All Forum Posts by: Jeff Filali

If you decide not to buy them or are looking for a partner on the deal,  send me the details.  I'd be interested in more details for sure.

Additional Questions you need to look into:

1. What are they actually worth? What's the ARV on each house? Just because they're offering to finance with zero down, doesn't make it a good deal if you're paying more then ARV. A lot of times we get caught up in someone offering the financing and ignore the numbers.

2. You should have your own contractor go bid the work.  Just because they say $5,000 doesn't mean it really would be.  I've learned to never trust someone else's estimated repair numbers if they're trying to sell me their property.  Plus, some people would do repairs different than others, Band-Aids versus surgery mentality.

3. Are any of the properties currently occupied?  If not, why not?

4. Do they own others and just trying to get rid of these for some other reason such as bad area, difficult to get good tenants, etc.

5. Make sure there's no penalty for early payoff, there's no way I'd ever finance them 30 years unless I could pay off earlier without being charged for 30 years interest.

6. I'd be asking what their bottom dollar cash price would be?  You may find that you could negotiate a better deal by getting your own financing, even if you had to come up with down payment. 

I deal in this same price range for that exact reason, CASH talks and less competition.  Plus those properties are perfect to rehab and sell with seller financing.

Find other sources. Some local lenders who won't finance you to purchase it are a lot more open to financing on the back end once you've purchased it for cash and finished any repairs.  Seek out hard money lenders in your area.  But don't expect to only pay 3-4%, its not worth their time for that.

@Kayla Bridges I'm local investor in BA & am always open to helping others and growing my network.

@Rami Shahmram I haven't sold any notes myself, but its definitely an option I've looked into just in case.  From what I've found though most note buyers aren't going to pay more then 50-70% tops.

I've sold several of my properties with seller financing. Its a great deal if you don't need to cash out.  You can usually get close to full value on your property and move properties fast. 

Just another example of too much Government regulation... I'm so ready for the anticipated DEREGULATION promised by Trump to begin this year.

Hey @Rhonda Rehbein  I'm an investor based in Broken Arrow, let me know if I can ever help you in any way.  I have a lot of good contacts in the area with contractors, wholesalers, other investors and professionals, and always looking to grow my network and help others. 

As everyone else said, get a professional pest control company to go access the damage.  I purchased a property that the damage could be totally repaired for $3,500 in pest control and repairs, but I reduced my offer by $5,000 and still closed on the property.    The worse a property condition is, is not necessarily a reason to walk away, those can be the best deals out there because most people would walk away.  I love these type deals, you have to get good professionals that you can trust, but you can hit some home runs by going after deals that others won't touch.

Flipped another property this week that was purchased for under $30K and will profit $25K after closing!!  But remember you cannot make money investing in Sub $30K properties!!  :-)