All Forum Posts by: Patrick O'Brien

Thanks Frank, appreciate the insight. Why did you sell your properties owner carry? The property is free and clear so I think I can get creative on the financing but again this is my first owner carry deal. Not sure owner would accept a 30 year amortization but possibly if I also did a 10 year balloon. Any other insight on how to structure a owner carry deal that is advantageous to the buyer?

Watsup BP- Looking to hear some success stories regarding seller financing. Have you ever done seller financing? Thinking this may be my best bet to starting out as I have money but no income to be able to get a loan. I have found a seller that has multiple properties and is looking to liquidate, owner will offer great loan terms. Using the BP calculator the property will cash flow, if permits are approved for the backyard cottage the deal would be a homerun. Typically how long do the loans last when doing a Owner finance? 15-30yrs possible? Anyone have advice on how to setup the financing to be more favorable to the buyer? Again this is my first owner carry deal any insight, tips, or past experiences would help me out as I get started. Thanks all!

Current owner has had the Property for around 10 years. Section 8 tenants usually will stay longer periods of time because theres a waitlist. 

Property tax is 910$ yearly. 

House is in good new condition ready to rent. 

@Brian Garrett thanks for the reply. yes paid in cash. Not sure what the ARV would be, but I plan on holding and letting the property cash flow.

Hi Bp- Curious to see what you guys think about this deal. Any insight would be greatly appreciated. Property is out of state so very unlikely I will actually jump on this deal, being it would be my first deal and its out of state. Justing looking for some quick insight. 

Property selling off market for 58,000$ (Paid in Cash) 

House is in great shape, owner told me he put in 37,000$ into a remodel within the last 2 years. Photos appear that the house needs very little if not nothing done to it rehab wise. 

Rent is in section 8 housing and rent comes in on the 1st every month  Rent: 700$

House has passed all government paperwork to be section 8 compliant. 

yearly insurance is 345$

would need to use property management company to manage the property. 

utilities are paid for by the tenant.

Does this add up?

@Dave Garlick Here's my tough question for you though Dave. Pretend your 24 yrs old again. I have enough money to purchase a house all cash in the bay area. I don't have a source of income, just finished school and made money from investing. So without steady income if I pay all cash can I then refi the property after I get renters moved in? even without steady income or a day job? cheers

Quick Question:

For example: I purchased a house all cash fix it up, get renters to move in.  A few months later I'm ready to do a cash out refi. Without a day job or income will I be able to get approved for a cash out refi? Thanks for the support, BP

Thanks for the reply’s! Appreciate it. If anyone knows any wholesalers in the Bay Area would love to speak with you. Thanks BP

Thanks Nicholas- Appreciate your insight. On the lookout for a good wholesaler in the Bay area. Spoke with a few and have heard some deals but none have hit home yet. Interesting that you can't have any contingencies on the property. When working with a good wholesaler how do they typically charge? A flat fee on each property? A small percentage? or do they vary from property to property? thxs

New player in the game here. Looking to flip my first property as I've recently liquidated some cash and would like to invest in some RE. I'm located in the Bay Area, Ca and have been connecting with local wholesalers over the phone. I've been actively looking online and on the MLS for opportunities to flip here locally in the bay area but nothing has really jumped at me yet.

Questions:

Will a wholesaler provide me with deals that are priced below market value? How so?

What's your advice on how to find a good wholesaler? 

Why would a wholesaler give you a great deal on a property when they can turn around and profit significantly more from the property themselves?

Things to be careful about when dealing with a new wholesaler?

Really appreciate the help here, As I'm new and have tons of questions. Any insight would be greatly appreciated as I'm trying to gather as much information as possible. THANKS BP!