All Forum Posts by: Josh Jacobsen

@Bill Gulley "You said you had 10K, now you have 80K available to use."

Forgive me, I'm not sure what you mean by this, will you spell it out for me?

"Get the details, post them, then I'll look at it. :)

Gladly. My meeting with the selling agents is on Monday. I'll keep you up to date.

@Brian Burke Thank you. 

@Jay Hinrichs I agree, Brian does very well with his words. All of you guys do. The property is in Washington State.

@Mike Hurney I love Boston, but I flew back after I was finished. 

@Brian Burke  @Bill Gulley Unrelated to real estate, my journal from Boston is online if you'd like to read it. http://www.crazyguyonabike.com/doc/?o=Sh&doc_id=9168&v=GW

Bill G. That's exactly why I wanted to hear from you. You are experienced and speak the truth. But now I want to hear your ideas about how I, "the inexperienced investor with nothing to bring to the table" can come to a mutually beneficial agreement. One time I rode my bike from Seattle to Boston, only taking a change of clothes and whatever fit in my backpack, sleeping outside without a sleeping bag for most of the trip. I was cold, especially one night in Havre Montana when the wind was blowing and the temps dropped to 42 degrees without wind chill. I had a tent's rain fly, a light blanket and my cycling clothes to try to keep warm. Worst night of my life. I also had four flat tires my first day. And something like 10 my first week. I was definitely unprepared when I started, But you know what? I got what I needed and made it happen. Surely you know something I don't, what would you do in my position? You've ridden your bike to Boston and back several times.

@Brian Burke Hey! Thanks for being real with me. Let's talk more about the operating account. Is there any reason I couldn't partner with the seller to fund it? What about writing something into the contract that the seller would include a $30k grant into the purchase price, with contingencies that it's for business use relating to that property? Tough policy to enforce, but in a perfect world, is that an achievable term?

@Dawn Anastasi 

 I can afford to come out of pocket a little over $10k. I realize it's not much in the big picture, but I'm essentially looking for a 100% seller financed deal if I can get one. 

@Ned Carey I appreciate the acknowledgement Ned, thank you. 

@Kyle Hipp I thought about the agent commission too. Do you have any ideas on how to take care of that?

Hi Friends, 

I'm a huge fan of the collective wisdom of BiggerPockets, and wanted to seek out a few ideas. There is an apartment building listed on the MLS that I've been fantasizing over for several weeks, and after much considersation gave the listing agent a phone call. The seller is open to creative financing, but wants to find out if I can qualify to assume his loan. I can almost guarantee I will not be able to (in the neighborhood of $1.5m), so I'm looking for legal ideas to structure plan B and keep plan B a win-win scenario to make this deal happen with a Land Contract. Partnering with mom and dad, mom and dad in law, and outside investors are plans C, D, and E - which I really don't want to do.

I read a post a while back from Brandon Hicks that mentioned using pro-rated rent, property taxes, and security deposits as down payment credits. What else have you written into your contracts to produce low or no money down deals?

My goal is to reach a hand shake agreement before settling in with my attorney to draw up a PSA. 

Any input is good input, but I'd especially like to hear from Brandon Turner (sorry Brandon, I haven't read your book), J Scott, Brian Gibbons, Brian Burke, K. Marie Poe, Jon Klaus, Ned Carey,  Aaron Mazzrillo, Dawn Anastasi, Jay Hinrichs, Bill G., Curt Bidwell, and Michael Siekerka. 

Thanks!

I'll be honest, the only reason I recognized any of those questions is because I'm 5 hours into studying for my license. We all have a lot to learn.

I sent a single letter to somebody last weekend, asking to buy their multi-use property via seller financing. They called me back with a rejection notice. 1 for 1 in call backs is good though, right?