All Forum Posts by: Nicholas L.

Hi @Kacie Heggemeier - I haven't done a seller financed deal myself, but in reading the forums and listening to the podcasts, it sounds like investors who use this method typically give the seller multiple options.  So, if you have all-cash or financing available, but you'd PREFER this to be seller financed, give the seller multiple options - and make the seller finance option the most attractive.

If you haven't yet check out this BP podcast - Paul goes into detail on the process of how he makes offers to sellers.

https://www.biggerpockets.com/blog/biggerpockets-podcast-283-18-houses-in-the-first-18-months-with-paul-thompson

And you may already know this, but make sure you're working with the right team members - attorney, agent, etc.  =)

Hi @Account Closed - will this be an investment property, or are you going to use it as a vacation residence for yourself?  If it's an investment property, do you have a property manager lined up or are you going to try to manage it yourself?  Are you purchasing it with cash or conventional financing?  If financing, what does having two mortgages (primary + secondary) do to your Debt to Income ratio (which will affect how much you can borrow in the future)?

Hi @Jeffrey Grieshop - do you have an actual purchase in mind, or are you just reviewing loan options?  And if you have an actual purchase in mind, will it be your primary residence, or an investment property?  Either way, I'd recommend going to more than one lender to see how the options compare.  You can also have your realtor review your loan summary to make sure nothing jumps out at them as unusual.  A "3rd party service you may select" doesn't necessarily mean it's optional, it just means you might be able to shop around / purchase it yourself.  You'd have to weigh the value of the time it would take you to shop around, against the few dollars you might save.

Hi @Jae Hee Hwang - congrats on your first purchase.  Are you going to live in this property or will you rent it out right away?

Hi @Asia Jones - can you try to delay closing so that it's after the move-out date in the 60-day notice, just in case the negotiation of the amount for the move-out goes past 2/2?

@James Gates I just saw your BRRRR thread; congratulations and thanks for taking the time to post the details! One question - I believe it was an all-cash purchase, but did you have any non-financing holding costs during the rehab (taxes, insurance, anything else)? It seems like financing, re-financing, and holding costs get excluded from BRRRR calculations, and I wanted to see what your experience was. Congratulations again - very inspiring post.

Hi @Ron Richter I recommend the Mid Atlantic Summit in Philadelphia, I attended last year and it was excellent.  No pitching, and lots of prominent BP folks were there.  There is also another thread going on BP about top 2020 events.

Hi @Santiago Scort I use Zillow Rental manager to collect rent (but not to screen) and it works fine.  One downside is that it does not allow you to change the monthly amount or accept one-time payments, so it really only works for rent, period.  If your tenant needs to reimburse you for something (or vice versa) or you have to pro-rate a month, there is no way for Zillow to handle this (at least that I am aware of.)  I have not used Zillow's screening service but there are lots of threads on BP comparing the various online screening services.

The Mid-Atlantic Summit of 2019 was excellent.

https://midatlanticsummit.com/

@Sawyer Smith I've actually been thinking about this same topic recently, with an emphasis specifically on something you mentioned - "cut down on vacancy."  Assuming your tenants already pay on time, what's the best way to incentivize renewal?  One idea I am thinking about is offering a small discount on the first month of rent each time a tenant renews, possibly with a larger discount for a multi-year renewal.  There are a couple of great BP threads on this same topic - here's one from a couple years ago that was particularly interesting:

https://www.biggerpockets.com/forums/52/topics/422047-do-you-reward-your-residents-at-their-lease-anniversary-if-so-ho