All Forum Posts by: Rick Pozos

Usually you would do an interest only loan if you are rehabbing the property. Lets stay simple, 100k loan at 12% or 1% per month. Payment is $1000 per month as long as you have the loan. If you rehab the property and sell it in 5 months you will have paid 5k in interest plus the 100k back. It is usually on an annual basis. 

There is no hard and fast rule about the price as cash vs owner financing, except that you most likely will pay less for cash. I always ask for owner financing in every deal. If they have a mortgage, I try to purchase sub-to, if that doesnt work then the seller getting cashed out is the final offer and always the lowest. It will always depend on the situation of the seller and how you can help him/her out. When you know what situation that they are in, you can structure your deal better to suit them.

Great!! The more the merrier. If you have one, bring a folding chair or lawn chair or something to sit on. I just realized that I only have a few chairs. There will be some so if you dont have one, no problem, but if you do, bring one or two.

At that price range, there are several on MLS in 78227.

Great. I have seen a couple groups have a bus tour or something like that, but then they charge you $200 or $300 for the "knowledge". Of course my tour is free and I want others to see what the magic is all about without having to pay. They have to know that it is not easy. Lots of hard work over your 40hour work week, lots of hidden problems that can get you in the butt. It can also be rewarding.

Hope to see all you wanna be rehabbers, wholesalers, newbies, and experienced folks also.

We normally have a meeting at a local restaurant, but I thought it would be great to actually meet at a home that is being rehabbed so that you can see what really goes on. We will walk the house, I will tell you what is going on, costs, problems, issues, money, contractors, private money and everything else that goes into a rehab. If you are a newbie or a veteran it will be great to meet at an ongoing rehab.

5601 Staack, SATX 78240 is the address. Come on by at 630-8pm on Wednesday May 11th. Hope to see you there.

Call me with any questions

Change of Venue and time for this monthly meeting. We will meet at a home that is being rehabbed. It started a couple of weeks ago and is gently being put back together. 5601 Staack, 78240 is the address. 630pm to 8pm. If you want to see what a rehab looks like, this would be the place to be. If you are a wholesaler and want to move up to rehabbing, this would be the place to be.

Hope to see everybody Wednesday May 11th at 5601 Staack at 630pm. There will be no food, but I will bring some sodas and a few beers. You can also BYOB.

Any questions, give me a call

Not correct. You can get taken by people who are scammers. What if someone says that they have money for you? You send them all your personal information on their application(ss#, bank accts, etc). Now you just got your identity stolen.

Talk with local people or companies that you know are national and come recommended by others. Dont deal with anyone strictly online.

Do some deals with hard money. Pay a little more, get some experience. Show that you have done it several times, THEN go talk with people from a place of experience, not as a total newbie. People tend not to trust people when they have not DONE IT.

Just like any other piece of property, you would have to see what other commercial lots are selling for in the area. On a conversion, you also have costs to get the property ready. If it is a mobile home park, you have water lines, sewer lines, roads that all have to be moved, adjusted or eliminated completely. Those are costs that will have to be paid for by the buyer or yourself. Plus you would have to get rid of the people already living there. That may take months or even a year.

An easy, general way to get a price is to see what is listed for sale in the area. If there are other lots in the general area that they are asking $5.00/ft and yours seems to be bigger, more usable or more builder friendly you can figure that you can get $.50 or $1.00 more per ft than the other guy. Loopnet.com has properties listed for sale, usually WAY over priced. I would see how my property compares to others in the area and then true value is probably about 10-20% less than the over inflated prices that you see on loopnet. 

I would find out WHY does the seller want to close in 5 days or less. Is there a pending foreclosure? or some other issue? Most sellers know that it takes time to do title work and get financing set up. When someone is rushing me that much, I tend to ask more questions and if I am not satisfied with the answers, walk away.