All Forum Posts by: Randy Rodenhouse

Most Private Lenders will not laend in second position and since your seller is probably going to want to be in first position and that is going to be an issue.  Buying with owner financing is a great idea but you need to get the seller to agree to lesser amount down and maybe increase the price or interest rate on the loan to offset the reduction in down payment.  

Nothing but my humble advice…

Maybe find a local real estate investment club in your area and ask others who they have been using to close deals.  You could also call Attorney's in your area and interview them and ask them questions such as have you done lease options, have you done a wrap, have you done a subject to.  If they say no to lease option no sense in continuing the conversation since this is the simplest of the bunch.  

The best way to make the most money in this deal is to buy with seller financing with good terms (low to no down, longest maturity possible, etc) and sell it with owner financing and make the spread.  So say you buy it at a 3-4% fixed rate and then turn around and sell it for 9% for a slightly higher price and 10% down.    

A unique strategy for my success...KEEPING MY MONEY WORKING 24/7.

Money are your little workers which should bring you money daily from your investments. Money does not sleep, complain, unionize, get sick, question, go on strike, take a day off, etc.

70% of your money should be in play at all times.
15% pounce money - ready to go when you see a good opportunity.
15% transitory - money in and out of short term deals.

There are companies that will send your postcards for you such as Postcard Mania and several others. It does cost more. You could make your own postcard and send it out by having an assistant help you do that. Auto voicemail systems that are relatively inexpensive our Freedom Voice, Voice Connect and Patlive.

I think it depends on your wrist tolerance. I have properties in multiple states and so obviously I don't inspect them every year. I don't have a problem with it. Usually the tenant will advise if there's an issues or repairs that are needed.  With that being said it's probably a good practice to check out your rentals and make sure people are doing crazy things LOL. 

If you're asking can you find seller finance mortgage notes and then put them under contract and assign the contract to a note buyer, then the answer is yes. We buy seller finance mortgage notes and institutional mortgage notes.  

Short answer is when someone inherits property, the IRS applies what is known as a stepped-up cost basis. You do not automatically pay taxes on any property that you inherit. However, if you sell, you owe capital gains taxes but only on any gains that the property has made since you inherited it. 

Usually your downpayment is 3.5% with FHA and then in addition you have closing cost on top and that will depend on several factors but expect approx. 2-4% of the loan amount. FHA closing costs include an upfront mortgage insurance premium (MIP - which I hate since you have it on there for the life of the loan). FHA closing costs also include an appraisal, origination and title services fees, among other potential expenses.