All Forum Posts by: Matt McCurry

This is where to buy businesses but I am looking into what resources there are ABOUT buying businesses. What to look for, how to run analysis, etc etc. Something much like bigger pockets. You will look on MLS or Zillow for the property, but BiggerPockets forums are a great learning resource.

What are your resources for buying businesses? Much like Bigger Pockets, wanting things like forums, running numbers, info on the process, different strategies, funding info, etc etc. 

Used to like the BP business podcast but I think it ended some time ago. 

Good podcasts, books, online sites, etc for info on the topic? Thanks. 

Have recently thought about doing wrap mortgages. I have a seller who will do owner financing on a discounted home, without a due on sale clause, and I want to sell this on the flip side to a tenant buyer. 

Much like I do renter tenants, I would like to make sure the tenants I get are good fits for the place. What do some of you use for criteria on this type of thing? 

credit score? 

income? 

etc. 

obvioisly my buyer will likely be one who can't get conventional financing for whatever reason, so they won't be perfect, but I want to make sure they are terrible either. 

Any advice? Thank you! 

Have recently thought about doing wrap mortgages. I have a seller who will do owner financing on a discounted home, without a due on sale clause, and I want to sell this on the flip side to a tenant buyer. 

Much like I do renter tenants, I would like to make sure the tenants I get are good fits for the place. What do some of you use for criteria on this type of thing? 

credit score? 

income? 

etc. 

obvioisly my buyer will likely be one who can't get conventional financing for whatever reason, so they won't be perfect, but I want to make sure they are terrible either. 

Any advice? Thank you! 

I know with a tradatitional lender, such as a bank or servicer, there can be a due on sale clause, but with a FSBO note, perse, they would have to add that clause to the note, correct? @Terrence Evans

Let's say I get a property at a discount for $35,000 owner financed. The owner is free and clear owner. structured as so:

Payment = 416.67/mon

$5000/year for 7 years

This goes through escrow and he holds the note. 

I want to seller finance this to another tenant buyer. I get the buyer to agree on terms such as $65,000 with a $10,000 down payment, 8% interest for 15 years. 

how is this ultimately structured? What is this note called that I own with my new buyer? A land contract? a note? do I still pay taxes and insurance? 

Thank you. 

Looking to get my first out of state property and potentially manage myself. What kind of setups fo you have with your contractors that take you mostly out of the picture. For example, the tenant calls the contractor and the contractor takes the work that way. something similar or streamlined? 

As someone who is just starting to my journey, it is a bit daunting. It's thinking about 5 steps further down the line than I need to be at this moment and holding myself back because of that. It's being so new that this is all very, very exciting, but having to tell yourself to slow down and analyze before you start making crazy mistakes. It's knowing that even with hard money and equity available for more deals, the need to get your first deal as a success feels so heavy. It's listening to so many success stories that you over analyze and get that paralysis. It's a mind game that is hard to beat with being so new. This all makes me feel that I haven't yet learned enough to do this, but feeling that this won't go away until I pull the trigger on that first deal. 

-someone who is actively looking for their first deal :-)

p.s. hope this help you channel us newbs

I am currently 22 and have recently started my REI career. I made an early mistake though as I am finding out; I purchased a SFH right out of school while acquiring roughly $40,000 in student loans. Where do I begin to go from here? How can I purchase my next property if I want to do a house hack on a du/tri/quad-plex? I don't have enough equity, if I have 10%, in my house to refinance to a conventional and take out another FHA right? Should I just look for an investor to fund and split 50/50(ideally) with me if I do all management and they just provide capital?

My name is Matt McCurry and I am starting my Real Estate Investment career now. I live in Dayton Ohio and am looking for investors who are knowledgeable and are willing to share expertise and assist in my early uprising in whatever way they can provide. Can you share with me how you found your first mentor? Are there tips in which you can provide? Who did you reach out to without knowing any investors? Did you offer to work for free for them? 

Matt