All Forum Posts by: Michael Chilton

@Nikki Closser

Just because he’s buying for cash doesn’t mean he’s keeping the cash tied up. He likely uses cash to make a quick purchase and get a good deal, then finds a lender to get his cash back and invest in the next property.

@Leticia Montoya

There is money to be made with those houses. Don’t be scared just because they only cost $50k. Analyze the deal, and make sure you look at all the expenses carefully. Be cautious of property taxes.

@Mark Beeson

Don’t look at the asking price. Run the deal backwards to find what you can offer. If they say no, move on.

@James Hamling

Awesome. Thanks for the help. Is that 8% max a percentage over prime?

What kind of terms is everyone using to seller finance mobile homes? I'm just starting to look into fix and flips. Would a 5 year term at 10% with 10% down be reasonable? For a home with a sale price of $35,000 the payment would be about $650. Lot rates here are around $300.

@Guichard Belton

He’s not giving you the property for free. You’re taking over his mortgage that he’s upside down on.

@Mathew Fuller

I’m considering putting all of my cash flow into a whole life insurance policy that pays 5-6% interest. In the future I will borrow against the cash value, or use it as collateral to secure a loan.

@Marduk Mooshoolzadeh

$5300 4 unit in Iowa. $5000 concession for repairs from seller, prorated rents, and prorated taxes. I have 20% equity. Gross income is $1600/month with cashflow of $300.

@Marduk Mooshoolzadeh Absolutely. Just bought my first investment property (turnkey small multi family) with $3500 down.

@Chad Daniel Not yet. I’m filing for an abatement on my personal residence this year. We purchased it as a flip earlier in 2019 and the person who did the work didn’t pull permits or have licensed contractors do the work. I was worried that I wouldn’t qualify for an abatement, but after speaking with an inspector I feel better. He said to file for the work done that didn’t need permits- siding, interior finish work, roof, etc.