All Forum Posts by: Priscilla Z.

@Jayzon Miller - Biggerpockets.  Once you find the strategy you want then choose a specific website or book, but until then try to find what you like.  If you happen to choose lease options or wholesaling send me a message and I will share with you who we learned from.

I have not dealt with this personally but I have heard of others who have successfully.  I have dealt with other code liens on a property I purchased and was successful in getting them taken care of. If it's a good deal I would go for it.

@Jordin Boyd We do it the way @Brent Coombs described.  None of their monthly rent goes towards the purchase price.  The reason being that once you give any amount towards the purchase price it can be seen as owner financing, and if you need to evict them one day the judge may see it as them having equitable interest in the property and therefore you may need to foreclose instead of evict.  We have evicted two lease option tenants with no problems because we have two separate documents, one is the lease and the other is the option.  It clearly states that if the lease is violated the option is null and void.  

Another reason we don't give monthly credits towards purchase price is because of the changes to Dodd Frank back in January 2014.  My partner is more well versed in that area and apparently it's open to interpretation so because its pretty new we decided to avoid it all together.

With all that said, I think now is your time to renegotiate terms with your tenant buyer.  You have the final decision in renewing with the for another year or not, so go ahead and set the terms you want for the renewal.  I don't see anything wrong with that.  Just make sure every detail is clearly written out, and if I were you I would notarize the new documents.

In this case I agree with @Account Closed, just make it simple and do another lease agreement.

For the future, consider putting in an extension clause.  We extend an additional year for an extension fee.  They are always willing to pay the fee, and no, it does not go towards their purchase price, it's just an extension fee.  But, this is something that is drawn up in the original paperwork so it's clear from the start.

@Jayzon Miller @Steven Washington Begin by investing in the best piece of asset that you own that you were GIVEN at birth....your MIND. Learn as much as you possibly can, and then take massive action.  Don't just learn learn learn and get analysis paralysis and also don't take action without knowing what you are doing.  There's a beautiful balance between the two.  Learn, then take action.

And, choose one strategy and stick to it.  If you don't have a lot of money to put down on a house, learn about subject to's, or find owners who are willing to do owner financing with a little down payment.  If you want to build capital, consider wholesaling, which has the least risk and it's the one you need the least money for, but will require more of your time and energy.

Above all, don't give up.  This business does NOT come easy, there is a lot of psychology behind it and your state of mind will have a lot to do with your success.

Read as much as you can about the strategy you choose here on Biggerpockets and make sure to ask questions, we are always happy to help!  

Good luck to you both!

@Steven Washington

Welcome to our BP family @Jorgensen Charles.  Read and educate yourself, there is a lot to learn on this forum.  Also, make sure to ask questions if something is not clear, everyone here is always happy to help.  Good luck to you!

Welcome to the BP Family and the Space Coast family @Account Closed produce!

Don't get discouraged, just keep digging.  You will find someone who will be a perfect match for you.  You may need to build a relationship with someone and do some repeat business to prove yourself to them and they may go easier on you with their terms.  Just know that they will ALL require you to have some skin in the game, some more than others, that's just based on how much risk each one is willing to take.  

Search biggerpockets, craigslist, and TALK.  You may have some private lenders right in your phone that believe in you and are willing to be your first lender for your first project, and they may not require the terms you just mentioned.  

As far as how we are able to do multiple properties.....we have built our way to multiple properties but I can assure you each of us started off with one, built some capital, maybe did just one again, built some more capital, and then moved on to a few at a time. It doesn't happen overnight. Don't get discouraged and definitely don't give up.