All Forum Posts by: Marquis Harris

@Tom V. Thanks for that document. Its definitely a good guideline for what to say to a seller. 

@Percy N. It never occurred to me to ask those questions. Next time I see him I will definitely ask. And I would like to purchase rental properties, so I would try and find tenants to put in there.

@Kyle Cabral Great advice! I will do more studying on seller financing so I sound intelligent when speaking about it. And congrats on that deal! I have some questions about it if you don't mind me asking. I'll probably send you a pm.

@Account Closed I assumed that since he owns it that there isn't a mortgage on the property. But I will look into that!

And thank you all for the Comments/Advice!

As I was driving home from work today I saw a for sale by owner sign literally 6 minutes from my house.    Im located in Massachusetts on the South Shore to be more specific. As a new RE investor still gaining knowledge and looking to do my first deal, one of the things I learned about was seller financing. This is really what I'm interested in and how I see myself entering the business. So I pulled over to take a picture of the sign and the owner came out. We talked for a bit but I wasn't too sure what questions to ask. This was the first home owner I had ever talked to that was selling his property.

I did manage to ask the basics such as: Why are you selling, and for how much? To give you some background info on the property, its a single family. He's selling for 301k, and he's selling his house because he and his wife wanted something bigger. He plans on having another open house soon and I would like to attend it.

To be more prepared for either my next encounter with him, or another home owner, what questions should I ask? Also, what steps can I take to be more prepared for successfully completing a seller financed deal? Also what documents should I look into in order to expedite the process? I also need to build my team up and would definitely need an attorney and title company so I seem more serious and professional when speaking with a home owner. Any advice on where and how to find the best people for my team? Thank you all in advance for taking the time out to read, and help me.

Best Regards,

Marquis

Andrew Dean Congrats on your first buy and hold! The numbers look really great as well. I'm hoping my first buy and hold numbers look like that as well. Keep up the good work, and thanks for breaking down the analysis on your purchase, very informative! -Marquis H

Yes my company does match my contribution. I forgot to add that in. I will keep it for now, and shouldn't turn down free money. I will probably roll it over to something else when the time is right. I'll definitely have to reread all the comments on here to get a better understanding of what to do in the future. Again, I really appreciate you all taking the time out to give me some information on this! It has definitely helped!

-Marquis

I cant thank you all enough for the valuable information. It has definitely helped me answer my question. I really appreciate it!

Hello Everyone,

Im not sure if this is a stupid question to ask, but I am generally curious about the subject and would like to know what is the best step to take. Should I cancel my 401k?

To give you a little background information on the situation, I recently decided a few weeks ago that I want to become a real estate investor after being in a RE seminar. The guru mentioned some really great stuff that got me thinking, and gave out some good information.  I later realized after joining BP that the information he gave is all available for free on here, and in books! (I paid $200 for the seminar, but I have spent more money on worse, so please don't judge me). He pushed for people to sign up for his 20k-50k program which I knew definitely wasn't for me.

Anyways, he mentioned that he didn't have a 401k and many people he knew didn't as well. He didn't like the fact that he wasn't in control of it, and figured his money was suitable elsewhere (investing). It got me thinking as well. I am a new investor, still in the process of saving and educating myself before I make my first purchase. I see myself being a RE investor long term and once I make up my mind, I stick to it. I currently work full time and have a 401k set up. There's not much in there because I recently graduated and started working full time a couple months ago. Would it be in my best interest to close my 401k and put that money with the rest of my savings and continue to save that way? Please let me know what you all recommend. I would greatly appreciate it!

Best Regards,

Marquis

 @Trexie E. Thank you!

@Paul Timmins Thanks! I will definitely join and attend local REIA Club meetings. Thank you for the books as well!

Nice job!

Hello everyone! I recently joined bigger pockets the second I found out about them and it's been amazing so far. There's so much information on here. I recently decided that real estate was for me after going to a weekend seminar about real estate and investing. The seminar definitely provided some info for me to research and also the motivation I needed to get started. So far I have started to read up on real estate, and I plan on going for my license. I know it's not a necessity, but I feel it couldn't hurt and it definitely would benefit me to have my license. I start class in about two weeks. I also plan on attending networking events. I have a goal of attending a certain amount before this year is up, and making as many connections as I can. I don't want to ramble on too much but I just wanted to say I'm happy to be on here and look forward to meeting new people! Happy investing everyone, Marquis