All Forum Posts by: Nan Wilson

I just did this, with our house, which closed last week. We had almost exactly the same circumstances and ongoing plan. We called up the owner, and offered 20% down, requesting seller financing. Without even discussing a purchase price, he said yes. Because we've never purchased before, we decided to use an agent to represent us, and I'm glad we did. She held our hand through the process AND negotiated the details. We got a deal of a purchase price, with a balloon in five years. The interest rate was much higher than we offered (5%), but the numbers still work for affordability, and cash flow when we rent it out in a few years. The only thing I would have done differently was offer a LOT less for the downpayment.

this has been VERY helpful. now that i see more numbers, it's actually a little scary. and exciting. i now see that i need to plan on having 50 units by 2018, with the current plan. now i'm gonna put some thought to getting there. stay tuned...

I'm not sure that I'm going about this in a useful way. I've heard lots of advice that I need to write out my plan. Is this the idea....

by 12-31-2018 i will be receiving $50,000/year in cash flow from real-estate investments

how i'll get there:
october 2013 purchase our house/9810 for $235k, $50k down, 5%interest, 30 yr amortize, 5year balloon
rent out one BR as BandB, or permanent roomer. put his income into llc?
by 12/31/2013 purchase condo for dad and yvonne, 2br, up to $150K, min $30k down (from aunt nan's estate)
real-estate license in texas?
by 12/31/2014, get conventional loan on 9810, take equity and purchase 3/2 sfr for rental, or small mfh in lower mid range

by 12/31/2015 purchase move out of 9810, and rent for minimum $1500/month

Hi! I'm in the Seattle are, and planning to move to Galveston in 2015. I'm planning to do SFR's there. Keep posting!

thanks for the welcomes. today is a podcast day.

i've been looking for what's next for me for a couple of years. my husband asked me to read "rich dad poor dad", and BAM! i'm 54 years old and never bought any property, and was fine with that. i've been a small biz owner for more than 10 years, and ready to not work so hard. in the last 2 months, we've put in an offer on the house we've been renting, and i've pushed a significant amount of my work to my staff.

i think the party has started! from my reading over the last few weeks, i realize i've already made some mistakes, with the first move (putting in the offer on our home). I'm determined to get more educated before the next move...