All Forum Posts by: Mark Durham

Don't buy from banks. 

Learn Creative Financing techniques/strategies & focus on locating and buying from MOTIVATED sellers.

My first offer would be #1 with these modifications: Take the 4% OF for 1 year, make the pmts. on her 175K with $0 (zero) down. If she won't take $0 down, I'd try to negotiate as low as I could. I would make the payments to her lender (not her) to be sure they're being paid.

Ask them to be sure what exactly that means, but it usually just means they don't want any financing contingencies or any other contingencies (escape clauses).

Shop around, but I doubt you'll be able to find much lower than 5% on investment property. Different lenders have different seasoning times as well.

Learn creative financing strategies/techniques and focus on finding MOTIVATED sellers.

It's possible to buy RE without a going to a bank. 

Learn creative financing strategies/techniques (esp. Seller Financing, Lease Options & Sub2) then focus on finding MOTIVATED sellers.

Learn creative financing strategies/techniques (esp. Seller Financing, Lease Options & Sub2) then focus on finding MOTIVATED sellers.

If your numbers are right, the MAO @ 65% is $155K, 70% is $170K, 75% is $185K, etc.

Subtract your wholesale/assignment fee from whichever # you use.

I used $300K instead of $305K just to keep it simple.

Often, long time investors with many properties will occasionally sell one or more of their "problem" properties because it's not worth the management/tenant headaches anymore. 

You could say you're really interested in getting involved in REI & suggest that IF he ever finds himself in that situation, you'd appreciate it if he would give you the opportunity to make an offer on it. That would benefit & add value to him. 

If that ever occurs, you can then talk about the possibility of Seller Financing which would be a benefit to you.

Buying real restate is not without risk no matter who you buy it from. You're only true protection is to know what you're doing and doing your Due Diligence. Even then, things can go sideways and Murphy's Law can get you.