All Forum Posts by: Joshua White

I hear so much about the importance of an exit strategy. However, is an exit strategy even necessary for buy and hold properties (multifamily deals) ?

The seller I've been talking with seems open to seller financing. I was hoping to just get cash flow and experience from this property (I'm very new to real estate investing. this would be my first property). The property is a duplex and one of the units is already occupied [tenant is on section8]. With both units rented, it cash flows really well. I'm always in the area, as I have family in this area, so I would definitely be able to keep my eyes on it at all times. I guess my main question is, is it a good idea to buy a property specifically for cash flow, knowing there's minimal equity ?

@Jon Lafferty

 I hear so much about the importance of an exit strategy. If you dont mind me asking, what is your exit strategy for the 4 Penns Grove units you have ? Is an exit strategy even necessary for buy and hold properties ?

The seller I've been talking with seems open to seller financing. I was hoping to just get cash flow and experience from this property. The property is a duplex and one of the units is already occupied [tenant is on section8]. With both units rented, it cash flows really well. I'm always in the area, as I have family in this area, so I would definitely be able to keep my eyes on it at all times.  I guess my main question is, is it a good idea to buy a property specifically for cash flow, knowing there's minimal equity ?

Congratulations! Your story is definitely an inspiration! Best of luck to you in 2016! Go Lisa!!!!!

@Stephanie Garcia I hope you dont mind me piggy backing on your post here but I have a question.

@Franklin Romine @Derek Jones I am also putting together a seller finance deal as the buyer. Ive only communicated with the seller and his contract with his listing agent ends on Friday 7.31 . If he does not renew his contract, what costs will be required to turn the property over to me ?

Wow @Brian Gibbons This is great information!

@Lizina Green I too am about to make an offer to a motivated seller who is considering seller financing. This was an awesome question. I want to be able to paint a clear picture for the seller (he has many other properties that he will be unloading in the future and I want to build a good relation ship with him)

Best of luck to you Lizina!

As suggested by many of the seasoned BP members, today I took an agent friend out to lunch today to talk strategy, markets, etc. She was an investor at one point as well so she was able to speak directly to all of my questions and ideas. She mentioned 203K loans which intrigued me and seemed like a great way to finance rehabs and improvements. 

My question is related to the equity in the home after a 203k is used. By using that type of loan, are you, in a sense, pulling out all of the equity from the home right from the start ? Maybe Im looking at this incorrectly, however I would think that if a mortgage was taken out on the subject-to-value of the home, there will be no  built in equity. Is that correct ?

@Curt Smith

 My apologies! Youre absolutely right Curt. I was not clear. I am speaking about seller financing in terms of being the buyer.

Thats a great suggestion Curt. I've not yet gone the craigst list route yet!

@Terry Lewis

I will definitely check into the Dodd Frank Act !

Welcome @Elliot Matyas

You're going to find tons of valuable information here on BP! So much to learn! So many great people!

-Josh

Hello All,

Last night I scoured BP and found so many different things on the Seller Financing process. That the awesome thing about BP, you get so many different persepctives! However, right now my head is spinning because Im trying to lock down somewhat of a standard way of doing things as it pertains to seller financing.

1. Has anyone adopted this sort of financing as their primary method of financing your real estate investments ?

2. Is there an actual step by step outline of the seller financing process somewhere ?

Thanks in advance for your help!

Josh

@Mark Nolan

Youre absolutely right Mark! I have learned so much from Bigger Pockets. I follow both the Bigger Pockets and the AskBP podcasts. So much information!!!