All Forum Posts by: Mariah Sanchez

Hello! I am a new wholesaler in Tucson. I am trying to find a title company that has good reviews in Arizona. I have searched old forums on here, but the few that were suggested have terrible reviews. It seems like every title company I have searched has awful reviews. I am doing everything virtual for now while I travel with the military, so honestly any title company thats works nation wide would be good. I do prefer to work with one in AZ to keep AZ laws/ regulations in mind. But I am open to any suggestions at this moment. It is getting frustrating. 

Thanks in Advance!

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Hello! So I guess I am a little confused on how mortgage payments are decided. I have a cousin who wants to sell his home and travel in an RV with his wife. Bought it in '99 for $245,000. Zillow estimates $840,000 now but they have done A LOT to the inside and yard so for safe measures I said $900,000. its a 3/2 1900 square feet about a quarter mile from the beach in Oceanside, Ca. I told him how I was trying to get into REI and he offered to seller finance it to me at 7% no money down. I am trying to run numbers and am getting a little confused.

Figured 900,000/ 30 years / 12 months + 7% = $2675.  The 7% I got from what would have been the monthly mortgage. I know I am doing something wrong though. I did the online mortgage calculators and its coming out to $6,000 a month and I am not sure how. 

Also planned on managing it myself for a little while and putting it up on AirBnB for $165 a night. 19 days a month and I would break even (adding in insurance and everything else). After that it would be profit money. What do you guys think? If, for some reason, I am in way over my head and drown in payments, what does that look like with seller financing? Could the title be handed over to my cousins again easily to sell like normal? What kind of extra fees am I not seeing in that situation other than title company fees?         Thank You in Advance!!

Also I realize this is a huge jump to make for a first time investor on a property valued so high, but I figured the terms were amazing and I am having a difficult time getting approved for conventional loans to start smaller. Him and his wife are in no means tight on money and could just as easily sell it to someone for full value. But they are both retired, have everything paid off, no kids, and want to just road trip for awhile and wouldn't mind helping me get started. 

@Kyle Affronti No don't let me shy you away from a good deal! Wholesale might be less of a headache, but a fix and flip may get you a bigger return. I am choosing to stay away because the ARV is only around $45-$50,000 so there isn't much room left to fit in fixing the foundation.

@Isaac Chun I forgot the correct term for it. But I do know that you can have them transfer the title to you, and you come to some agreement as to paying the loan off for them by making their monthly mortgages. The loan would still be in there name, but you would have legal right to the property. Sorry I couldn't be more direct

@Lupe Hernandez yes you're absolutely right. It's a smaller home. 2 bed 1 bath. 1100 square feet in Little Rock, Arkansas. It was bought by a wholesaler for 3500 earlier this year and at this point just wanted to get rid of it. Had an agent walk through the property to view it for me, I am investing from California, and will most likely back out because foundation issues were found.

@Sharron StJohn no not at the moment. Heard back from my agent today after he did a walk through that there will need to have some foundation work done, so most likely will back out.

@Mariah Sanchez ***EDIT. How do you guys feel about a personal loan in this case? Taking a personal loan out for $26,000?

Hello!

I found a property that needs about $20,000 worth of work and seller is willing to go for my offer of $4,000. ARV lies between $40-$50,000. This will be my first deal. I am having a hard time finding a lender that will loan less than $50,000 and that is okay with the fact that I only have about $5,000 of liquid assets available to use for investing purposes. I was in contact with a couple private lenders, all of which wanted to see $15,000 of my own cash in the bank. This is just so I can start the ball rolling. In all honesty after everyone is paid, I am okay with a $3,000 gain. I am not looking for some jackpot. I just want to slowly start building my way up into better and better deals once I can get some successful flips or rentals on the market. Family is very poor, so I couldn't ask for a loan from them to meet the requirements. Credit score is 730, no other loans other than a car loan that is managed extremely well. The low liquid assets is what is killing me. Any advice on where to look next? Thanks!

@Jon Holdman Thank You!