All Forum Posts by: Sean Walton

@Jay Hinrichs yeah probably better not to put the picture in their head but maybe mention their loan to you is secured by the property. 

Another interesting strategy was mentioned in this thread doing a triple net lease with the owner. I had heard of it for big comercial tenants but not multi family in this context

http://www.biggerpockets.com/forums/311/topics/433519-need-help-with-strategy-buying-from-older-sellers

Tell them it is the best way to reduce their tax burden and get the most money for their place. They also get passive income better than they have with tenants who don't pay on time and are always breaking things. And if you don't make payments they can foreclose on you and get the property back. If you are only doing seller finance you can pull a list from list source of 100% equity positions. If your list is to small you could maybe pull 80% to 90% and either pay off the remainder as your down payment to the seller. If your list is too big you can filter for only out of state landlords

Yes it is called HARP. It was designed to help the millions of homeowners who were under water although I heard it was difficult to actually get the banks to do it More info here https://www.harp.gov/Eligibility

Congratulations on your place. Generally people agree an LLC is the best way to protect your assets. With that said on BP people also say if you are heavily leveraged i.e. The bank owns most of your house and you don't have a lot of other assets you aren't seen as a big target for ambulance chasing lawyers. Some things to consider in most cases you need to keep security deposits separate and pay the city set interest rate on that deposit when the tenant moves out minus repairs. Moving your personal residence into an LLC will make taxes more complicated. But it follows the rich dad mantra of own nothing but own entities that control things. Moving your house into an LLC after purchasing could trigger the due on sale clause but I've been told you just dissolve the LLC and that can stop it but I'm not a lawyer or mortgage expert so do your own due diligence.

It depends on your market but most banks will not allow you to assign your purchase agreement with them to end buyers. Make sure there aren't requirement for you to hold the property for a certain amount of time.

I'm also skeptical that there would be enough left on meat on the bone after you take your fee for an end buyer. As a general rule most properties on the MLS are not going to sell below the market rate. So if your end buyer could just find an equal property from the MLS why pay you a cut? But everything is local maybe your market still has deals on the MLS

Do some research on BP on how to find off market deals. Start knocking on doors and cold calling, send out mailers.

Welcome @Jose Gonzalez It really depends what your goals are. You don't need a RE license and unfortunately the majority of agents never end up investing. I think partly it is difficult to get loans when you have a commission based job and no W-2 proof of income. I think they also need to project an image of success drive a new luxury car etc. So they spend most of what they make and don't invest. Check out the book The Millionaire Next Door for more info.

Don't rush to find a deal in the Santa Cruz/ Monterey area first educate yourself by listening to a bunch of podcasts and decide what kind of investing you want to do. Whether you want to be full time or have a day job with the W-2 income it gives you. Network as others have said.

Then read a bunch of related books, forum posts, BP blogs on the niche you choose. Try and focus on that niche until you are proficient don't chase the latest and greatest niche you hear about on a podcast.

Look out for sales pitches and gurus. Leave your credit cards at home for the free and low cost seminars and meetups. Some are reputable but most will leave you 25k in debt and not give you much more than what you could have learned on these forums

@Bobby Nilsen I'm mostly targeting the Richmond and Vallejo areas. I'd be interested in meeting up or chatting on the phone anytime.

Hi Everyone,

    It was between the 23rd and the 30th and the 30th worked better for me so I cast the tie breaker (I promise to be a benevolent dictator.) I'll make a call and make sure 83 proof isn't booked out. 

So mark your calendars for April 30th 6pm

Nice work! I'm curious if the original listing agent didn't push for a higher asking price because of all the junk you had to clear out and it didn't show well?

Vicky Gu I would also knock on the doors of anyone whose views you might be blocking. I think it is a great idea to be proactive and engaging with the neighbors. Don't say you're entitled to do x or y and don't commit to not do anything just listen.