All Forum Posts by: Account Closed

Rent to own is better than just renting and getting nothing back but a roof over your head.

1. try this ad: Wanted house to rent with option to purchase. Have great references, no pets (accept two small gold fish), good paying job and handy with tools, can take care of small repairs and use to work for a plumber. Can always pay on time. Would like a house I can call my own with an option to purchase.  (Make sure you have a good portion of the rent applying to the purchase, lock the price now, try to get five years to accept the option with a built in extension, record your agreement, do title and lien report (you need to know what is in the chain of title and liens, all owners must sign, get agreement notarized, option should be fully assignable, if the house needs repairs, get 3 months free rent, be sure of the present value and calculate value after five years and deduct your rent credit).
2. Get some expired listings in the area you want to live, contact the sellers and make them an offer based in the ad above. (There are lots of houses with the owner having a mortgage higher than market value, that's the reason for a no sale. You are the man that can solve the seller's problem. Offer to lease subject to the existing mortgage....... Your rent check are made out to the mortgagee not the owner. 
3. Same as above, but do a contract of sale with a 5 year delayed settlement. Record contract, be clear on who pays settlement cost and be on the sellers insurance policy (or get your own insurance if possible), seller to be liable for roof, heating and replace of appliances.
4. Live in the one you like and do the same process 5 times and assign your agreement for a cash assignment fee. Make sure you have the full right to assign with release of liability.
5. Call agents who have had a listing unsold for over 100 days, make the above offers.
6. Vote if you like the ideas. Good luck.

Never pay rent again. 

Charles

It is always great to associate with other like minded folks. I am also having a Meet Up next Tuesday, men and ladies are invited. Great speaker on creative financing.

Agent only show you listed properties, you need to find unlisted or expired listings, I am a broker in Baltimore, I find agents to be for the most part non responsive to investor's needs.

• Most want the quick in and out deal, nothing too complicated, show me the commission thought is their primary motivation, 
• most do not counsel, don't understand creative financing, delayed settlement, Control and Roll,
• or the many clauses to benefit investors, a skinny contract offer or what to exclude in their 35 page standard purchase contract.
• SORRY AGENTS, I have been in your culture for over 40 years, I live and understand it.
• I know this is a silly statement, but I'll make it anyhow; "If agents knew what we investor know about real estate and the money we make, thy wouldn't be agents representing others, they'd be their own best client."
• I get leads in other states and always want to list for a short term in order to flip  properties, I have found that it is difficult to find an agent to list my assignment properties on a short term basis. Almost unbelievable to find an  agent to following instructions.
• There are great agents out there I am sure, I have found that when an agent is successful representing investors, thy wise up and become investors themselves.

I was raised in 21218, been in Balto. now for 74 years, developing what will be the largest bar Restruant in The Charles North community, own a portfolio of commercial and residential properties, auctioneer, investor, artist, with a family business with son and wife.

At this time have a number of wholesale properties we'll be offering at public auction; all have great equity. Have real estate MeetUp in April.

Reach out anytime, always available to chat.

Charles

Never read it, always turned off when the title has the word "Dummies" in it, if a dummy wrote it, I'm not interested in reading it.

I am sure there are lots of great ideas in the book. Street wise is more important than what's in a book written by someone who sells books.

I invest and own lots of commercial real estate; my dummy system is, if it has cash flow and equity, I am interested in CONTROLLING the property.

Sometimes we get too involved with the details of investing and concerned with how others think or what they say. I use my gut for comps, and my brain to calculate the cash flow. It the property passes those test, I'm in!

• Some hard money lenders are predators, and will have to legally offer it as a F/C sale and buy it back in for their own cash flow.
• It is hard for a hard $ lender to get hurt.
• They have a 60% LTV win win for the HML
• The borrower has high interest rate and must make payments or meet a balloon payment.
• For the investor, nothing goes as fast or as well as expected, there are always a delay of some sort.; zoning, inspections, draws, permits, agents, buyers, weather, screw-ups by contractors and subs, unexpected construction issues.

Hard money, can get hard to pay back! Be careful when you start to think that HML may be your answer.

Try these alternatives:

• 100% seller financing
• Delayed settlement with right of possession (prep for flip before legal, ownership) you don't need to own real estate to sell it, you need to CONTROL it!
• Control and Roll, control the property with a skinny contract, flip before settlement
• Hybrid purchase with seller (as a limited partner), seller to contribute renovation funds, offer property at public auction with a percentage back to seller on equity above offered price.
• Control and offer property immediately by private treaty.
• Put together a friendly or family joint venture (if you think the deal is great, convey your enthusiasm to your friends or family members, they put up the needed money, they get a percentage of the NET profits).
• If the equity is too small or risky to buy, refer it to a competitor or an agent for an UP FRONT referral fee.
• Find a partner with cash and skills, don't give too much of a percentage away, partners can be expensive.
• Don't let one deal slow you down, keep using Power Prospecting techniques, making offers and moving forward.........multi-task all the time, just because you are working on one great deal, don't become overwhelmed, get help, but don't slow down.
• Have fun in this business, don't get greedy, be kind and always think carefully before making hurtful comments, words are hard to take back.
• Give back to the community when you are financially able to do so.

Charles Parrish

Baltimore

Find the great equity filled deal and all will fall in place and you will profit!

You answered ur own question. If your upper tenant don't like the smell, they have rights. 

If your tenants like to smoke, tell em to go outside to puff on their weed. 

I agree with Kevin:

• Some hard money lenders are predators. 
• It is hard for a hard $ lender to get hurt with a loan. 
• The borrower has high interest rate and must make payments or meet a balloon payment.
• For the investor, nothing goes as fast or as well as expected, there are always a delay of some sort.; zoning, inspections, draws, permits, agents, buyers, weather, screw-ups by contractors and subs, unexpected construction issues.

Hard money, can get hard to pay back! Be careful when you start to think that HML may be your answer.

Try these alternatives:

• 100% seller financing
• Delayed settlement with right of possession (prep for flip before legal, ownership) you don't need to own real estate to sell it, you need to CONTROL it!
• Control and Roll, control the property with a skinny contract, flip before settlement
• Hybrid purchase with seller (as a limited partner), seller to contribute renovation funds, offer property at public auction with a percentage back to seller on equity above offered price.
• Control and offer property immediately by private treaty.
• Put together a friendly or family joint venture (if you think the deal is great, convey your enthusiasm to your friends or family members, they put up the needed money, they get a percentage of the NET profits).
• If the equity is too small or risky to buy, refer it to a competitor or an agent for an UP FRONT referral fee.
• Find a partner with cash and skills, don't give too much of a percentage away, partners can be expensive.
• Don't let one deal slow you down, keep using Power Prospecting techniques, making offers and moving forward.........multi-task all the time, just because you are working on one great deal, don't become overwhelmed, get help, but don't slow down.
• Have fun in this business, don't get greedy, be kind and always think carefully before making hurtful comments, words are hard to take back.
• Give back to the community when you are financially able to do so.

Charles Parrish

Baltimore

I have been using a tax lien system for 25 years now, a system to eliminate competition and to make short term cash flow and portfolio building.

• It is a tax sale poaching program that  almost guarantees cash flow.
• Basically ---- being proactive and making daily offers on tax sale properties directly to sellers.
• Controlling and rolling.