All Forum Posts by: Benjamin Cowles

When figuring out the 'seller finance' terms with your seller or buyer how does simple and compound interest figure into it? 

I read that mortgages use simple and I also read they use compound interest. Who's the expert in this part, or who plays an expert how do they put it out 'on the table' to discuss and review with the prospect?

And what are the details of this aspect to consider? Speaking of which, do you create a mortgage with a note or can't a guy off the street make one, or what functions for the purpose of a mortgage for an investor?

Thanks!

... and you've presented your offer, 'now I don't want you to do anything you will regret so I'll recommend you take 24hrs to think it over and consult with your family/friends if necessary but if you know what you're doing and want to get this over with right here right now by all means let's move forward with this(then push the paper forward)' how successful would you be? Would it be worth your time?

I just don't see myself sitting across the some lady's dinner table gripping a pen staring through to her soul hell-bent on success at all costs ya know? I have to be truthful with my "rapport building".  How do you finalize your offer?

thanks Bill

thanks for the responses

maybe if you have a good relationship with a contractor you trust? well I guess the question is whether a contractor requires the inspection of an inspector to provide you with a close estimate to the repairs the property needs unlike say when you go to a mechanic for your car who will charge you for the diagnostic, usually an hour's worth rather than referring you to an 'automotive diagnostitician'. I understand the inspector gets paid to find issues and the contractor just to fix them, but you'd think the guy that fixes them would also be skilled at identifying them if not more skilled. And the contractor would be inclined to find all possible issues as his livelihood would benefit. Throw $100 on that free estimate for him to spend an extra 1/2hr in your attic/on the roof/under the house... Just wondering.

Where there is no lender involved, wouldn't a contractor be more efficient for his estimate along with his qualified professional opinion than hiring an inspector for $300, doing your less than professional estimate and coming up with a good offer?

I'm not at the stage yet where I understand all your numbers but it sounds like a deal based on what those go for around here. Can't that sell for 140k? Did you have to make any repairs or are there any coming up due? How did you find it? 

 Yes, exactly. Somewhere between 'just go out there and figure it out' and 'make sure you know what you're doing before you make a big mistake' you are supposed to move. I'm leaning closer to the last part. I imagine a lot of newbies lose a lot on accident in the beginning and lose courage and no wonder after reading some stories. So I'd lean towards better preparation, research more til you feel comfortable. I don't know how I'd handle someone giving me a look like I'm crazy because i handed them an offer on a napkin and assured them it's okay, 'my buddies on bp said it's cool, no lawyers needed, we can do this, idk exactly how but I'll Google it tonight'. but just don't quit. 

curious how this turned out...

me too