All Forum Posts by: Shiela R.

@Alfredo Burgos hi there. I fall in the middle of the replies you've gotten already. I wholeheartedly believe in effective scripts.  I mean, why try to re-invent the wheel? That being said, I have used a basic script so frequently that I have internalized it.  And that allows me to have a more natural conversation as @eliot elias suggested.  However, you need to know exactly what info you are looking for.  It also depends on if they need to be cashed out now or not.  I never offer a price without walking the property, so what you are really trying to accomplish when you reach out (I wouldn't email a cold lead) is to inform them on what you can do for them, loosely, and then set the appointment to see the property. 

Try Bill Bronchick.  https://www.legalwiz.com/

He's the best RI attorney ever. And a best selling author on creative finance plus a REI himself.

@Christopher Wynn.  Word of mouth!  I often offer to meet a new (to me) contractor at their current job with a cold/hot drink.  I can see what their work and workplace is like.  Are they smoking inside? Do they cover kitchen cabinets and appliances that are staying through a remodel?  Do they put down carpet protectors?  Is there trash everywhere?  Contractors are a dime a dozen.  GOOD contractors are rare.  Once you find them, treat them like gold and refer the heck out of them.  Also, the cheapest are rarely the best.  Don't haggle over a few thousand dollars.  Most good contractors won't tolerate that. It is worth paying for quality, professional work and a job that is completed on time and on budget.

I've rented to strippers before. They were the most consistent with payment. As @Russell Brazil mentioned the only con is they prefer to pay in cash.  I took one down to a local bank and got her a debit card to pay as I prefer to not handle cash.  

Okay @Drew Sygit :)  I always get the seller to sign an additional agreement filed on public record protecting my interest to the property.  I use a separate option agreement as well that runs concurrently with the lease.  The option is exclusive so I am the only one the seller can sell to.  The seller has to sell but I don't have to exercise my option to buy. Meanwhile, they keep their loan in their name.  That is the epitome of seller financing.  I lease option properties for $100.  That $100 is my equitable interest. And the agreement filed on public record further protects me if they were to try to "sell from underneath me".  That has never happened.

@Drew Sygit If you do it correctly, lease options are seller financing.  Ask a real estate attorney who is familiar with creative financing.  I've done it for decades.  

Hi @Tom Powers.  I grew up in Loveland.  Go LHS! :) And I was self employed when I started investing.

You want an experienced lender who has a well trained underwriting team.  Since you have 10 years experience in the same field they can piece that together with your self employed income to achieve the "2 years of income" needed that you will hear about a lot.  If not, DM me.  I have a guy.  Depending on your assets, they will have even more options.

@Evelyn J Good a lease with the option to buy IS seller financing.  The seller keeps their mortgage in place. On a LO you pay them rent (the lease) and a small amount to reserve the right to buy (the option to get the deed).  A landlord can't terminate the lease or option on a whim.  These are legally binding contracts.

If they own free and clear and can offer you a loan (like a bank) then you should get the deed when the loan is originated. This is also Seller Financing. But with a lease with the option you would have the exclusive option to buy at X price in X amount of time in the future.  Either allow you to control the property with very little money down.  Depends on what the seller wants/needs. If they have a mortgage, I'd do a LO rather than a wrap as it's just cleaner.  

I certainly don't do this but I know many agents who set searches in the MLS by minimum commission paid. Just be aware that offering less than the local market commission will discourage showings from the professionals who have the qualified buyers.

@Connor Campbell are you able to drive with all your tools?  I'd highly discourage investing more than 1 hour drive from your home when just starting out. When I have a project, I make my presence known almost daily to my very good, very professional contractors.  No body cares more about your money (or investment) than you;)  Do you have a GC or PM to handle day to day stuff?  Also, something will go wrong or surprise you as you go through the remodel.  Almost never fails.  So consider that too.