All Forum Posts by: Patrick Roberts

For an inexperienced buyer, sure. This gives the buyer an out if the seller has overpriced the property because they are offering seller financing, which is very common. If the buyer is experienced, the contingency is likely null because the buyer should be going into the deal already knowing what the property is worth. 

CRM is a catch-all term; there is a very wide spectrum of these products and what they do and dont do well. Start with your processes and workflow and what you want the CRM to do. Some focus more on marketing with integrated email campaign management, some focus more on sales for pipeline management and visualization, and some are simply vaults for customer info. 

The heavy hitters in the RE and Lending space are hubspot, pipedrive, REsimply, FollowUp Boss, Total Expert, and a few others. Each of these has a slightly different focus and functionality. Hubspot's entry level small business tier is very cheap, but it gets expensive quickly. Pipedrive is around $50/month. Most of the others are anywhere from $50-$200/month per seat. A lot of this, again, will depend on your team size and workflow and process.

This is a legal contract. Id recommend having an attorney draft one that is exactly tailored to this situation. Do not download some template from the internet or AI. 

How would an option contract both create cash now and also capture appreciation? If the buyer pays for a purchase option now, the entire reason for this would be to lock in a price lower than the expected future price, which is the expected appreciation.

You mentioned rent to own - Are you seller financing this to the buyer, or is it purely a purchase option?

Not much you can do other than never work with that lender again. If you have a contractual agreement with the lender that covers this scenario, you can try to enforce any violations of it with a suit, but good luck with that. Probably not worth the time or headache. 

Asking for charitable donations to offset the losses of a for-profit business venture gone bad. Wow. 

Lawyer time. Unless you have a collateral assignment of leases and rents or a similar clause in the CFD or similar legal instrument, you might be opening a can of worms by signing a lease and taking lease payments from the new tenant. Your buyer could very well have possession of these rights and the property under the agreement, and you may not have lawful standing to sign a lease for use of the property, nor any right to the lease payments. You have to foreclose and follow the legal process for your state. Find a reputable creditor's rights attorney. Biggerpockets and/or reddit wont cut it.

I would start by analyzing the disconnect between your price and the realtor's recommended price. The fact that this house is sitting at $300k means the market is telling you it's overpriced at that amount given the circumstances. Also, the amount of time that it's been sitting says that the seller isnt super motivated. Neither of these inherently tell you a fair value for the price, though, but it does indicate that lowball offers might be a waste of time. 

I would sit down with the realtor and determine where his price point of $288,000 originated from. If this is a fair market value based on comps and other current data, then maybe your expectations are a little too high regarding what you're expecting to get vs what you're expecting to pay. Also, there may be a disconnect between you and the realtor on strategy. If your strategy is to be really aggressive on your returns and pricing and to just spray and pray with lowball offers until you get someone to accept, and this realtor doesnt work with clients using that strategy, then you may not be the right fit for each other. It may also be that your realtor is very experienced and knows the market and knows that what you're expecting isnt realistic. This disconnect needs to be sorted out in a face to face meeting and discussion. 

Lots of bad AI answers in this thread. Whether or not a DSCR loan reports on your personal credit has nothing to do with DTI. Whether it impacts your DTI depends on two variables - whether or not you PG the loan (you will have to in most cases), and the guidelines of the loan program you are qualifying for. If you are getting a Conforming, VA, or FHA loan, it's going to have an impact on your DTI, no matter what happens on your credit report.

When this topic comes up in conversations with my borrowers, 90% of the time it's because they mistakenly think that it won't affect their DTI for future loans if it's not reporting.

 This is the correct answer. It's all about intent. The guidelines for most loan products require that you intend to live in your new property as your primary residence. In your case, the new property is not your primary residence - based on your statements, it is explicitly temporary until your primary residence is repaired and habitable again. To get a primary residence loan, you would have to intend to live the in new property indefinitely. The one-year timeframe that many people mention is a good general expectation or rule of thumb; most loan programs dont have set-in-stone defined periods for this. 

 It was an answer to your question, not a directive. This is simplest and fastest way to increase incoming cash by $2k/month

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