All Forum Posts by: Shane Baganz

I amortize over 30.  Its simple.  My suggestion is to speak with a real estate attorney in your area and have them provide you the legalize.  I do ask them to put "teeth" into the language.  "Specific actions and specific consequences.  i.e. Late payment.

Other members here on BP may also provide you suggestions.  But, have an attorney draft it.  

My suggestion is to make the agent prove themselves before you sign an agreement. If they won't take you around, fine one who will. There are thousands of agents out there. Believe me, one will. With that said, make it worth their while. Remember, they too have mouths to feed at home. If they're going to help you, you need to help them. A great agent is money in the bank. Also, read the agreement. What happens if you sign an exclusive agreement and you find a place to buy? You may end up having to pay their commission. Perhaps structure the deal to say that if you find something, you owe them nothing. Everything is negotiable.

I don't go that far out. I go out 5 years. After that, they will have to have found long term financing. The longer it goes, the higher the risk. I want my money out to find another deal to work on.

Hi Roland! We do commercial mortgages there. What needs do you have? Shane Baganz

No. I don't eat the difference. I have a modest 3% annual increase. It's simple that way for me. I generally come out well ahead too.

Rivy, Banks do incredibly extensive research. Credit reports, debt to income ratios, etc. all paint a very clear picture to the lender. Will they care? Each lender is different. I do like how you think. I've had people do owner financing with me. I've never had an issue with the ones I've done. (Luckily) As part of my terms they pay a gross monthly sum to me and I pay all from there.

Paul, The absolute best way to begin is by going to local real estate investor meetings. Why? 1. You'll meet like minded people who share your passion. 2. You'll learn strategies. 3. You will find people opposite of your talents and time. Some may have money to invest but little time to look. You will have time to look. Partnerships can be huge for someone with your motivation. Also, BP may have partners here as well in your area. Best regards,

At 11 Capital Finance, we specialize in commercial loans from $50,000 - $2,000,000.  

Talk to us before you begin the "Hard Money" route.  Your bottom line will thank you.  

Here's what we do:

Bank Type | Stated | Bank Alt | Low Doc | Bridge | Hard Money | Rehab | Construction | Mezzanine | SBA | Portfolio | 1-4 Unit Investment | and More

www.11capitalfinance.com

Shane Baganz

262-328-6040

The better your fico, the better your rate.  If you have time, find your tri merge fico score and work to better it.   

Mark is right about the percent down.  Some may let you in at 25% down, but your experience and fico will come into play. 

Ralph,

I've been in your position. Nobody likes it.

I do two things:

1) I post the 5 day pay or vacate on their door, then take a picture of the notice. (WI law)

2) I send a certified letter with the notice so that I have proof of mailing. I also receive back a returned copy of their signature for proof of their receipt.

It's over-kill, but the judge looked at what I did and immediately ruled in my favor. 

Finally, I set up my rents like this:

$750 if paid on or before the 1st.

$800 if paid on or before the 1st.

$850 if paid the 2nd through the 15th

$900 if paid after the 20th

I have them initial next to each dollar amount to prove they understand.

Sometimes I don't mind them being late.

Hope it helps!

Shane