All Forum Posts by: Skylar Simpson

My brother recently bought a 1.1 million dollar home in Austin Texas to personally live in by himself, in a multiple offer situation. The home sold in 4 days.

He has been in the home for 3 months and realized it is too big for his needs and is wondering how soon he can sell, and ideally breakeven on the selling costs. (which I believe are roughly 8-10%?) So theoretically we would like to list the home for 1.25 M either this summer or next. 

I know its hard to answer this without seeing a CMA of the property etc but is anyone familiar with this type of situation? Is the market hot enough right now to turn around and attempt to breakeven this soon after buying? Or will other agents see the turnaround time and not want to let their clients offer anything over 1.1?

Any help would be appreciated.

Good Morning to all you BiggerPockets members,

While I have been a member for a little while now, I am getting around to being more active on the site. So, hello from West Linn, Oregon. I am a Realtor here and we do have a couple rentals already. My original goal of becoming a Realtor was to help get a leg up on rentals and be able to realize the annual tax savings in owning rentals.

My wife and I are looking to expand our portfolio and really dive into the passive income side of real estate to pursue our financial freedom. In order to do this I'll be researching the wealth of knowledge and experience that can be found within BiggerPockets and upgrading to "Pro" here pretty soon of course. While our main focus will be in the BRRRR realm, we are not opposed to flips or wholesaling.

What I'll be focusing my research on is new areas to invest, even out of state and using hard money to do so. Thank you for your time and I look forward to interacting with you all.

Cheers~

Thanks @Christopher Winkler that's the picture that was slowly forming in my head but that last part about signing a quit claim deed in advance was the missing piece. I feel comfortable at least broaching it with her now that I can articulate at least some basic risk mitigation steps. 

It seems like you've done this a time or two. Have you and @Skylar Simpson ever had trouble finding a buyer that would agree to those terms? I understand this is the very nature of owner financing and that it's for the buyer who can't qualify for traditional financing for whatever reason, but don't those buyers usually show up with little cash available? I exchanged messages with another (very generous and informative) investor recently about seller financing and he described it like you, with the healthy down payment and slightly higher interest rate, but I couldn't wrap my head around a buyer with $25k in their bank account who can afford a higher interest rate and slightly higher monthly payments that couldn't qualify for a traditional loan. Or maybe I'm reading into it too much. I do that...

My sister-in-law and her husband are about to put their house on the market near Ft. Riley, KS instead of renting it out because they’re tired of the hassle of scummy tenants. I think she’s in the perfect position to sell via owner financing but I’m not savvy enough to give her the step-by-step. For a first timer would it be as simple as approaching a real estate attorney for help crafting the note and going from there? In paying an attorney for their time, is walking you through the process part of what you’re paying them for? I can’t think everyone is self-taught and learned by trial and error. I know there’s a learning curve with everything but I’d hate for them to miss out on a great opportunity because I didn’t convince them to at least try calling someone. Thanks for any advice!

Okay I will look into it, thank you for the advice @Skylar Simpson- I appreciate it man. 

Been looking for a long time and I have the opportunity to get into a deal where the current owner will "owner finance" 80% and I have a connection willing to help me with the other 20% as a "private lender".  

What are some of the normal payoff arrangements for private money lenders?

I'm considering putting this on the back of a business card.

Has anyone had this work for them?

I'm not sure how comfortable someone would feel giving a distressed homeowner a card stating that they will be earning $500 from it.

Best,

-JD

@Skylar Simpson can you elaborate on a subject to deal structure? I have heard of it but haven't read much on the subject. Essentially, I would just take over the loan? 

 We're definitely on the same side then!

Kinda like when The Rock and Jason Statham realized they were on the same side in Fast 8!  First they had to scuffle a little.  I probably lost you again...don't worry about it. I get thay way.