All Forum Posts by: NaDean Bowles

@Bryan Richardson  Yes.  It's hard but it's a numbers game.  Most will turn you down the first time but talk to them and see if they tell their story.  They may need to be out of it and just call back the next month and offer the same thing.  You'll get a gazillion no's before you get a yes.  

Leverage it as down payments for commercial property.

@Tony Roberts Make that a title company or with an attorney depending on your state.  

Also, if you are owner financing back out the other side, that's when you can charge interest.  Always keep your tenant's amortization or sudden payoff ahead of what you owe.  

@Tony Roberts, you're *so close*.  

Why are you offering 10% interest?  Wait until they ask.  When they ask, tell them the interest is already calculated in the payments then proceed to negotiate as necessary.  

Why are you offering $5,000 down?  Has he said he needs that much to walk away?  Would he rather have more or less cash flow per month?  Have you heard of the three offer letter of intent?  

If you require a renter to put down $5,000 for... rent?  for what?  You are just begging to get sued.  

If you are doing a lease option, that's a lot down for a less expensive property.  Good luck with that.  I would NOT do a lease option though as a lease option purports that they will either have the cash, highly unlikely if they are buying a $50k house, or qualify for a bank loan and you'll be hard pressed to find a bank to do a loan that small.  

If you are owner financing, you will still have a hard time getting $5k for a $50k house.  Good luck with that.  

If your rent is $1000 per month on a $50k house, I'm in the wrong bloody market.  WOW

I would do this:  $50,000 as $500/month for 100 months, so just over 8 years.  If it's an elderly person, offer to put it in a trust and/or carry the payments out longer so they can have cash flow in the nursing home that Medicaid won't look at.  

Which bank is it?  Have you seen the mortgage documents yourself?  Have you checked for liens?  Are you going to close at a title company?  DO close at a title company unless you do a lease wrap instead.   

Anyone else?  If you would like to remain confidential, feel free to message me.  Does anyone have any solid book recommendations on the subject?

@Tyler Howell, I'm not.  I haven't found that it makes a difference.  

@Tyler Howell, 

I check income/work history, rental history, and public court records.  

@Michael Noto exactly.

@Andrew Kahle, 

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I've been throwing out aggressive offers 10% over asking, 50k over asking on mutifamiles, and even one that said I would beat all other offers by $1k. And they still went with other offers, so not sure how else to land one.... need help!

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Oh no no no.  Why not pick a market with better numbers that is steadier?

@Joyce Jackson, all good practices.  Thanks.