All Forum Posts by: Roger Loesel

One option maybe bring in a JV Partner that has money and expierence investing in the area. A good JV Partner will bring 2 things to the table - cash and know how!

Every Investor has been in the place that you are now. If not their either too new or a lier. It sucks, but unfortunately it happens especially in a down market. 

You are in the right place to find a JV Investor or try facebook groups. Anything can be saved with enough $$$ and time. Due to the fact real estate is a hard asset that is in demand!


  !

Jamel 

Congrats on buying your 1st house. To answer your question without getting into a lot of detail is to make the offer a win-win. Give a larger earnest money deposit. Do away with any buyer contingencies - If it was me I would ask for an inspection of the property but do away with asking the seller to make repairs. 

Have an air tight offer for the seller but base on what works for you. With an escape clause in case, something doesn't work out. Cash offers are best for getting properties at a discount, but financed offers are accepted. Make sure you have your financing in place with the proper documents in place. Keep the inspection period to less than 7 days. 

Smart sellers look at offer price but make their decision ultimately based on if the buyer can perform. An offer is just a legal contract, not the closing. 

I am familiar with Columbus Ohio. I have been practicing real estate as a licensed Realtor in Columbus since 2009. 

I am a Realtor from Ohio and don't work outside of OH. But in order for anyone to give you useful advice; you need to know what you want or what are your goals for investing. What do you want from it?

This is based on your wants, needs, goals, and capabilities IE access to funds.  Without that information, the advice will be theirs and may or may not be good for you. 

But in order for anyone to give you useful advice; you need to know what you want or what are your goals for investing. What do you want from it?

This is based on your wants, needs, goals, and capabilities IE access to funds.  Without that information, the advice will be theirs and may or may not be good for you. 

There are only two correct ways to learn real estate. Take a class or read a book and figure it out for yourself, or partner with the right professional and offer whatever you have. If that is cash invest in the deal. If that is time be the gopher. Get materials, meet contractors, meet utility guys, do paperwork on the deal. In turn you will see how the investors does deals. How their business is set up, what lenders they use, how they source deals. 

The key is to know yourself, your business goals, and choosing the right classes, books, or professional. 

Good luck with your real estate career  Columbus OH Market is HOT!

Thank you! Yes it is harder to find deals these days, but our systems are able to find properties like this on a regular bases. That property was 1 or 6 that was bought with owner financing. We used quite claim deeds and promissory notes - (none of the properties have liens) combined with a down payment, and monthly payments.    The monthly payments started 3 months after note signing.  

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $13,348

This distressed property was one of six parcels we bought. The cheap houses for sale were purchased using owner financing and a promissory note that the seller is holding for 60 payments. The balloon on all properties comes due on the 61st payment and the seller will be paid the balance. The house now has a after repair value of 70k. The rehabbed home will be listed and sold as affordable house for sale.

What made you interested in investing in this type of deal?

The structure of the deal

How did you find this deal and how did you negotiate it?

By marketing to the right list of sellers. I showed the seller by taking back a note he would receive two streams of income from the property instead of just one.

How did you finance this deal?

Owner financing

How did you add value to the deal?

Turned a non performing portfolio into a monthly cash source without any maintenance.

What was the outcome?

Cash that the company can use for 5 years to buy more properties.

Lessons learned? Challenges?

Always structure deals to be a win / win and good things will happen. One sided deals only hurt future business. No Challenges.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes ! Roger Loesel with Ditter & Associates

We are raising money, and I was wondering if anyone one has done business with or has any info on a company called Biz doc capital .com / Micheal Schumacher. 

Any comments or information would help in my diligence , Thank you in advance!

Happy investing