those.  Thanks in advance BP!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello BP, 

I've been trying to search BP for this answer already but the threads I've seen are all cold with no answers so far.  Can someone explain the three option seller financing strategy with a given scenario for us all?  Basically if I'm not mistaken, the strategy goes something like this: 

Option 1:  XX% of full asking price in cash and the deal is complete

Option 2:  XX% of full asking price (higher than Option 1's) with $XX down and the rest financed at XX% interest rate with the seller over a negotiated period

Option 3:  100% of asking price with $XX down at XX% interest rate (lower interest than Option 2) over a negotiated period (longer than option 2?)

I like this strategy a lot but have yet to see a "Pro" (...not just a BP Pro ;) explain how and what works for them.  There's just a lot of variables to fill in.  Thank you in advance for helping a young investor.  Happy hunting everyone! 

-Josh

@Derek Tellier could't agree more.  Deals are people.  I'm trying to sift through some of the real estate agents now in this other deal I'm working on.  Can't tell if I'm being rude or just doing what I need to do to get to the seller directly and have that kind of conversation.  Does anyone have a good way of getting to the seller in this kind of situation?  Both have REA's who are trying to earn their money but at the same time a candid, direct conversation could solve a lot of the negotiating at this point I feel like.