All Forum Posts by: Robert Curls

@Marc Cesar on the seller financed offer, what is the purchase price? 30K? 35K?  you could sweeten the pot by going with his asking price as someone who wants to purchase the deal on seller financing isn't ask concerned with the purchase price as much as the terms.

The other thing you could do is go for a higher interest rate, however it would be good to understand what his original intention was with the property?  was he going to flip it? or hold it.  If he was going to flip, he may not value the residual income stream and might not be interested in a seller financed deal.

Third option to sweeten the pot would be make the term shorter, say 35K purchase price, 7-10% interest 30 year amortized but ballooned at 24 months.  That gives the end buyer an opportunity to season the title before refinancing into conventional financing.  Unless the place is in such bad condition that a bank won't finance on it at all.

@Elizabeth Maille I'm assuming when you say South FL you mean greater Miami / Ft Lauderdale?

I'm curious, do either you or your partner hold a brokerage license? In FL in order to originate a lease on behalf of another individual you're required to be an agent or broker.

Sounds like a good deal.  How is the market in Greenville, NC are there other comparable properties available? or possibly better opportunities?

Also, what are you basing your rehab costs against?  Have you gotten contractor quotes?  Is this a 2/1? a 3/2? How many sq feet?  If it is a 2/1 how fast do they rent in your area?  what is the demand for this product?  

What is your competition from a rental perspective?

Where are you gathering your rental information? 

Is this a nice area where tenants want to live? or a slum?

Also, are you wanting to refi the property after repairs and will you be able to?

Just some other things to think about.

I have both lower end and higher end properties, on my lower end properties they've been trashed every time.  I have my first higher end property that is getting ready to turn over at the end of the year, she's been a great tenant and the house is always immaculate every time I've gone in there.  I'm sure she'll leave it in great shape.

Hi @Liana Alexander

Are you in Tampa or Wyoming?  I'd love to hear more about your company.

Welcome to BP Megan,

Are you looking for properties in a particular part of Tampa (Brandon, Citrus Park, South Tampa) or the greater bay area?

Its great that you're looking to find a mentor, always try to provide value to others and you will go far in this world.

Some items to check out that I found very beneficial:

The BP ultimate Beginners Guide can be found here

Check out the BP Podcasts They are an amazing source of information

I also recommend reading J. Scotts book published by Bigger Pockets which can be found here

As well as @Brandon Turner book "The book on investing in real estate with no or low money down" Its also in the running for longest book title ever. In all seriousness its a great book.

Best of luck

Rob

31 year old AC unit is being replaced today.  It is indeed hard to stop a Trane, however the $500 power bills on the live in flip almost made my heart stop.  Almost a year to the date from when we closed, another project checked off the list.  

@Jason Parrish Welcome to BP!  If you're that interested in wholesaling tell me about this triplex you're purchasing :)  j/k  but seriously, give us the dirt on it.

I live and invest in your neck of the woods, if you'd ever like to grab a cup of coffee and talk real estate, let me know.

Rob

The great @Ben Leybovich proves a good point.  the $30 for a pro membership would allow you to work your calculations through the buy and hold calculator and simulate it six ways from Sunday.  It could save you from making (based on this example) a million dollar mistake.

Also perhaps speaking with a commercial broker in your area to gain an understanding of what properties of similar characteristics have sold for.  I'm not sure about your area but in my county this information would also be listed on the property appraisers web site.

Welcome to BP Paul

Some items to check out that I found very beneficial:

The BP ultimate Beginners Guide can be found here

Check out the BP Podcasts They are an amazing source of information

I also recommend reading J. Scotts book published by Bigger Pockets which can be found here

As well as @Brandon Turner book "The book on investing in real estate with no or low money down" Its also in the running for longest book title ever. In all seriousness its a great book.

Best of luck