All Forum Posts by: Sam Collins

@Joe Splitrockundefined

The purchase will be from my mother who has owned the property free and clear for the last 10 years. I am assuming there still needs to be title insurance done. She has the original copy of the deed in hand at the moment. I will be paying closing cost on the property. purchase price is going to be $30,000. I will be putting $5,000 down term length of 15 years with 1% interest. 

Hello BP Community,

I have a question regarding what the steps are for a cash purchase of a home. Let me break the deal down a little. 

I am purchasing a house that needs a complete renovation from a close family member. I will be paying all cash for the home. But the seller offered me owner financing with very little money down so its hard not to accept this. I will be planning on doing all of the rehab myself considering I have done this for many years so I will be waving the home inspection. All my purchases up till now have been financed and this will be the first cash or owner financed property I have purchased. There will be no realtor involved also. Purchase price, down payment, and loan terms have been agreed upon already.

So my question is what steps do I follow? When and how do I request title work? I am completely unaware of the steps that need to take place next. I am assuming we would sign a Purchase Agreement, then I can order a survey, then take the survey and purchase agreement to title to close?

any help would be greatly appreciated 

@Sher J.

Outside of flood zone. And only 5 min from my personal property so I will most likely take care of lawn care myself. But I can factor $50 every 2 weeks in for this.

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*This link comes directly from our calculators, based on information input by the member who posted.

can someone please take a look at this deal and let me know if you think it is worth submitting an offer on? 

Has anyone purchased the door hangers from Ballpoint Marketing? How well did it work out for you?

I am looking for new ways to market for houses in my area and I figured this would be a good one.

Thank you!

@Brock James Sheehan

Real estate is expensive. You need to figure out what your long term goals are and work towards them. If I only had a few thousand I would continue to save up until I was able to house hack with a FHA Mortgage. Best of luck to you

@Aristotle Kumpis

Hard to do in this current market. Prices are crazy. I have noticed they are starting to come down slightly and price reduction on the MLS happen more often. I think the BRRRR method is the way to go right now with interest rates as low as they are.

@Paul OBryan

If you are able to, I would go visit them in person. Makes it easier when they have a face to put to a name. Chat for a while, check out the property and be on your way. Send them a follow up email and letter In the mail with your contact info. Give it a little while then send out the reminder on lease.

Btw congratulations on your purchase!

@Bryan Gregory

10-15k at all times. You would be surprised how fast vacancy can eat up funds.

@Red Johnston

Best place to start would be to figure out your goals, where do you want to be? What do you want real estate to do for you?

- earn passive income?

- quite your W2?

- more free time for your family?

Once you figure out what it is your looking to gain out of it you need to look at the big picture and work your way back from there. Figure out what you need to do on a daily basis to be able to achieve what your end game is. Doesn’t have to be huge steps at a time. Me personally I set small achievable goals for each week. It helps me keep focused on what I am doing and not get discouraged when I am unable to hit a unrealistic goal for myself. Best of luck!