All Forum Posts by: Raden Mantuano

So a seller and I have come to an agreement on terms on a property and I literally had to raise funds from family to obtain the down payment. Now that I have the EMD down payment. I just realized there are closing costs involved. What parties are involved at this stage of the transaction? Unfortunately, I didn't account for the closing cost at the time, but wasn't sure if i needed it now or even needed it at all, since I'm going directly to the seller. Since there is no realtor and commissions involved I guess what im trying to get here is, what would be the 1,2,3 steps to close, for example (1. the EMD is now sent to the sellers title company etc etc..) which parties are involved and whats the closing cost im expected to come out of pocket on my end?

Im a realtor but i guess since im a realtor buying my first house as a cashflow property directly with a seller. 

Thanks in advance guys!

Guess I couldn’t delete my previous post, since in should’ve titled the topic correctly... however.. 

Looking into the 38106 zip code of south Memphis west of the 204 FWY

Looking to connect with a Memphis, TN Realtor, Investor, and property management company or someone who's invested in the area that can give me insight on the neighborhood... looking to see how the real estate market is doing there as far as rental metrics go. Long term appreciation potential, cashflow, tenant turn over rate, crime,  and etc.. would be great for some insight. What can I expect if I do decide to invest in this one particular area?. thanks in advance! 

Looking to connect with a Memphis, TN Realtor or Investor or someone who's invested in the area... looking to see how the real estate market is doing there as far as rental metrics, Long term appreciation potential, cashflow, tenant turn over rate and etc.. would be great for some insight.. thanks guys

Appreciate that.. as far as reserves I CAN have if need be. I haven't taken a look at the property just yet, just an initial convo with an old lady who's motivated. 

 she is free and clear.. but ill be sure to get the proper copies to verify.. 

About $300 after insurance and taxes

^^^

sorry if it wasn't clarified. but im not sure if it is suppose to matter or not? and yes in 15 years either a refinance and payoff the seller.. what I meant is balloon payment.. 

Hey everyone,

I've come across an opportunity in the Los Angeles area for a seller financing deal. Based on my conversation with the homeowner, its looking like a 0 down, interest only deal, fully amortized in 15yrs, which in my eyes is a STEAL. However, the reason for my post is due possibly a common situation for most trying to acquire properties outside of traditional banking, especially their first rental property. I don't have the best credit and have accumulated some debt during these years, so I was wondering with the amount of debt i've accumulated from my young and immature days, does the debt I assume with this deal become a part of the current debt i have now? or because of the seller financing it, it sort of stays under the table in a sense? Based on numbers and net worth, let's say I have $20k in debt (that's including student debt) and i acquire this property fro $350k.. does this make my net worth NEGATIVE $370k?? 

Wholesale scenario in the Southern California Area:

Looking to get a property under contract in a desirable city in SoCal which has been vacant and abandoned for over 6 months free and clear only about $5k in back taxes owed however, out of state owner. My partner and I are going up against possibly another wholesaler who's made an offer already who's locking it in high from my guess, but no contracts signed yet, we've built a good solid relationship from our last few conversations, so we are planning to bid over it. However, that current offer is either a bluff or legitimate offer. Here are the current numbers...

---> Current Offer: $227k <---

ARV: $345k-$370k MAX

Rehab Cost: $85k Max  (FULL GUT) 

- Needs new roof which is probably going to be 1/3 of the budget. 

- Foundation needs work

- Haven't been inside but from what we expect or assume its a max of the $85k Rehab Cost budget. 

Wholesale Fee we'd like to get out of it: $30k Max

Original Offer BEFORE we made before knowing the current offer he's accepted: $140k <------

New Offer we are thinking of sending over: $230k <----------

Notes: I am a licensed realtor and there has been lots of showings I've done for clients where the home was more of a light rehab or a half done rehab.. 

Conclusion: So from my understanding, it looks like there is still room for a flipper to make some money off of it if they do the half done rehab way.  So we were thinking of beating the bid at $230k and shopping it around at $245k to $255k. 

Or.. a cash flow investor interested in acquiring the property at discount. 

Just wondering how this scenario should play out? 

- Lowering our fee?

- Not making an offer at all? 

- Low balling?

- Make the offer, subject to inspection and negotiate after? 

Thanks again everyone for all your help..